Businesses today face a peculiar challenge, i.e., to understand the behavior of the customers through processing the data, that is infinitely pouring in from every electronic device with an internet connection, so as to remain sustainable, while the uncertainties such as COVID-19, lurks behind the shadows. So, the need for OI solutions/products have grown over the years to deliver smart and effective decisions with optimum resource utilization, reduction in delivery times and thus improve the overall performance of the organizations. The market for BAM – business activity monitoring, CEP – complex event processing, BPM – business process management, and others, which are integrated into the industry operational intelligence solutions, are the tools that companies are willing to buy to handle their businesses effectively. Such factors are promoting the growth of the global industrial operational intelligence solutions market. The market is further anticipated to record a significant CAGR over the forecast period of 2021-2029.
The global industrial operational intelligence solutions market is segmented by application into production optimization, maintenance, supply chain & logistics management, quality control systems and others. Among these segments, the supply chain & logistics management segment registered the largest market share in the year 2020. The growth of the segment can be attributed to the numerous benefits associated with the incorporation of industrial operational intelligence solutions in the supply chain processes, such as enhancing process optimization and shortening the delivery time of products, reducing inventory for a certain production unit, reducing overall cost of storage of inventory and others.
