The rise in data volumes is estimated to create lucrative opportunities for the AIOps market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, November 10, 2023 /EINPresswire.com/ — According to the report, the global AIOps market generated $26.33 billion in 2020, and is estimated to garner $644.96 billion by 2030, witnessing a CAGR of 37.90% from 2021 to 2030.
As IT tools and devices become more and more sophisticated, DevOps systems have been evolving to be smarter for seamless and efficient business operations, increasing the adoption of AIOps. Automation of these procedures is also being fueled by the growing usage of cloud computing throughout the world. As a result, more businesses are migrating to the cloud, and this is most likely to cause the need for AIOps market trends to surge even more in their market demands in the coming few years.
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Moreover, the growth of the AIOps industry is also supported by digitization trends in small-scale business enterprises, as more and more small and medium-scale enterprises shift toward digital platforms for their operational needs, automation through AI becomes more viable and cost-effective for their business, paving new opportunities for their business.
Faster and more accurate root cause analysis and the amount of data to be assessed drive the growth of the global AIOps market. However, the requirement for highly skilled professionals to implement and update and heavy functional demand hinder the market growth. On the other hand rise in awareness regarding the capabilities of AIOps in the enterprise and corporate world and rise in cloud adoption and rising data volumes create new opportunities in the coming years.
Based on components, the platform segment accounted for the highest share in 2020, contributed to more than four-fifths of the global AIOps market, and is expected to continue its leadership status during the forecast period. This is owing to increasing connectivity within the IT operations, growing demand for image recognition systems, and use for the growth of knowledge. However, the services segment is estimated to witness the highest CAGR of 40.6% from 2021 to 2030. This is owing to advancements in AI technologies and the adoption of varied deployments.
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Based on deployment mode, the on-premise segment held the highest share in 2020, contributing to around three-fourths of the global AIOps market, and is estimated to maintain its lead position during the forecast period. On this premise, AI Ops market is more reliable because it is taken into account by the IT teams that provide control and reliability, which propels the growth of the market. On the other hand, the cloud segment is projected to manifest the fastest CAGR of 39.1% from 2021 to 2030. This is attributed to the fact that the cloud is way more scalable than on-premises deployment.
Based on region, North America accounted for the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global AIOps market, and is expected to continue its dominance by 2030. This is due to the technologically advanced economy and growing convergence of varied technologies like AI, ML, big data, and analytics in this region. Asia-Pacific is projected to portray the fastest CAGR of 40.3% during the forecast period, as the region is witnessing dynamic changes within the adoption of automation in various business functions across verticals.
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North America is predicted to possess the most important market size within the global AIOps market, due to its dominance with developed economies, empowering them to take a position in R&D activities heavily. Additionally, to satisfy the stress of AI-powered solutions, the region’s tech giants, such as IBM, BMC Software, CA Technologies, VMware, and Splunk, specialize in delivering AI-powered services to assist their customers in building intelligent applications. For example, BMC Software partnered with IBM to integrate ML, predictive capabilities, and AI from IBM Watson into BMC’s leading IT service management solutions. Growing government initiatives within the region also are boosting the AIOps market growth, enhancing the prevailing IT infrastructure by launching programs, such as National AI Research and Development and smart city programs.
Leading Market Players:
• HCL Technologies
• BMC Software
• CA Technologies
• Micro Focus
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