CHICAGO, Aug. 8, 2023 /PRNewswire/ -- With greater industry acceptance, improvements in AI algorithms, interaction with DevOps and ITSM, an emphasis on observability and autonomous operations, and integration with DevOps, the future of the AIOps Platform Market appears bright. Interoperability, support for IoT, and integration of security and compliance are other factors that are anticipated to influence how the industry develops.
The global AIOps Platform Market is projected to grow from USD 11.7 billion in 2023 to USD 32.4 billion by 2028, at a CAGR of 22.7% during the forecast period. AIOps platforms are being adopted across various verticals to optimize IT operations and drive business success. In finance and banking, AIOps aids in fraud detection and real-time transaction monitoring. Healthcare benefits from improved patient data management and diagnostics. Retail and e-commerce use AIOps for demand forecasting and personalized customer experiences. Telecommunications enhances network performance and customer satisfaction. Manufacturing optimizes production with predictive maintenance. Governments improve citizen services and cybersecurity. Energy and utilities optimize distribution and predict maintenance needs. Transportation and logistics streamline operations for cost-effective efficiency.
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270 - Tables
60 - Figures
275 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | USD Billion |
Segments covered | Offering, Services, Deployment Mode, Application, Vertical, and Region |
Geographies covered | North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America |
Companies covered | IBM (US), Splunk (US), Broadcom (US), OpenText (Canada), Dynatrace (US), Cisco (US), HCL Technologies (India), Elastic (US), ServiceNow (US), HPE (US), Datadog (US), New Relic (US), SolarWinds (US), BMC Software (US), ScienceLogic (US), BigPanda (US), LogicMonitor (US), Sumo Logic (US) and many more. |
Healthcare & Lifesciences to account for higher CAGR during the forecast period
Healthcare and life sciences are adopting AIOps platforms to revolutionize patient care and research. AIOps efficiently manages patient data, enhances diagnostic accuracy, and accelerates drug discovery. Real-time monitoring ensures timely interventions and improves patient safety. Predictive analytics aids in proactive care and resource allocation, reducing hospital readmissions. AIOps automates healthcare IT management, enhancing system reliability. Additionally, it ensures regulatory compliance and strengthens cybersecurity measures, safeguarding patient data. By leveraging AIOps, the healthcare industry gains access to advanced analytics, automation, and real-time insights, driving data-driven decision-making and improved patient care.
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Services Segment to account for higher CAGR during the forecast period
The market for AIOps Platform is bifurcated based on offering into platform and services. The CAGR of services is estimated to be highest during the forecast period. AIOps platforms were revolutionizing traditional IT service management practices by introducing intelligent automation, proactive monitoring, and predictive analytics. The shift towards AIOps was streamlining incident management, optimizing resource allocation, and improving overall service delivery. By leveraging AI algorithms to analyze large volumes of data, AIOps enabled faster incident resolution, reduced downtime, and enhanced service reliability. This transformation was empowering IT teams to be more proactive and data-driven, thus significantly improving the efficiency and effectiveness of service management processes.
Asia Pacific to exhibit the highest CAGR during the forecast period
The CAGR of Asia Pacific is estimated to be highest during the forecast period. AIOps Platform is rapidly growing in Asia Pacific, which includes China, India, Japan, ASEAN, South Korea and ANZ (Australia and New Zealand). AIOps adoption was growing rapidly as businesses in the region recognized its potential to enhance IT operations and drive digital transformation. Organizations in various industries were embracing AIOps to optimize their IT infrastructures, improve service reliability, and enhance customer experiences. The increasing complexity of IT environments in the region, driven by digitalization and cloud adoption, was fueling the demand for AIOps platforms. Additionally, the presence of a large tech-savvy workforce and a flourishing startup ecosystem contributed to the rapid adoption of AIOps technologies in the Asia Pacific region.
Top Key Companies in AIOps Platform Market:
Major vendors in the global AIOps Platform Market are IBM (US), Splunk (US), Broadcom (US), OpenText (Canada), Dynatrace (US), Cisco (US), HCL Technologies (India), Elastic (US), ServiceNow (US), HPE (US), Datadog (US), New Relic (US), SolarWinds (US), BMC Software (US), ScienceLogic (US), BigPanda (US), LogicMonitor (US), Sumo Logic (US), Moogsoft (US), Resolve Systems (US), AIMS Innovation (Norway), Interlink Software (UK), CloudFabrix (US), PagerDuty (US), Aisera (US), ManageEngine (US), Digitate (US), ZIF.ai (US), Autointelli (India), UST (US), Freshworks (US), Everbridge (US), StackState (US), Logz.io (US).
Recent Developments:
- In June 2023, IBM announced the acquisition of Apptio to accelerate the advancement of IBM's IT automation capabilities and enable enterprise leaders to deliver enhanced business value across technology investments.
- In February 2023, OpenText announced the acquisition of Micro Focus to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric.
- In January 2023, Interlink Software partnered with Cisco and integrated its AIOps platform with AppDynamics. By leveraging this integration, IT teams mitigate the risk of unnecessary IT outages and enhance service availability, optimizing overall operational performance.
- In April 2022, Meliá Hotels International collaborated with Dynatrace to fuels its digital transformation by migrating its critical applications. Using Dynatrace's observability and advanced AIOps capabilities, Meliá ensures that their digital services match the quality of in-person interactions with hotel staff.
- In December 2021, Broadcom announced the acquisition of AppNeta. The acquisition of AppNeta by Broadcom allows for the integration of AppNeta's scalable end-to-end visibility solution with Broadcom's infrastructure and AIOps capabilities.
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AIOps Platform Market Advantages:
- Event correlation, root cause analysis, and incident resolution are just a few of the many IT operations duties that AIOps systems can automate. This results in shorter reaction times and more dependable service since it minimises human error, boosts efficiency, and decreases manual involvement.
- AIOps solutions gather and evaluate massive amounts of data in real-time from diverse IT sources. They provide actionable insights and enable IT teams to prevent problems from developing into significant incidents by digesting this data quickly.
- These solutions can anticipate future IT issues before they arise using machine learning and cutting-edge analytics. AIOps may anticipate and avoid outages, performance deterioration, and security breaches by seeing anomalies and trends in data.
- AIOps solutions are easily scalable to deal with big and complicated IT infrastructures. AIOps systems can adapt and continue to give valuable insights without compromising performance as businesses grow and their IT infrastructure changes.
- AIOps platforms can optimise resource utilisation and lower operational expenses through automation and predictive capabilities. Organisations may save money and use their IT assets more effectively by reducing downtime and optimising resource allocation.
- By examining trends and abnormalities across numerous data sources, AIOps platforms can assist in the detection and immediate response to security risks. This lessens the effect of cyberattacks by allowing IT workers to swiftly identify and remediate possible security breaches.
- AIOps systems provide data-driven insights and useful intelligence to IT professionals. This makes it possible to make well-informed decisions and assists with task prioritisation based on potential effects on business operations.
- AIOps technologies expedite the issue response process by automating repetitive operations and offering real-time information. This reduces downtime, raises service standards, and improves end-user satisfaction all around.
Report Objectives
- To define, describe, and predict the AIOps Platform Market by offering (platform and services), services, applications, vertical, and region
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the AIOps Platform Market
- To analyze the impact of the recession in the AIOps Platform Market
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