Industrial Operational Intelligence Solutions Market Trends

Growth Drivers

Growing Need Amongst Organizations for Enhancing their Process Efficiency

There is a growing need amongst organizations across all industries for reducing their operational costs, so as to increase their overall business profitability. Businesses are focusing on improving their process efficiency by adopting to real-time business analytics solutions, which when analyzed properly, improves the overall business performance. With the help of such operational intelligence, businesses are making optimum use of their resources and are also enabling them to reduce their delivery time. These tools also help businesses to understand their financial performance and further contributes to a strong decision making. The growing need amongst the organizations for enhancing their business processes by adopting such intelligence solutions are the factors anticipated to drive the growth of the global operational intelligence market during the forecast period.

Growing Adoption of Industrial IoT in Manufacturing Industries

The Organisation for Economic Co-operation and Development (OECD) stated in one of its statistics that in the European Union, labor productivity and utilization decreased to 0.73% in 2018 from 3.06% in 2010. On the other hand, in Germany, unit labor costs reached to 2.40% in 2018 from (-)1.60% in the year 2014, according to the statistics by the Federal Statistical Office of Germany.

Increasing labor costs and lower labor productivity has raised the need amongst business owners to adopt to process automation. The concept of industrial internet of things (IIoT) requires the deployment of automated sensors and equipment. The statistics recorded from these devices are then monitored for enhancing the process efficiency. With the growing adoption of IIoT by the manufacturing industries, the need for operational intelligence by these organizations is anticipated to grow significantly, and in turn drive the market growth during the forecast period.

Restraints

High costs of Operational intelligence

The potential factor that can affect the operational intelligence market of the operational intelligence is its price. Designing OI systems involves development of complex algorithms and infrastructure to support them, i.e., the capital investment is high. The SMEs and other small-scale businesses do not have the financial capability to neither develop nor purchase such technological solutions. Such a factor is anticipated to hamper the operational intelligence market growth.

Lack of Skilled Professionals

There is a lack of skilled professionals who can effectively deploy these resources. Organizations have to spend a lot of time in overcoming the averse nature of the individuals and train them to understand these systems, which is both time consuming and resource consuming process. Hence, such a factor is anticipated to lower the growth of the global operational intelligence market.