AIOps market is expected to witness seven-fold growth during the forecast period to reach $14.61 billion
Bangalore, India, April 25, 2019: With its recently published study “Global AIOps Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global AIOps market will continue to grow due to the ability of AIOps technology to be integrated with hybrid environments including cloud and on-premise. Real-time analytics solution will witness the highest growth rate during the forecast period, owing to the need for analysing huge volume of data being generated by the machines.
Widespread digital transformation initiatives have resulted in increased adoption of AIOps solution to further improve business productivity and enhance customer experience through process automation. AIOps Analytics solutions are predominantly machine data-based and are generated from several applications and other assets. The end user industry has started using AIOps analytics solutions to analyze these datasets and identify the root cause, thereby improving incident management capabilities. As IT operations become the prominent revenue generating factor, the market is expected to witness increased usage of AIOps solutions across verticals. BFSI and Healthcare have been the primary users of AIOps technology to improve IT team’s performance as well as support quality. Trends including digital transformation and cloud migration are expected to increase adoption and market share for AIOps technology within industries like manufacturing, government, education, and media and entertainment. This trend is expected to continue during the forecast period 2018–2024, fueling the market growth at a CAGR of 33.08% to reach $14.61 billion by 2024.
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North America remains the largest contributor of revenue share within the global AIOps market with growing convergence of different technologies such as cloud, AI, ML and increase in IT budget. Asia Pacific is expected to dominate the growth rate within the global AIOps market during the forecast period 2018–2024 due to increasing investments in strategic acquisitions and product developments to significantly improve its product offerings. Additionally, demand for cognitive software and services in SMEs is also positively impacting the market due to the presence of large number of SMEs in the region.
Due to the increase in complexity of application infrastructure, application performance management accounted for the largest market share in the global AIOps market. This is due to the growing demand for safeguarding critical applications using predictive maintenance to reduce outages and downtimes. Vendors are providing AIOps platform to effectively manage capacity, storage, and resources based on need. Organizations are leveraging AIOps solutions to reduce the noise level in the system and to detect the root cause. It enhances customer’s experience by enabling technologies including artificial intelligence and machine learning to solve their problems quickly and effectively.
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“Increasing digital transformation has shifted enterprise application and IT infrastructure to agile microservices and cloud platforms. The adoption of intelligent automation solutions such as AIOps is reducing the overall IT operations cost by leveraging technologies including artificial intelligence and machine learning and improving business processes, thereby increasing customer’s experience,” pointed out Rahul Kumar Pandey, Research Analyst, Infoholic Research.
Key insights of the report include:
- Telecom & IT
- Real-Time Analytics
- Application Performance Management
- Infrastructure and Network Management
- Large Enterprises
- North America
- Market trends
Ms. Sunanda Ganguli
Infoholic Research LLP