AIOps Platform Market Expected to Exhibit 34.0% CAGR during 2018-2023

(IT-NEWSWIRE.COM, May 15, 2020 ) As per report "AIOps Platform Market by Component, Service (Implementation, Consulting, and Managed Services), Application (Real-time Analytics, Infrastructure Management, and Application Performance Management), Vertical, and Region - Global Forecast to 2023", the global AIOps platform market size is expected to grow from USD 2.55 billion in 2018 to USD 11.02 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period (2018–2023).

The major growth for the market include the growing demand of AI-based services in IT operations, increasing shift of organizations core business toward the cloud, and increasing investments in the AIOps technology. In addition, exponentially growing data volumes and increasing end-to-end business application assurance and uptime are some of the other growth factors for the market.

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In the digitalization era, the capacity to have flexible and dynamic IT infrastructure is mandatory. Ability to foresee and provision for future infrastructure requirement is a necessity. AIOps platforms track and manage cloud costs across multicloud infrastructure with end-to-end visibility. The platform also simulates migrations and helps deploy the right resources at the right price point. Infrastructure management helps optimize resource usage and reveals unused services. The platform aligns cloud expenses with business needs, customized views, and resource costs.

Managed services offerings have been evolved owing to new technological advancements, such as AIOps applications which allow IT professionals to operate beyond the usual specialized scenarios and expand into today’s more complex and heterogeneous business environments. These services refer to the outsourcing of in-house functionalities, so that they can be managed by third-party Managed Service Providers (MSPs). Managed services include consulting, integration, and maintenance of deployed solutions. An MSP is a third-party contractor who delivers network-based services, applications, and equipment to enterprises, residences, and other service providers.

North America is expected to have the largest market size in the global AIOps platform market. The adoption of AI-powered services is expected to grow in the region, owing to the growing demand for analyzing large volumes of data to enhance the consumer experience. Furthermore, technological advancements, coupled with the increasing need for intelligent business processes and rising adoption of digital technologies across the region, are expected to fuel the growth of the global AIOps platform market. The increasing number of initiatives by governments for enhancing the existing infrastructure is expected to drive the demand for AIOps platforms across the region during the forecast period. For instance, the report “Artificial Intelligence, Automation, and the Economy,” published in December 2016 by the US government, describes various developments, such as long-term investments in AI, focused approach toward analyzing and solving social implications of AI, and security and safety of AI systems, to boost the adoption of AI-powered solutions across the country.

Major vendors in the global AIOps platform market include IBM (US), Micro Focus (US), CA Technologies (US), BMC Software (US), MoogSoft (US), and Splunk (US).

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AIOps Platform Market Expected to Exhibit 34.0% CAGR during 2018-2023