The global IT operations analytics market size was valued at USD 5.17 billion in 2020 and is estimated to expand at a considerable CAGR over the forecast period, 2021-2028. The growth of the market is attributed to the growing reliance on software for operations purposes along with the rapid digitalization of numerous industries that get triggered by cloud and mobility.
In order to monitor systems and to analyze, process, collect and conclude data obtained from various sources, IT operations analytics is used. It assists the users to identify any potential threat and helps them in decision-making. Holders of various industry verticals have taken the efforts for digitization due to which operation analytics has become one of their major strategies. Consumption of big data has also been increasing rapidly and with it being growing the access to operation analytics tools is increasing for general IT purposes.
According to a recent report on industries, a survey was performed on approximately 600 executives based in Germany, the U.S., France, China, and the U.K. around 70% of the organizations are majorly shifting their attention towards operation analytics than consumer-focused processes. The answerers also agreed that operation analytics solutions help in gaining a competitive advantage along with increasing profits.
Very limited resources are available for the entire IT industry to manage the dynamic infrastructure of IT as a result of which a maximum number of companies have logged in the operational data of IT. IT applications, technology infrastructure, and IT services are continuously used and generate data continuously. This generated data is unstructured and creates barriers to the efficient management of IT operations. Several powerful tools are provided by IT operations analytics that dynamically check for risks, impacts, and disruption arising out of IT operations of a business environment.
The COVID-19 pandemic had an adverse effect on the demand, production, and supply for goods and services worldwide. High disruption was caused to the market and supply chain and financially affected both the governments and the industries. However, the IT operations analytics market is expected to grow at a lucrative rate attributed to inexpensive cloud computing services, better internet connectivity, rising expenditures by the government on IT operations, growing insistence for connected devices, and declining cost of components across the globe.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing use of operations analytics along with enhanced real-time decision-making is estimated to propel the market growth over the forecast period.
- Depletion in cost of IT operations and better perceptibility into operations and processes are expected to fuel the market growth.
- Enhanced network privacy and security provides a better experience to the customers which is anticipated to drive the market expansion during the forecast period.
- IT architecture is dynamic and complex in nature and continual changes occurring in IT operations is a key challenge restricting the market growth.
- Growing use of machine learning and artificial intelligence for operation analytics is projected to present key opportunities for the market growth in the coming years.
Scope of IT Operations Analytics Market Report
The report on the global IT operations analytics market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
IT Operations Analytics Market – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Types (Root Cause Analytics, Predictive Analytics, Behavior Analytics, and Visual Analytics), Applications (Security Management, Asset Performance Management, Log Management, and Network Management), Deployments (Cloud and On-premise), and End-users (Retail, BFSI, Manufacturing, Healthcare, IT & Telecom, Government, 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
Splunk Inc.; BMC Software Inc.; Glassbeam Inc.; ExtraHop Networks; IBM Corp.; Hewlett Packard Enterprise Development LP; Microsoft Corp.; SAP SE; Oracle Corp.; and Apptio, Inc.
IT Operations Analytics Market Segment Insights
Predictive analytics segment is anticipated to grow at a fast rate
On the basis of types, the IT operations analytics market has been segmented into root cause analytics, predictive analytics, behavior analytics, and visual analytics. The root cause analytics segment held a large share of the market in 2019 owing to the increased demand for root cause analytics in the enterprises due to increasing internet of things (IoT) devices, rising usage of sensors for diagnosis of faults, and growing IT operations data. The growth of the segment can also be attributed to the foundation of advanced technology including artificial intelligence and IoT. On the other hand, the predictive analytics segment is anticipated to grow at a fast rate over the forecast period attributed to the rising integration of big data and the production of a huge amount of data.
Asset performance management segment is expected to grow at a lucrative rate
Based on applications, the market is divided into security management, asset performance management, log management, and network management. The asset performance management segment held a major share of the market and is expected to grow at a lucrative rate during the forecast period attributed to the growing demand for digital solutions in order to lower the operating expenses and management of assets’ performance of an enterprise. Usage of such analytics enables companies to plan strategies to lessen maintenance costs, prolongation of assets, lowering downtime, steer clear of unplanned outages, and others. Furthermore, investments are made by asset managers to gain sales productivity and improvement in efforts of marketing.
Cloud segment is estimated to lead the market
On the basis of deployments, the IT operations analytics market is bifurcated into cloud and on-premise. The cloud segment led the market in 2019 and is estimated to continue its lead over the forecast period owing to the reduction of the total cost of ownership. Cloud-based solutions help companies at various aspects such as functional monitoring of data, reducing the cost of physical infrastructure, and enhancing accessibility. It also offers other benefits such as the low requirement of manpower for operation, reduced maintenance, high operational flexibility, and others.
However, various challenges are associated with cloud deployment including reliability, data security, performance, regulatory compliance, data governance, complexity in transformation, and operational control. The incorporation of cloud computing with machine learning, artificial intelligence, and big data have allowed companies to integrate data from several resources and communication channels in order to take right and informed decisions.
BFSI segment is anticipated to hold a significant share of the market
Based on end-users, the market is segmented into retail, BFSI, manufacturing, healthcare, IT & telecom, government, and others. The BFSI segment held a key share of the market in 2019 and is anticipated to hold a significant share of the market over the forecast period attributed to the rising acquisition of analytics solutions by the financial and banking companies. Operation analytics assist in various in-house operations of the banks such as fraud management, risk management, and others to retain and develop a customer base that is profitable. Moreover, the availability of several services including online payments, digital wallets, blockchain technology, and payment gateways plays a significant role in complex workflow structures automation.
Asia Pacific market is expected to exhibit a high CAGR
In terms of regions, the IT operations analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a large share of the market in 2019 attributed to the timely and speedy adoption of IT operations analytics solutions. The growth of the market can also be attributed to the presence of major key players in the region along with the concrete decision made by the local government.
On the other hand, the market in Asia Pacific is expected to exhibit a high CAGR attributed to the growing awareness among various enterprises regarding operational analytics. The further growth of the market is due to the increasing adoption of smart technology and IoT along with the rising popularity of cloud computing.
The global IT operations analytics market has been segmented on the basis of
- Root Cause Analytics
- Predictive Analytics
- Behavior Analytics
- Visual Analytics
- Security Management
- Asset Performance Management
- Log Management
- Network Management
- IT & Telecom
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Splunk Inc.
- BMC Software Inc.
- Glassbeam Inc.
- ExtraHop Networks
- IBM Corp.
- Hewlett Packard Enterprise Development LP
- Microsoft Corp.
- SAP SE
- Oracle Corp.
- Apptio, Inc.
Key players competing in the market are Splunk Inc.; BMC Software Inc.; Glassbeam Inc.; ExtraHop Networks; IBM Corp.; Hewlett Packard Enterprise Development LP; Microsoft Corp.; SAP SE; Oracle Corp.; and Apptio, Inc. Many of these players have adopted business strategies such as collaborations, partnerships, alliances, acquisitions, and mergers in order to increase their operation expansion, consumer base, and market position globally.