The AIOps market was valued at USD 1.64 billion in 2019 and is expected to reach USD 6.88 billion by 2025, at a CAGR of 27% over the forecast period 2020 - 2025.
- With AIOps gaining traction in the market due to its ability to provide real-time data by eliminating silos, better tracking, and management, automated problem solving, and also helps in digital conversion IT organizations have started the implementation of AIOps which is expected to boost the market growth over the forecast period.
- According to OpsRamp, a leading service-centric AIOps platform provider has revealed that AIOps tools are successful in delivering value for 87% of organizations. With the technology growing at a greater pace, the IT industry is poised to see the further deployment of AIOps.
- Some of the prominent players in the market are entering into strategic partnerships to further the technology which would not only augment the organization's efforts in providing better customer experience but also help them gain a stronger footprint. This, in turn, would fuel the demand for the AIOps in the market over the forecast period.
- For instance, in June 2019, Wipro Limited announced a partnership with Moogsoft, a pioneer and leading provider of artificial intelligence for IT operations (AIOps), to deliver next-generation artificial intelligence for IT operations solutions for its customers.
- The rising trend for timely problem identification by analyzing the infrastructure behavior coupled with the increasing digitization and cloud migration is expected to drive the growth of the market over the forecast period.
- In June 2019, BMC announced an update for its TrueSight portfolio to help IT-teams more easily extend and adopt the value for AIOps both on-premise and cloud throughout the organizations.
Scope of the Report
In order to speed service delivery, increase IT efficiency and deliver superior user experience, organizations have started using AIOps i.e Artificial Intelligence in IT Operations that uses advanced algorithms and AI techniques used for analyzing big data from various IT and business operations tools. this report segments the market by Type (Solution, Service), Deployment (On-premises, Cloud), End-user Industry (Media and Entertainment, IT and Telecom, Retail, Healthcare, BFSI) and Geography.
Key Market Trends
BFSI is Expected to Hold Significant Share
- Banking operations include many periodic and aperiodic activities and transactions performed by employees, customers and external agencies. Thes activities are complex which makes its monitoring essential. With AIOps delivering realtime information, automated problem solving amongst others, it is expected to boost the market growth over the forecast period.
- The AIOps platform from CA technologies, i.e. CA Digital Experience Insights, enables the financial firms in solving complex IT problems, including performance, capacity and configuration issues.
- According to the RBI, the share of electronic transactions in the total volume of retail payments increased from 88.9% in 2016-2017 to 92.6% in 2017-2018. With the advent of the third-party payments app coupled with the banks moving towards digitizing the banking services is expected to fuel the demand for the AIOps over the forecast period.
- Thefts related to the payments in the banking sector are prominent which is propelling the banking and financial institutions to look for solutions that would enable them to better serve their end-users. This presents the AIOps providers with a potential opportunity which would boost the growth of the market over the forecast period.
North America is Expected to Hold Largest Share
- The region is home to some of the major players in the IT industry such as the IBM, Google, Microsoft which are continuously investing in the building up and advancing their IT infrastructure to keep pace with the technological advancements. This is expected to boost the adoption of the AIOps over the forecast period.
- For instance, in January 2018 Google announced its plans to invest USD 30 billion dollars for infrastructure development.
- Some of the prominent players in the region through strategic partnerships, mergers & acquisitions and research & development activities are trying to augment their efforts in furthering the technology that would result in the increased adoption of AIOps over the forecast period.
- In February 2019, New Relic announced the acquisition of SignifAI, an event-intelligence company to advance AIOps.
The competitive rivalry amongst the players in the market is high owing to the presence of some key players such as IBM, HCL, Tech Mahindra amongst others. The ability to continually innovate their products and services has allowed them to gain a competitive advantage over other players in the market. Through strategic partnerships, mergers & acquisition and research and development activities these players have been able to attain a greater market footprint.
- October 2018 - KKR, a leading global investment firm announced the acquisition of BMC, a global leader in IT solutions for the digital enterprise in which BMC would continue to provide its consumers with transformational solutions that help them manage and optimize information technology across cloud, hybrid, on-premise, and mainframe environments.
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