AIOps Platform Market

AIOps Platform Market Size, Share, Growth (2023-2028)

AIOps platform market size is foreseen to progress from $ 5.73 billion in 2022 to $ 19.02 billion by 2028, at a compound annual growth rate (CAGR) of 34.0%.

AIOps Platform Market Overview:

AIOps enables organizations to operate their ITOMs with the level of speed and agility necessary to meet the expectations and demands of the end user. The shift to cloud computing and digital transformation will create more complexity at ITOM. Implementing these technologies and processes will increase repetitive manual activities, creating a difficult environment for IT operations to keep up with the ever-increasing pace and volume of requests.With increasing awareness of how AI can address these challenges and help manage IT operations, companies are focusing on adopting AI-powered solutions. For example, a recent New Relic study found that 89% of the world's 750 top IT decision makers surveyed believe that artificial intelligence and machine learning are essential to the way organizations run IT operations. Almost 84% mentioned artificial intelligence and machine learning will make its function more manageable. This positive outlook for AI is expected to translate into widespread use of AIOps in the coming years.Also, as devices get smarter, systems have become more complicated with increasing data volumes, increasing the adoption of AIOps. The growing adoption of the cloud around the world is also driving the automation of these processes. Therefore, as more and more companies migrate to the cloud, the need for AIOps platforms is also expected to increase.

Recent Developments:

• May 2020 - IBM Corporation signed a deal with PagerDuty to connect human and machine data to offer a robust AIOps solution to PagerDuty customers. By leveraging more than 350 PagerDuty integrations and more than 11 years of analysis of how customers respond to incidents, IBM Watson AIOps will be able to provide users with comprehensive information on events that may be of concern will impact on the IT department to act in real time to solve problems.

Impact of Covid-19 on AIOps Platform Market:

The COVID-19 pandemic epidemic has increased the need for faster incident diagnosis, rapid response and restoration of services between businesses. Since AIOps offer this, companies operating in the market focus on increasing awareness of the technology for which they offer free solutions for a few months. Through their offering, they enable internal corporate IT teams and staff from external partners to securely access, troubleshoot, and restore business services through remote consoles. For example, California-based Aisera provides 24/7 AI-based support to healthcare providers and government agencies, offering its remote work virtual assistant and collaboration app free for 60 days from date.

AIOps Platform Market growth and trends:

BFSI is expected to maintain significant growth in the AIOps Platform Market

• Banking operations include many recurring and non-recurring activities and transactions performed by outside employees, customers, and agencies. These activities are complex, which makes their monitoring essential. With AIOps providing real-time information, automated troubleshooting, and more, it is expected to drive market growth over the forecast period. For example, CA Technologies' AIOps platform, CA Digital Experience Insights, enables finance companies to solve complex IT problems, including performance, capacity, and configuration issues.

• Increasing implementation of regulatory standards and increasing adoption of cloud-based IT solutions and growing online payment methods are expected to drive the market. In addition, banks are implementing increasingly robust IT applications and services to meet the growing needs of internal users and consumers as there is a constant shift towards online digital platforms and forms of mobile financial services.

• The integration of artificial intelligence into all IT departments enables banks to automate their traditional business processes, dramatically reducing the need for real-time manual monitoring. For example, once implemented, facial recognition technology is expected to benefit banks and financial institutions while providing a higher degree of security.

• Theft related to banking sector payments is significant, prompting banking and financial institutions to seek solutions that allow them to better serve their end users. This presents a potential opportunity for AIOps vendors to drive market growth during the forecast period.

AIOps Platform Market Drivers and Restraints:

The main factor driving the growth of the AIOps Platform market includes the high demand for AI-based software services in IT operations, increasing the warranty and availability of end-to-end business applications, and the transfer of increased core business of the organization to the cloud. In addition, large investments in AIOps technology positively influence the growth of the market.This platform offers the use of multiple data sources, analysis and presentation technologies, and data collection methods. The platform provides multiple disciplines of IT operations as well as advanced analytical skills directly and indirectly. It is also a centralized system that assists in delivering data insights that are provided by algorithmic machine learning skills to analyze large volumes of data. To use the technologies, AIOps platforms offer several layers that deal with different functionalities, including data collection and storage, visualization, analysis tools, and integrations with other applications. The above factors are driving its adoption and are likely to drive the growth of the global AIOps Platforms market. However, the shortage of professionals along with recent changes in IT operations are likely to acts as major constraints for the development of the global AIOps platform business. Nonetheless, recent developments and new product launches along with increasing acquisitions to carry advanced technologies by major market players are expected to drive the market growth.

GLOBAL AIOPS PLATFORM MARKET REPORT COVERAGE:

AIOps Platform Market Segmentation:

By Component:

• Platforms

• Services

By Services:

• Implementation Service

• License and Maintenance Service

• Training and Education Service

• Consulting Service

• Managed Service

By Application:

• Real-time Analysis

• Infrastructure Management

• Network and Security Management

• Application Performance Management

• Others

By Vertical:

• BFSI

• Health and Life Sciences

• Consumer Goods and Retail

• Telecommunications and IT

• Manufacturing

• Government

• Media and Entertainment

• Others

AIOps Platform Market Regional Analysis:

• North America,

• South America,

• Europe,

• Asia-Pacific,

• Middle East and Africa

Among these, North America is expected to dominate the global AIOps Platforms market due to the presence of several key players operating in the market. In addition, the growing government initiatives for the development of PIAs platforms in the region are boosting the Global AIOps platform market.

Key players:

1. IBM (US),

2. CA Technologies (US),

3. Micro Focus (UK),

4. VMware (US),

5. Splunk (US),

6. HCL (India),

7. AppDynamics (United States),

8. MoogSoft (United States),

9. BMC Software (United States),

10. FixStream (United States)

11. Correlsense (Israel)