AIOps Platform Market Overview:
The global AIOps platform market will touch USD 33.8 billion at an 18.20% CAGR by 2032, as per the recent Market Research Future report.
Drivers:
Increasing Cloud-Based Infrastructure Adoption in IT Industry to Bolster Market Growth
In recent years, cloud computing has experienced a sharp rise in popularity. Most businesses are drawn towards cloud hosting services such as AWS (Amazon Web Services, Inc.), Microsoft Azure (Microsoft), and Google Cloud (Alphabet Inc.), according to their listed features, which include, among others, the ability to scale up or down based on usage, pay-per-use, self-service, and high resiliency. In terms of IT expenses, service quality, time to market, cloud computing beats traditional IT solutions because of these benefits. Rapid IT issue identification and resolving is made possible by the combined insight across every environment provided by AIOps solutions.
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Key Players:
Eminent industry players profiled in the global AIOps platform market report include,
- AppDynamics
- BMC Software, Inc.
- Broadcom
- HCL Technologies Limited
- International Business Machines Corporation
- Micro Focus
- Moogsoft
- Prophet Stor Data Services, Inc.
- Resolve Systems
- Splunk Inc.
Opportunities:
Risk Mitigation and Security to offer Robust Opportunities
AIOps platforms are essential for improving IT security risk control. These platforms can identify and respond to security risks in real-time by utilizing AI algorithms, facilitating quicker incident response mitigation. Additionally, they offer sophisticated anomaly detection tools that support the discovery of potential security holes and vulnerabilities.
Restraints and Challenges:
Concerns about Use of Modern Solution to act as Market Restraint
The concerns about the use of modern solutions over the traditional methodology and dearth of skilled professionals may act as market restraints over the forecast period.
Market Segmentation:
The global AIOps platform market is bifurcated based on component, service, application, deployment, organization size, and vertical.
By component, platforms will head the market over the forecast period. To provide corporate organizations a competitive advantage in the market, AIOps vendors offer them trustworthy, adaptive, and cutting-edge platform experiences.
By service, implementation service will domineer the market over the forecast period. This significant market share should be attributed to its business advantages, which include enhanced decision making, faster digital transformation, efficient data processing, integrated agility.
By application, real-time analytics will spearhead the market over the forecast period. The manufacturing industry is using real-time analytics in a variety of areas, including production quality (data accuracy, vendor quality, and cost overruns), delivery dependability (schedule adherence, vendor delivery performance), lead times (cycle time, customer service time), costs (waste rates, system complexity, inventory turns, and overhead efficiency).
By deployment, on-premise will head the market over the forecast period. This high percentage is brought on by the improved security and privacy provided by on-premise solutions in IT operations.
By organization size, large enterprises will spearhead the market over the forecast period. AIOps solutions are being used by large enterprises in various industries, including media and entertainment.
By vertical, BFSI will head the market over the forecast period. In this sector, the usage of AIOps technology for safeguarding banking financial data has considerably expanded. AI offers a wide range of use-cases in banking financial IT operations, including real-time analytics, addressing difficult IT challenges, automating banking, and enhancing scalability, among others.
COVID-19 Analysis
The necessity for quicker incident identification, swift response, and service restoration amongst enterprises has intensified as a result of the COVID-19 pandemic outbreak. Since AIOps provide this, market players concentrate on raising awareness of this technology for which they provide complimentary solutions for a limited period of time. They make it possible for workers from outside partners and inside corporate IT teams to securely access, debug, restore business services using remote consoles thanks to their solution. For instance, the California-based company Aisera offers free access to its remote work virtual assistant collaboration software for 60 days after the date of purchase to healthcare providers and governmental organizations. Aisera offer 24/7 AI-based assistance.
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Regional Analysis:
North America to Head AIOps Platform Market
In 2022, this market was headed by the North America Market (45.80%). In the US, consumer apps for AI-based financial guidance are gaining traction to assist consumers in making wiser investment decisions. The region's availability of AIOps platform providers explains this. Many businesses, including both established IT organizations and start-ups, are developing AIOps platforms. Additionally, the North American AIOps Platform market in North America was led by the U.S., which had the greatest market share, and Canada, which had the quickest rate of growth. In practically every industry, including aircraft, healthcare, infrastructure, life sciences, automation, and technology, North America is the most developed area in the world. Due to a number of driving factors, North America will account for the utmost market share in the anticipated period as the use of automation in multiple business processes across verticals is experiencing rapid changes. Due to the region's increasing generation of enormous amounts of data, there is a growth in demand for goods and services that employ artificial intelligence. Machine learning (ML), a component of AI-powered goods and services, promotes improvements in knowledge analytics fills in the gaps left by earlier technologies.
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