Operational intelligence (OI) refers to a real-time business analytics solution that provides insights into business and IT operations. OI solutions collect, arrange and analyze machine-generated data thereby helping organizations to improve situation awareness from an event-centric approach. This enables organizations to sense and respond quickly towards changing business operational conditions. OI software helps in improving operational efficiency by correlating real-time information with historical data. This provides decision makers in the organizations to analyze the pattern of the important activities, thereby enabling them to take smarter and quicker decisions in response to changing occupational conditions. These decisions can be made either through manual or automated actions such as alerts and triggers in live dashboards.
Information generated by companies are increasing, as a result of activities like automated data collection, GPS monitoring, logs tacking, transaction monitoring and web activity details. The OI market is being fuelled by the rising amount of data generated as a result of these activities. Additionally, wide scale implementation of machines is also leading to an incremental rise in data generated, collectively known as big data. This is one of the major factors leading to rising demands for operational intelligence solution. Furthermore, the market for OI is also driven by the growing need for real-time business analytics tool delivering strong business insights. In sectors such as telecom, banking and financial services and IT, which require real-time information to take immediate decisions in order to avoid risks and maximize profit, there has been a growing demand for OI solutions. With advancements in technology and growing competition, it has become a necessity to constantly improve processes and systems so as to bring about greater efficiency in the workflow. This requirement for constant improvements is contributing to the need to OI solutions. However, the cost involved in the maintenance and implementation of OI tools and the mandatory infrastructure requirements pose a major challenge towards the growth of OI market. Nonetheless, the market for OI is expanding and could be further augmented making the data available on mobile phones and tablets for easy accessibility.
The global operational intelligence market can be segmented on the basis of end-user industry, deployment model and geography. On the basis of end user industry, the market is divided into telecom, banking and financial services, IT, retail, healthcare, travel and logistics, manufacturing and others. Based on deployment model, the market can be segmented into on-premise, cloud-based and hybrid. Due to the low cost and easy implementation of cloud-based solutions, cloud based services are expected to contribute the largest share towards OI market. According to geography, the market has been segmented into North America, Europe, Latin America, Asia Pacific and Middle-East & Africa. Due to rapid technological developments and the growing implementation of big data and internet of things (IoT), North America is expected to witness the largest growth prospects in the OI solutions market. Also, Asia Pacific is anticipated to show promising growth during the forecast period due to the high adoption of IT enabled services.
As OI solutions have the ability to handle unstructured data unlike many business intelligence (BI) tools, OI tools are fast capturing the existing market for BI. Some of the key players in the global OI solutions market are SAP SE, Hewlett-Packard Company, Vitria Technology, Inc., Splunk Inc., Altosoft, Inc., and SQLstream Inc.
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