The global AIOps platform market is predicted to reach USD 10.29 billion in 2024 and USD 44.46 billion by 2029, growing at a compound annual growth rate (CAGR) of 34.0% during the forecast period..
AIOps enables organizations to operate their ITOMs with the level of speed and agility necessary to meet the expectations and demands of the end user. The shift to cloud computing and digital transformation will create more complexity at ITOM. Implementing these technologies and processes will increase repetitive manual activities, creating a difficult environment for IT operations to keep up with the ever-increasing pace and volume of requests. With increasing awareness of how AI can address these challenges and help manage IT operations, companies are focusing on adopting AI-powered solutions. For example, a recent New Relic study found that 89% of the world's 750 top IT decision makers surveyed believe that artificial intelligence and machine learning are essential to the way organizations run IT operations. Almost 84% mentioned artificial intelligence and machine learning will make its function more manageable. This positive outlook for AI is expected to translate into widespread use of AIOps in the coming years. Also, as devices get smarter, systems have become more complicated with increasing data volumes, increasing the adoption of AIOps. The growing adoption of the cloud around the world is also driving the automation of these processes. Therefore, as more and more companies migrate to the cloud, the need for AIOps platforms is also expected to increase.
BFSI is expected to maintain significant growth in the AIOps Platform Market
Banking operations include many recurring and non-recurring activities and transactions performed by outside employees, customers, and agencies. These activities are complex, which makes their monitoring essential. AIOps, which provides real-time information, automated troubleshooting, and more, is expected to drive market growth over the forecast period. For example, CA Technologies' AIOps platform, CA Digital Experience Insights, enables finance companies to solve complex IT problems, including performance, capacity, and configuration issues.
Increasing implementation of regulatory standards, increasing adoption of cloud-based IT solutions, and growing online payment methods are expected to drive the market. In addition, banks are implementing increasingly robust IT applications and services to meet the growing needs of internal users and consumers as there is a constant shift towards online digital platforms and forms of mobile financial services.
The integration of artificial intelligence into all IT departments enables banks to automate their traditional business processes, dramatically reducing the need for real-time manual monitoring. For example, once implemented, facial recognition technology is expected to benefit banks and financial institutions while providing a higher degree of security.
Theft related to banking sector payments is significant, prompting banking and financial institutions to seek solutions that allow them to better serve their end users. This presents a potential opportunity for AIOps vendors to drive market growth during the forecast period.
The main factor driving the growth of the AIOps Platform market includes the high demand for AI-based software services in IT operations, increasing the warranty and availability of end-to-end business applications, and the transfer of increased core business of the organization to the cloud. In addition, large investments in AIOps technology positively influence the growth of the market. This platform offers the use of multiple data sources, analysis and presentation technologies, and data collection methods. The platform provides multiple disciplines of IT operations as well as advanced analytical skills directly and indirectly. It is also a centralized system that assists in delivering data insights that are provided by algorithmic machine learning skills to analyze large volumes of data. To use the technologies, AIOps platforms offer several layers that deal with different functionalities, including data collection and storage, visualization, analysis tools, and integrations with other applications. The above factors are driving its adoption and are likely to drive the growth of the global AIOps Platforms market.
However, the shortage of professionals and recent changes in IT operations are likely to act as major constraints for the development of the global AIOps platform business. Nonetheless, recent developments, new product launches, and increasing acquisitions to carry advanced technologies by major market players are expected to drive market growth.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2029 |
|
CAGR |
34% |
|
Segments Covered |
By Component, Services, Application, Vertical, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
IBM (US), CA Technologies (US), Micro Focus (UK), VMware (US), Splunk (US), HCL (India), AppDynamics (US), MoogSoft (US), BMC Software (US), FixStream (US), Correlsense (Israel), and Others. |
North America is expected to dominate the global AIOps Platforms market due to the presence of several key players operating in the market. In addition, the growing government initiatives for the development of PIAs platforms in the region are boosting the Global AIOps platform market.
By Component
By Services
By Application
By Vertical
By Region
Frequently Asked Questions
The key drivers include the increasing complexity of IT environments, the growing volume of IT operations data, the need for improved operational efficiency, and the rising adoption of cloud-based solutions. Additionally, the demand for real-time analytics and insights to prevent IT outages and enhance user experience is also propelling market growth.
North America, particularly the United States, is leading the adoption of AIOps platforms due to the presence of major technology companies and early adopters of advanced IT solutions. Europe follows, with significant growth in countries like the UK and Germany. The Asia-Pacific region is also experiencing rapid growth, driven by increasing digital transformation initiatives in countries such as China, India, and Japan.
Cloud-based AIOps platforms are significantly influencing the market by offering scalable, flexible, and cost-effective solutions. They allow organizations to quickly deploy AIOps capabilities without the need for extensive on-premises infrastructure, facilitating easier integration and management of IT operations across hybrid and multi-cloud environments.
Future trends include the increased adoption of hybrid and multi-cloud AIOps solutions, the integration of AIOps with DevOps practices, and the use of AI for security operations (SecOps). Additionally, there will be a greater focus on enhancing user experience through more intuitive and user-friendly AIOps interfaces, and the development of domain-specific AIOps solutions tailored to particular industries.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region