(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 07:02 /Comserve / -- Operational Intelligence Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Operational Intelligence Market was valued at USD 2.17 billion in 2019 and is anticipated to reach USD 4.06 billion by 2025, at a CAGR of 11% during the forecast period 2020 - 2025. The need for data quality management, data discovery, and visualization is compelling the businesses for adopting operational intelligence software. On-premise ESB and BPM (business process management) solutions are well suited for vertical scalability, during the integration of an enterprise's complex internal systems and architecture. According to Forbes, 27% of the workload will be on-premise by 2020. There will be a 10% drop in absolute terms, as the same is 37% in 2019.
- Increasing adoption of Big Data Analytics and the Internet of Things (IoT) across end-users are driving the market. With the emergence of Big Data and the increasing need to make critical business decisions within a compressed timeframe, the operational intelligence (OI) and analytics tools have gained a substantial market share in the past decade. According to IBM, 62% of retailers reported that the use of information (Big Data and analytics) gives their organizations a competitive edge. This percentage is relative to 63% of cross-industry respondents.
- Further, the emerging Internet of Things (IoT) is an extension of digital connectivity to devices and sensors in homes, businesses, vehicles, and potentially almost anywhere. This innovation means that virtually any device can generate and transmit data about its operations – data to which analytics can be applied to facilitate monitoring and a range of automatic functions.
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Key Market Trends
Cloud Accounts for Significant Market Share
- Cloud deployment is expected to hold a prominent share of the market, owing to the added benefits, such as cost-saving, accessibility, scalability, and centralized service. According to Forbes, 83% of the enterprise workload will be in the cloud, by 2020, out of which 41% of the enterprise workload will be run on public cloud platforms. Another 20% will be private-cloud-based, while 22% will rely on hybrid cloud adoption.
- According to the survey by Flexera, cloud strategy is increasingly being focused on hybrid, instead of public and private. A hybrid cloud is a new norm for how businesses deliver products and services. According to Flexera, the hybrid cloud penetration rate increased to 58% in 2019 compared to 2018, which was 51%.
- Further, an increasing number of banks are migrating their data, process, and infrastructure to clouds, so as to benefit from cloud implementation, which further eases the integration of enterprise applications. For instance, the State Bank of India, which operates across 23,000 branches, chose Office 365, a cloud-powered productivity solution from Microsoft, in order to improve communication and collaboration among its workforce and transform itself into a modern workplace.
- Furthermore, in July 2020, Deutsche Bank and Google Cloud entered a strategic partnership with the goal of redefining how the bank develops and offers its financial services. The collaboration will enable Deutsche Bank to accelerate its cloud transition and build on the engineering capabilities of both companies.
Asia-Pacific to Witness the Significant Growth
- Asia-Pacific is one of the fastest-growing markets for operational intelligence solutions globally. The region is one of the largest e-commerce markets. According to (Worldpay Group plc, 2019), the eCommerce market in China is set to increase by 41% by 2022. In China, online retail, social communication, and payments are seamlessly integrated - and consumers are ready for the next generation of frictionless, invisible payments with the country having the most significant number of internet buyers at 440 million as of 2017 (UNCTD, 2019).
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- Further, the BFSI sector in the region remains to be one of the most crucial end-user segments that have a massive potential for the market. In fact, as of 2019, the banks and financial institutions in the APAC region are projected to invest USD 19 million to build more than 40 light digital branches in high consumer traffic centers (Source: APAC Business Headlines, 2019).
- Moreover, digital transformation has become a top priority in the country and moving at a rapid pace, as a greater number of companies are implementing formal strategies to support their efforts. China Telecom has mentioned that in 2013, cloud computing was only worth 3% of China's enterprise IT market, and it is expected to grow to 20% by 2020.
- Further, realizing that Public Cloud is not the single solution towards their digital journey, 91 percent of Indian enterprises are already in the process of rebalancing their Cloud strategy, compared to 73 percent globally, and 76 percent in the Asia region, according to Nutanix.
Competitive Landscape
The market for operational intelligence is fragmented and competitive, with small and big vendors providing visibility and insight into the business operations, allowing companies to make data-driven decisions. Key players are Vitria Technology Inc., Splunk Inc., etc. Recent developments in the market are -
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Growing Need for Real Time Data Analytics
4.4.2 Increasing Adoption of Big Data Analytics and the Internet of Things (IoT)
4.5 Market Restraints
4.5.1 Combining Data From Multiple Data Sources
5 MARKET SEGMENTATION
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