The global industrial operational intelligence solutions market is forecast to grow at a CAGR of 12.13% during the period 2017-2021.
The report, Global Industrial Operational Intelligence Solutions Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is transition from operational intelligence to enterprise intelligence. Operational intelligence not only influences the decisions made by operators and engineers but also affects business decisions. While operations emphasize on production, businesses concentrate on revenue and profitability to deliver shareholder value. For operational intelligence to become even more strategic, operations data is now being combined with business information to aid business decisions. This is known as enterprise intelligence, which is the amalgamation of business and operations data; it permits enterprises to make impactful decisions related to cost, value, and return on investment.
According to the report, one of the major drivers for this market is the assistance to demand-based manufacturing. The implementation of OI solutions in industries has paved the way for customized production and demand-based manufacturing. Automotive, oil and gas, and semiconductor fabrication industries witness instances when the product needs to be based on the demand from customers or the market. In such cases, OI solutions aid the manufacturing process by acknowledging the designs and ensuring lower trials for product manufacturing. The inclusion of real-time analytics also helps in resolving customer complaints. The historical data can be referred to, and the required changes can be made.
Apart from the above advantages, OI solutions also help in decreasing the inventory of an industry, hence eliminating unnecessary costs. These attributes help in lowering the investments, increasing the revenue of the company, and at the same time, catering to the needs and complaints of customers.