The global artificial intelligence for IT operations platform market size was USD 10.62 Billion in 2022 and is likely to reach USD 46.75 Billion by 2031, expanding at a CAGR of 17.9% during 2023–2031. The growth of the market is attributed to the increasing level of awareness among the targeted population base.
Big data functionality and machine learning are combined together by artificial intelligence for IT operations (AIOps) platform to analyze or inspect the increasing variety, velocity, and volume of data generated accounting to digital transformation in order to support operations. Artificial intelligence for IT operations platform has various capabilities or functionalities such as analytics of data using machine learning, accessing & storing data, gobbling data from various sources, and recommending suitable responses to data post-analysis.
These platforms also help in predicting and modeling requirements for workload capacity which performs as an opportunity for the market growth. Several advancements occurring in technology have also helped the market to pave the way. To improve the services offered by the AIOps platform, techniques such as machine learning (ML) and natural language processing (NLP) are used by a number of companies.
The COVID-19 pandemic had a significant impact on various industries; however, the pandemic had a positive impact on the artificial intelligence for the IT operations platform market. Work-from-home became mandatory for everyone due to the pandemic which is anticipated to encourage the growth of tech domains of next-generation which includes artificial intelligence.
For instance, an increase has been seen in the new signups for SaaS and cloud-based services provided by LogMeIn, Inc. (U.S.) amid the pandemic. Moreover, the products and services provided by the tech companies are being expanded in order to increase their availability worldwide. For instance, Rapid Response Virtual Agent was launched by Google LLC in April 2020 to respond to COVID-19 related concerns of customers over voice, chat, and social networking channels.
Artificial Intelligence for IT Operations Platform Market Trends, Drivers, Restraints, and Opportunities
Various sectors approaching automation by using artificial intelligence in order to increase the organization’s productivity is expected to propel the market growth.
Growing adoption of cloud-based services and applications is anticipated to fuel the market growth during the forecast period.
Rising cost of data breaches and the increasing harmful insider attack threats are estimated to boost the market growth over the forecast period.
Skilled users for artificial intelligence are available in limited numbers which is a key challenge that can restrain the market expansion.
Adoption of cloud infrastructure by small & medium enterprises and the increasing government initiatives for adoption of artificial intelligence are projected to create lucrative opportunities for the market growth.
Scope of Artificial Intelligence for IT Operations Platform Market Report
The report on the global artificial intelligence for IT operations platform market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Artificial Intelligence For IT Operations Platform Market– Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Offerings (Service and Platform), Applications (Real-time Analytics, Infrastructure Management, Network & Security Management, Application Performance Analysis, and Others), Deployment Modes (On-premises and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), and Verticals (Retail & E-commerce, BFSI, IT & Telecom, Healthcare & Lifesciences, Media & Entertainment, Energy & Utilities, Government & Public Sector, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
VMware, Inc.; BMC Software, Inc.; HCL Technologies Ltd.; Broadcom; International Business Machines Corp.; Moogsoft; Micro Focus; ProphetStor Data Services, Inc.; Splunk Inc.; Resolve Systems; and AppDynamics
Artificial Intelligence for IT Operations Platform Market Segment Insights
Services segment is expected to expand at a significant CAGR
On the basis of offerings, the artificial intelligence for the IT operations platform market is bifurcated into services and platforms. The platform segment dominated the market in 2019 in terms of revenue owing to rapid digital transformation, providing business benefits, orderly data processing, and better decision-making.
The demand for the AIOps platform is increasing in organizations due to the surging need for automation as they help to identify the root cause of an issue occurring and providing required solutions to fix them. On the other hand, the services segment is expected to expand at a significant CAGR attributed to the rising need for the AIOps platform’s implementation services that are installed in the existing systems.
Infrastructure management segment is anticipated to exhibit a substantial growth
Based on applications, the market is segmented into real-time analytics, infrastructure management, network & security management, application performance analysis, and others. The real-time analytics segment held a key share of the market in 2018 owing to the increasing insights of real-time leader boards building competitive intelligence between various businesses.
Real-time analytics bestows the organizations with a data-driven way to identify, prioritize, diagnose, and resolve the issue. However, the infrastructure management segment is anticipated to exhibit a substantial growth owing to the rapid acceptance of artificial intelligence in the heavy IT infrastructure workloads.
Cloud segment is estimated to grow at a substantial rate
On the basis of deployment modes, the artificial intelligence for the IT operations platform market is bifurcated into on-premises and cloud. The on-premises segment led the market in 2019 owing to the enhanced privacy and security solutions provided by it in the operations of IT. On-premises deployment models also provide reliable results and improved speed. On the other hand, the cloud segment is estimated to grow at a substantial rate as they remove the maintenance cost along with removing firewall restrictions that are expected to hamper the on-premises solution access.
Small & medium enterprises segment is expected to grow at a considerable rate
Based on the organization size, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment held the major share of the market in 2019 owing to the increasing data decay rates in verticals of several industries and growing competition among the major key players of the market. However, the small & medium enterprises segment is expected to grow at a considerable rate due to the acceptance of digital solutions at a rapid pace among all the industries.
BFSI segment is anticipated to grow at a significant rate
On the basis of verticals, the market is divided into retail & e-commerce, BFSI, IT & telecom, healthcare & lifesciences, media & entertainment, energy & utilities, government & public sector, and others. The BFSI segment held a considerable share of the market in 2019 and is anticipated to grow at a significant rate owing to the digital experiences and IT operations in the banking sector and financial services.
Asia Pacific market is estimated to exhibit a significant growth
In terms of regions, the artificial intelligence for IT operations platform market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America led the market in 2019 owing to the presence of a major number of AIOps platform vendors in the region. On the other hand, Asia Pacific market is estimated to exhibit a significant growth attributed to the increasing adoption of automation among several industries present in the region.
The global artificial intelligence for IT operations platform market has been segmented on the basis of
- Real-time Analytics
- Infrastructure Management
- Network & Security Management
- Application Performance Analysis
- Large Enterprises
- Small & Medium Enterprises
- Retail & E-commerce
- IT & Telecom
- Healthcare & Lifesciences
- Media & Entertainment
- Energy & Utilities
- Government & Public Sector
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- VMware, Inc.
- BMC Software, Inc.
- HCL Technologies Ltd.
- International Business Machines Corp.
- Micro Focus
- ProphetStor Data Services, Inc.
- Splunk Inc.
- Resolve Systems
Key players competing in the global artificial intelligence for IT operations platform market are VMware, Inc.; BMC Software, Inc.; HCL Technologies Ltd.; Broadcom; International Business Machines Corp.; Moogsoft; Micro Focus; ProphetStor Data Services, Inc.; Splunk Inc.; Resolve Systems; and AppDynamics.
Many of these players have adopted business strategies such as launching new products, developing new technology, acquisitions, mergers partnerships, and alliances in order to increase their operation expansion, consumer base, and market position globally. For instance, Loom Systems was acquired by ServiceNow in January 2020 to drive the efficiency of operations and boost their productivity.