AIOps Market - Forecasts from 2021 to 2026

The global AIOps market is projected to grow at a CAGR of 18.27% to reach US$5.477 billion by 2026, from US$1.692 billion in 2019. The Artificial Intelligence for IT Operations (AIOps) platform was developed from IT operations analytics (ITOA), and it refers to systems that use artificial intelligence and machine learning to automate processes for human use. AIOps platforms gather, interpret, and analyze huge amounts of IT data in real-time by using a variety of algorithms. AIOps is used with real-time data and helps a firm identify problems and resolve them with the use of various algorithms. It allows businesses and IT departments to get insight into their operations. As more applications, systems, and platforms must be kept running at top performance, information technology (IT) is being confronted with additional problems. The quantity of data created by both business and IT operations rises exponentially as an organization's complexity develops. AIOps analyzes the information from IT operations using artificial intelligence algorithms. The platform analyses the underlying cause of events in real-time and automates procedures to enhance responsiveness.



The market is expanding at a rapid pace throughout the world, owing to the rising demand for AI-based services for IT operations. The end-users growing desire to move more of their business operations to the cloud is driving up demand for AIOps platforms, which is propelling the market forward. End-user adoption of AIOps platforms is growing in tandem with exponentially expanding data quantities and ongoing expansion of end-to-end business applications, bolstering the market's growth. Because of the rising use of cloud-based solutions and the increasing complexity of IT infrastructure, the AIOps Platform is seeing remarkable growth. Another element driving market expansion is the ability to extend data and the requirement for predictive analysis. As the number of individuals working from home has grown, businesses have implemented work-from-home (WFH) policies that have moved the focus of information security from corporate infrastructure to cloud and virtualized infrastructure. According to the data given by the IBM Security Report 2020, around 54 percent of enterprises said they require remote working in response to COVID-19. As a result of these advancements, the desire for cloud-based solutions is expanding.

Growth Factors

Growing applications across the BFSI sector will boost the market growth

One of the major reasons for the growth of the global AIOps market is the growing applications of AIOps platforms in the BFSI sector. Employees, clients, and external agencies conduct a variety of periodic and aperiodic activities and transactions as part of banking operations. Because these operations are complicated, they must be closely monitored. AIOps is projected to enhance market growth throughout the forecast period by providing real-time information and automated issue resolution, among other things. For example, CA Technologies' AIOps product, CA Digital Experience Insights, assists financial businesses in resolving complex IT issues such as performance, capacity, and configuration. Banks must adopt a dependable IT operation management system to provide the highest possible service levels, principally to support internal processes and to give improved customer service. Furthermore, in their day-to-day IT operations, they are concentrating on maintaining maximum service efficiency. The market is projected to be driven by increasing regulatory standards, increasing use of cloud-based IT solutions, and expanding forms of online payment.

Restraints

Lack of awareness of AIOps and the growing complexities of the IT infrastructure will restrain the market growth

A major restraint in the growth of the global AIOps market is the lack of awareness among small and medium enterprises and the apprehension about the adoption of AIOps. Also, the market's growth is being stifled by factors such as the expanding complexity and dynamic nature of IT architecture, as well as the increasing number of changes in IT operations. These limitations have hindered the market growth for global AIOps during the forecast period.

Impact of COVID-19 on the AIOps Market

The COVID-19 pandemic has had a substantial impact on the world as a whole and has led to economic breakdown and loss of life. The COVID-19 impact on the global AIOps market has been positive owing to the exchange of volumes of data over data networks amid the course of the pandemic and the adoption of work from home practices. The deployment of wireless networking in recent years has further boosted the market growth of the global AIOps market. The work from home initiatives has led to companies being highly dependent on networking systems to control customer queries has led to the surging adoption of AIOps across various industry verticals. Several enterprises and companies running in the AIOps services are taking strategic initiatives to provide customers with the best services as they are entirely dependent on AIOps services during the pandemic. Several surveys have shown that employees have been more comfortable with work from measures. This development will lead to an increase in the adoption of AIOps services, worldwide, in the coming years.

Competitive Insights

The market leaders in the global AIOps market are IBM, Splunk, Micro Focus, HCL Technologies, BMC Software, Moogsoft, Resolve, GAVS Technologies, Sumo Logic, and AppDynamics.

Segmentation:

The global AIOps market is segmented by component, offering, deployment model, enterprise size, end-user industry, and geography.

By Component

• Data Collection and Analytics
• Machine Learning and AI

By Offering

• Solution
• Services

By Deployment Model

• On-premise
• Cloud

By Enterprise Size

• Small
• Medium
• Large

By End-User Industry

• BFSI
• Healthcare
• Retail
• Communication and Technology
• Government
• Manufacturing
• Media and Entertainment
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others