Jul 09, 2020 (AmericaNewsHour) --
Operational Intelligence is a real-time dynamic business analytics solution which delivers better visibility and insights for the businesses. OI helps in analyzing and improving the business data by understanding the information highlighting the pitfalls and finding simple ways for responding and tracking the effects.
OI provides flexible, integrated, and real-time decision-making support to the top management in the organization. Operational intelligence promotes automation in decision-making process, which enhances decision-making, market responses and reduces severe delays in the process.
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Growth in the adoption of the Business Intelligence solutions, focus on cost reduction and improving process efficiency are some of the drivers contributing towards the growth of the operational intelligence market. One of the other major drivers for this market is the increasing need for real-time decision-making.
Operational Intelligence is an evolutionary and technological leap beyond Business Intelligence and Management Information systems that presented retrospective, static and generic intelligence about an organization's performance.
The advantages of OI over these conventional methodologies will propel the market in the future as companies that enable their management to respond in a timely manner to operational variances and market volatility are better equipped to minimize the adverse impacts caused by uncertain operational disturbances in the market. It helps companies by providing a platform by improving their awareness and ability to sense and respond quickly to dynamics of the changing business.
However, data integrity issues related to multiple data sources and need for manual adjustments might cause some hindrance in the demand for this particular market. Another major factor affecting the growth of this market is the lack of skilled professionals, who are still not able to leverage the full potential of OI technology.
The global operational intelligence market has been broadly segmented on the basis of deployment model (On-Premise and On-Demand) and on the basis of the end user industry. In terms of end-use industry, the global operational intelligence market is segmented into IT and telecommunication industry, healthcare industries, travel and financial industry, retail industry and others. The other segment includes manufacturing, power and energy, and logistics industries. Based on deployment type, the global operational intelligence market is segmented as mentioned before into on-premise operational intelligent systems, cloud based operational intelligent systems and hybrid operational intelligent systems.
It has a global presence across North America, Europe, Middle East and Africa, Asia Pacific and Latin America. North America and Europe are expected to show significant growth due to growth in the adoption of operational intelligence tools and their constant focus on improving overall process efficiency. North America currently holds the major share in the operational intelligence market globally and is expected to be a leader throughout the forecast period owing to high adoption of cloud based Business Intelligence and data analytics, contributing majorly towards the market growth.
Moreover, Middle East, Africa and Latin America are expected to show moderate growth in operational intelligence market during the forecast period due to increasing demand for analytics and mobile business intelligence.
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Some of the major players in the market are OpsVeda, Inc., Splunk Inc, SQLsteam, Vitria technology, Inc., Flexeye Ltd., Axway Inc., Intelligent InSites.
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