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The operational intelligence market size has the potential to grow by USD 1.25 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by deployment (on-premise and cloud-based) and geography (North America, Europe, APAC, South America, and MEA). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Axway Software SA, General Electric Co., Hewlett Packard Enterprise Co., Infor Inc., International Business Machines Corp., Open Text Corp., SAP SE, Splunk Inc., Turnberry Solutions Inc., and Vitria technology inc.
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The market is fragmented. The global OI market is witnessing increased consolidation among vendors through a number of mergers and acquisitions. Established players are acquiring smaller vendors to expand their product portfolios and boost their market share. To gain a competitive advantage over their counterparts, leading application providers are acquiring advanced analytic capabilities which are resulting in increased consolidation in the market. Furthermore, owing to the complex demands from customers, many top-tier vendors include vertical-specific applications in their portfolios by developing industry-specific applications or by acquiring application-specific vendors. The competition in the market is expected to intensify as vendors are trying to withstand themselves by enhancing their existing products with advanced technology. Axway Software SA, General Electric Co., and Hewlett Packard Enterprise Co. are some of the major market participants. Although the increasing need for real-time decision-making will offer immense growth opportunities, the lack of skilled professionals will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this operational intelligence market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this operational intelligence market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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North America was the largest operational intelligence market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The market in the US has witnessed an increase in the emergence of mobile and cloud-based OI solution providers over the past few years. End-user enterprises are deploying this technology to perform analysis and improve their efficiency. With the industry 4.0 revolution, several industry verticals have adopted advanced IT solutions, such as internet of things (IoT), big data, and advanced analytics, and cloud computing solutions, leading to the generation of a massive amount of real-time data. This high volume of real-time data generation will significantly drive operational intelligence market growth in this region over the forecast period.
43% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for operational intelligence in North America. Market growth in this region will be slower than the growth of the market in APAC.
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In an on-premises deployment model, the software is purchased and installed on the user's server, and skilled IT professionals maintain it in the organization. As the rising number of enterprises have started adopting cloud-based OI solutions for their cost-effectiveness, agility, and flexibility, the market share for on-premise deployment is expected to decline over the next few years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the operational intelligence market size.
The global operational intelligence market report compiled by Technavio's market research analyst predicts that the industry will grow steadily at a CAGR of almost 10% by 2024. One of the primary drivers for this market is the increasing need for real-time decision-making. OI provides flexible, integrated, and real-time decision-making support to the top management in an organization. It improves responsiveness across an organization. Diverse elements of multinational environments, such as language, currency, and accounting standards, are covered in a single software package. Also, it provides better analysis and planning capabilities, enabling efficient management of business data. Enterprises can complete real-time data analysis along with real-time transaction processing, which allows them to be considered as real-time enterprises that can make quick data-driven decisions, provide an immediate response to customer demands, and continuously improve on important processes. Other benefits such as competitive awareness, higher customer satisfaction through quicker response, reduced operational risks, and threat detection will contribute significantly to the growth of the OI market during the forecast period.
One of the latest operational intelligence market trends gaining traction is the integration of OI with social media. Currently, organizations can share a detailed description of their products and services through social media to reach potential customers worldwide. According to the operational intelligence market forecast report, many large organizations and SMEs are adopting this technology to integrate and upgrade the software to obtain the best ROI from social media platforms. Organizations are investing in cloud-based OI solutions and advanced analytics to improve their decision-making capability and are combining different tools for storing, accessing, and examining business data. Cloud-based analytics solutions provide a single source, which helps users to visualize and analyze a company's data source and generate queries without any assistance or technical guidance. With the increasing investments in cloud-based analytic solutions, the OI market is expected to grow significantly over the next few years.
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