Artificial Intelligence for IT Operations (AIOps) Market- Global Size, Trends, Opportunities and Forecast 2027: Credence Research

November 01 21:08 2021
Artificial Intelligence for IT Operations (AIOps) Market- Global Size, Trends, Opportunities and Forecast 2027: Credence Research
The market for AIOps is expected to grow from US$ 4.4 billion in 2020 to US$ 15.8 billion by 2027 with a CAGR of over 20.1% during the forecast period from 2020 to 2027.

The latest market report published by Credence Research, Inc. “Global AIOps Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The market for AIOps is expected to grow from US$ 4.4 billion in 2020 to US$ 15.8 billion by 2027 with a CAGR of over 20.1% during the forecast period from 2020 to 2027.

Global AIOps Market, 2020 – 2027 (USD Million)

The increasing use of cloud platforms by organizations in various industries, including banking, e-commerce, healthcare, and others, has fueled the demand for the AIOps platform. In 2016, cloud data centers handled 86 percent of the workload, while traditional data centers handled only 14 percent. Furthermore, global cloud data traffic generated 6.0 ZB of data per year in 2016 and is expected to reach 19.5 ZB per year by 2021. As a result, rising cloud platform utilization is a major driver of growth in the global AIOPs market.

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BFSI to lead the growth of AIOps over the forecast period

The BFSI industry is expected to account for the largest share of the AIOps market. Banks implement dependable IT operation management systems to provide the best possible service levels, primarily to support internal procedures and improve customer service. Furthermore, they are focusing on maintaining maximum service efficiency in their day-to-day IT operations. Increased regulatory standard implementation, increased use of cloud-based IT solutions, and increased forms of online payment are expected to drive the market. Moreover, the use of artificial intelligence (AI) in operational services by financial institutions improved the capabilities built into service desk systems, providing higher management with the oversight and critical performance indicators required to detect operational trends before they negatively impact existing products and processes.

North America held the dominant position in the AIOps market

North America led the AIOps market in 2020 and is expected to continue throughout the forecast period. Because they were early adopters of advanced technologies such as artificial intelligence, machine learning, big data, and analytics, the United States and Canada are key economies driving growth in the AIOps market in this region. Furthermore, the presence of IT firms such as Google, Microsoft Corporation, IBM, Oracle, and others plays an important role in the region’s industrial growth.

Global AIOps Market key Players:

Some of the major competitors in the global market include IBM, Splunk, CA Technologies, VMware, Micro Focus, HCL Technologies, Appdynamics, BMC Software, Moogsoft, Fixstream, Correlsense, Aims Innovation, Corvil, Extrahop, Devo, Tech Mahindra, ITRS, Loom Systems, Interlink Software, Grok, Cloudfabrix, Dynatrace, Logz.Io, Appnomic Systems, Opsdatastore, Gaia. Because of the ability to constantly reinvent their products and services, the companies have a competitive advantage over other market competitors. Strategic partnerships, mergers and acquisitions, and R&D initiatives can help these companies expand their market reach. For instance: In April 2021, Broadcom Inc. has announced plans to accelerate innovation and improve cloud services integration across its key software brands as part of its strategic partnership with Google Cloud. Broadcom will make its security and enterprise operations apps available on Google Cloud as part of this collaboration. Broadcom’s migration to Google Cloud began with its security software, but the company intends to migrate other applications as well, such as AIOps. As a result of this collaboration, Broadcom will be able to use Google Cloud’s infrastructure to accelerate development, reduce latency, and expand. As a result, it will be much easier to expand its public Internet operations. In February 2021, New Relic Explorer, a redesigned Full-Stack Observability experience that provides engineers with unprecedented visibility across their entire estate via innovative new visualizations and capabilities, was introduced. Engineers could use this to quickly identify emerging performance issues and take action to restore systems to full functionality before customers or workers are impacted.

Market Segmentation

Global AIOps Market by Component, 2015 – 2027

  • Platforms
  • Services

Global AIOps Market by Application, 2015 – 2027

  • Real-time analytics
  • Infrastructure management
  • Network and security management
  • Application performance management
  • Others

Global AIOps Market by Deployment, 2015 – 2027

  • On-premises
  • Cloud based

Global AIOps Market by Organization Size, 2015 – 2027

  • SMEs
  • Large Enterprises

Global AIOps Market by Vertical, 2015 – 2027

  • BFSI
  • Healthcare and Life Sciences
  • Retail and Consumer Goods
  • Telecom and IT
  • Manufacturing
  • Government
  • Media and Entertainment
  • Others

Global AIOps Market by Company

  • Aims Innovation
  • Appdynamics
  • Appnomic Systems
  • BMC Software
  • CA Technologies
  • Cloudfabrix
  • Correlsense
  • Corvil
  • Devo
  • Dynatrace
  • Extrahop
  • Fixstream
  • Gavs Technologies
  • Grok
  • HCL Technologies
  • IBM
  • Interlink Software
  • ITRS
  • Io
  • Loom Systems
  • Micro Focus
  • Moogsoft
  • Opsdatastore
  • Splunk
  • Tech Mahindra
  • VMware

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