Hyderabad, July 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Global AIOps Market Report (2023-2028),” the market is estimated at USD 21.97 billion in 2023. It is expected to register a CAGR of 24.01% during the forecast period.
Enterprises are shifting toward AI-based solutions as they become more informed of how AI can handle difficulties and assist operating IT operations. Furthermore, the growing number of individuals working from home is also expected to expand the AIOps industry. The rising worldwide use of cloud computing is also pushing the automation of many operations. With more businesses transitioning to the cloud, the demand for AIOps platforms is projected to surge.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 21.97 billion |
| Market Size (2028) | USD 64.44 billion |
| CAGR (2023-2028) | 24.01% |
| Study Period | 2018-2028 |
| Forecast Units | USD billion |
| Largest Market | Asia-Pacific |
| Fastest Growing Market | Europe |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing work-from-home culture. |
| The growing global use of cloud computing pushing the automation of many operations. |
Who are the Top Companies in the AIOps Market?
The global AIOps market is very competitive. The competence to continually innovate their products and services allows certain companies a competitive advantage over others. Players are also attaining a more significant market footprint through strategic partnerships, mergers and acquisitions, and research and development activities.
The noteworthy players holding the AIOps market are:
- Bigpanda Inc.
- BMC Software Inc.
- Broadcom Inc.
- Elasticsearch BV
- IBM Corporation
- Logz.Io (Logshero Ltd)
- Loom Systems Ltd (Service Now Inc.)
- Moogsoft Inc.
- Splunk Inc.
- Appdynamics LLC (Cisco Systems Inc.)
- Dynatrace LLC
- Extrahop Networks Inc.
- New Relic Inc.
- Resolve Systems LLC
- Stackstate BV
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Key Highlights from the AIOps Report:
BFSI to Boost the Market Growth
- Many banks and other financial institutions are employing AIOps to foster their efficiency. For instance, a central Indian bank has intended to increase the success rate of its digital merchants' onboarding procedure and streamline and simplify transactions for new clients.
- AI integration in operation services across financial institutions has enhanced the capabilities built into the service desk systems. It provides the oversight and critical performance indicators mandatory for the higher management to identify operational trends before adversely impacting the existing products and procedures.
Europe to be the Fastest-growing Region
- A crucial reason for the European AIOps market growth is the region’s MSPs seeking to offer comprehensive services to enterprises experiencing large-scale digital transformation and compelling modern operations solutions.
- The European government is playing a substantial role in increasing awareness about AI in daily operations. By asserting AI as a major strategic priority, several member states and EU institutions are taking steps to proceed with the region’s ambitions for AI leadership.
What are the Latest Developments in the AIOps Market?
- In September 2022, Fortinet announced the improved AIOps capabilities across its networking portfolio, such as the industry's first AI-based network services management for 5G/LTE gateways.
- In March 2022, Deloitte Launched AIOPS.D, a plug-and-play modular services platform powered by AI to aid customers in autonomously running essential business processes across diverse areas. With this new service, customers will concentrate on high-value tasks while Deloitte will manage critical company operations.
Mordor Intelligence has Segmented the AIOps Market Based on Organization Type, Deployment, Mining Type, End-user Industry, and Geography:
- By Organization Type
- Small and Medium Enterprise
- Large Enterprises
- By Deployment
- On-premise
- Cloud/SaaS
- By Mining Type
- Underground Mining
- Surface Mining
- By End-user Industry
- Media and Entertainment
- IT and Telecom
- Retail
- Healthcare
- BFSI
- Other End-User Industries
- By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global AIOps Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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