Artificial Intelligence for IT Operations (AIOps) Market by Component (Platforms, Services) by Application (Real-time analytics, Infrastructure management, Network and security management, Application performance management, Others) by Deployment (On-premises, Cloud based) by Organization Size (SMEs, Large Enterprises) by Vertical : Growth, Future Prospects, and Competitive Analysis, 2015 - 2027
IT operations analytics has been reached to the next level with the aid of artificial intelligence. AIOps (Artificial Intelligence for IT Operations) is about enabling software and service engineers to use artificial intelligence (AI) and machine learning (ML) approaches to create and run online services and apps at scale in a fast and efficient manner. The AIOps market was valued at US$ 4.4 billion in 2020 and is expected to be valued at US$ 15.8 billion by 2027. The market is expected to grow at a CAGR of 20.1% over the forecast period, demonstrating the rate at which this technology is beginning to adapt to rapidly multiplying needs. AIOps has progressed far beyond its origins in the simple automation of repetitive application tasks.
Interesting Facts of AIOps Market
The increasing complexity of IT infrastructure and software is posing significant challenges to IT teams and businesses, and AIOps is assisting organizations in overcoming these challenges.
The required cyber security compliance requirements of government and regulatory bodies increase the need for AIOps to be security-oriented.
The BFSI sector is expected to account for the largest share of the market.
The platforms segment is expected to have the largest market share.
The application's real-time analytics sector is expected to have the largest market size.
Asia Pacific is expected to be the fastest growing in the global AIOps market.
AIOps Market COVID-19 Impact
The AIOps market is exhibited significant growth during the COVID-19 pandemic. It can be attributed to the rapid spread of coronavirus around the world and the implementation of work-from-home policies to confine spread of virus by limiting concentration of people at one place. Many businesses have invested in AIOps solutions to assist them in dealing with the increasing complexity of their IT demands. Furthermore, due to limited personnel available during the pandemic, a typical operating mode was unable to function efficiently. Furthermore, remote working places a greater burden on manual operating modes.
AIOps is likely witness strong and consistent demand in BFSI industry
The market is segmented into BFSI, IT and telecom, media and entertainment, retail, healthcare, and other industries. The BFSI segment is projected to dominate the market during the forecast period. As part of banking operations, employees, clients, and third-party suppliers carry out a wide range of routine and ad hoc activities and transactions. Because of the complexities of these procedures, they must be constantly monitored. During the projection period, AIOps, which delivers real-time data and automated problem resolution, is projected to fuel the market. For example, the CA Technologies AIOps platform, a CA Digital Experience Insights assists financial institutions in the resolution of complex IT issues such as performance, capacity, and configuration. Banks and other financial institutions are most concerned about the security of the data they generate, particularly in light of recent high-profile data breaches.
The AIOps market in the Asia Pacific is expected to gain significant traction
Asia Pacific is expected to grow at the fastest rate, with the highest CAGR, during the forecast period. India, China, and Japan are major contributors to the region's market growth. This is due to the continued expansion of IT infrastructure to accept new technologies while maintaining the efficiency of existing systems and data. IT investment in the Asia Pacific region was $933 billion in 2016 and is expected to reach $1.36 trillion by 2021. The increasing trend of digitization across industries, particularly among small and medium-sized businesses, is expected to drive market growth. Furthermore, the growing trend of cloud-based solution adoption has boosted market expansion in this region. According to the study, cloud data traffic in the Asia Pacific was 908 EB per month in 2016 and is expected to reach 3469 EB per month by 2021.
Global AIOps Market key Players:
Some of the major competitors in the global AIOps market include Aims Innovation, Appdynamics, Appnomic Systems, BMC Software, CA Technologies, Cloudfabrix, Correlsense, Corvil, Devo, Dynatrace, Extrahop, Fixstream, Gavs, Grok, HCL Technologies, Interlink Software, IBM, ITRS, Loom Systems, Logz.Io, Moogsoft, Micro Focus, Splunk, Opsdatastore, VMware, Tech Mahindra. In February 2021- Splunk Inc. has announced a multi-year extension of its partnership with the McLaren Formula One team and McLaren Group, which will see Splunk continue as an official McLaren Technology Partner.
Frequently asked questions about global AIOps market
The AIOps market is expected to grow from US$ 4.4 billion in 2020 to US$ 15.8 billion by 2027, with a CAGR of 20.1% from 2020 to 2027.
Some of the market's main potential prospects include exponentially growing data, an increasing business need for holistic 360° visibility, and increased investments in AIOps technology.
Growing Demand of AI-Based Services for IT Operations, Increasing Shift of Organizations’ Core Business to the Cloud, Increasing End-To-End Business Application Assurance and Uptime are some of the driving factors of the market.
North America dominated the AIOps market in 2020 and is anticipated to dominate throughout the forecast period.
The market is expected to be dominated by the BFSI segment.
