LONDON, July 25, 2018 /PRNewswire/ -- The AIOps platform market is projected to grow at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period
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The global AIOps 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. Major growth factors for the market include the growing demand for AI-based services in IT operations, increasing shift of organizations' core business toward the cloud, and increasing end-to-end business application assurance and uptime. In addition, increasing investments in the AIOps technology is also a key growth factor for the market. However, lack of skilled professionals may restrain the market growth.
Platforms segment is expected to have the largest market size during the forecast period
AIOps platform encompasses a combination of various AI strategies including data output, aggregation, analytics, algorithms, automation and orchestration, ML, and visualization.These platforms enable the use of multiple sources of data, data collection methods, and analytical and presentation technologies.
The platform provides multiple IT operations disciplines with advanced analytical capabilities directly and indirectly.The platform is centralized and flexible, and helps to deliver data insights continuously provided by automated algorithmic ML capability analyzing unprecedented amounts of data.
To use these technologies, AIOps platforms contain multiple layers that address different functionalities, such as data collection and storage, analytical tools, visualization, and integrations with other applications and services.
Managed service in the services segment is expected to grow at a higher CAGR during the forecast period
Managed services offerings have been evolved, owing to technological advancements, such as AIOps applications which allow IT professionals to operate beyond the usual specialized scenarios and expand into 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.
MSPs manage and assume full responsibility for offering a defined set of services to their clients.
North America is expected to hold the largest market size and Asia Pacific is projected to grow at the highest rate during the forecast period
North America is expected to have the largest market size in the global AIOps platform market, as developed economies in the region are investing heavily in R&D activities.The continued spread of digital transformation across industries and growing convergence of different technologies, such as AI, ML, big data, and analytics have created an impact in the region and led to an increase in IT budget.
Additionally, to meet the demands of AI-powered solutions, the region's tech giants, such as IBM, BMC Software, CA Technologies, VMware, and Splunk, are focusing on delivering AI-powered services to help their customers in building intelligent applications.For instance, 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 in the region are also boosting the AIOps platform market growth. They are enhancing the existing IT infrastructure by launching programs, such National Artificial Intelligence Research and Development and smart city programs.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, as the region is witnessing dynamic changes in the adoption of automation in various activities across verticals.The demand for AI-powered solutions and services is growing across the region, due to the rapid generation of large volumes of data owing to the growing use of digital technologies, IoT, and connected devices.
AI-powered solutions and services, such as ML, drive innovations in the realm of data analytics and address gaps related to the previously used tools. This boosts the confidence of enterprises in the APAC region to adopt big data technologies.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, and APAC – 29%
The AIOps platform market includes major vendors, such as IBM (US), CA Technologies (US), Micro Focus (UK), VMware (US), Splunk (US), HCL (India), AppDynamics (US), MoogSoft (US), BMC Software (US), FixStream (US), and Correlsense (Israel).
The report includes an in-depth competitive analysis of the key players in the AIOps platform market along with their company profiles, recent developments, and key market strategies. The report segments the AIOps platform market by component (platforms and services), application, deployment, organization size, vertical, and region.
Reasons to buy the Report:
The AIOps platform market is segmented on the basis of component (platforms and services), application, deployment, organization size, vertical, and region.
The report is expected to help the market leaders/new entrants in the AIOps platform market in the following ways:
1. The AIOps platform market revenue stream has been estimated based on the revenues generated by vendors (excluding hardware), offering AIOps platforms and associated services, inclusive of implementation, training and education, consulting, license and maintenance, and managed services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further divided into application, deployment, organization size, vertical, and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report is expected to help the stakeholders understand the competitors and gain more insights to improve their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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