AIOps Platform Market Size Worth $19.93 Billion, Globally, by 2028 at 32.2% CAGR - Exclusive Report by The Insight Partners

The AIOps platform market size is expected to grow from $2.83 Billion in 2021 to $19.93 Billion by 2028; it is estimated to grow at a CAGR of 32.2% from 2021 to 2028.

New York, April 13, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “AIOps Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Platforms and Services), Deployment (On-premises and Cloud), Organization Size (SMEs and Large Enterprises), and Vertical (BFSI, Telecom and IT, Manufacturing, Government, and Others)”, the global AIOps platform market growth is driven by the IT data exceeding human scale and need for resource optimization. By component, the market was dominated by the platforms segment with a market share of 76.5% in 2020. North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. By deployment, the market was dominated by the cloud-based segment with a market share of 63.5% in 2020.

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Report Coverage Details
Market Size Value in US$ 2.83 Billion in 2021
Market Size Value by US$ 19.93 Billion by 2028
Growth rate CAGR of 32.2% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 192
No. Tables 115
No. of Charts & Figures 91
Historical data available Yes
Segments covered Component, Deployment, Organization Size, and Vertical
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

AIOps Platform Market: Competitive Landscape and Key Developments
BMC Software, Inc.; IBM Corporation; APPDYNAMICS; Broadcom Inc.; Dynatrace LLC; HCL Technologies; Micro Focus; Moogsoft INC; Resolve Systems, LLC; BigPanda and Splunk, Inc. are among the key players that are profiled during this study. In addition, several other essential players were studied and analyzed to get a holistic view of the global AIOps platform market and its ecosystem.

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New AIOps Solutions from IBM are available from March 15, 2022. Besides, IBM is extending its AI-powered automation strategy to help enterprises simplify IT asset management across hybrid, multi-cloud environments as a part of a collaboration with Flexera called Designed to Automate Software License Compliance. IBM and Flexera have developed Turbonomic ARM and Flexera One integration to help customers visualize their IT estate from on-premises to SaaS to cloud.

In January 2021, IBM Corporation and NeuReality partnered up to develop AI inference platforms. Both companies plan to evaluate NeuReality products to use in IBM's hybrid cloud, including system flow, AI use cases, networking, virtualization, and security.

The AIOps platform employs intelligence and self-learning algorithms supported by machine learning to automate routine IT processes. It also analyses historical and behavioral data to detect and predict potential incidents. Furthermore, it uses big data analytics to analyze cognitive data and draws relevant information from data for complete processing. Real-time data correlation, multi-dimensional data normalization, severity-based issue prioritization, and established response plans to mitigate future disasters are all made possible by integrating IT operations with AI. This ability to generate meaningful insights from scratch data aids in the development of a flexible AIOps system, resulting in the AIOps platform market’s growth.

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The Artificial Intelligence for IT Operations (AIOps) platform mixes human intelligence with automated algorithms to give users complete visibility into IT system performance. The achievement of necessary speed and agility required for companies is a crucial driver pushing the adoption of AIOps in the IT environment. Furthermore, modern machine learning algorithms gather essential data collected in the background and provide actionable insights.

Recent technology breakthroughs have facilitated AI in IT operations. To strengthen AIOps platforms and services, some AIOps platforms market participants combine knowledge, natural language processing (NLP), and domain-enriched machine learning (ML) techniques. For example, Lakeside Software, LLC, a US-based digital experience monitoring firm, uses NLP in its SysTrack AIOps application. It enables IT operations by providing an easy-to-use search tool.

Furthermore, the AIOps platform market share is expected to gain from the COVID-19 pandemic in next-generation tech areas because of the compulsory work-from-home policy. Moreover, to gain competitive advantage, AIOps platform market vendors are concentrated on establishing cutting-edge platforms, expanding their customer base, and expanding their global reach. Financial services, retail, insurance, government, media & entertainment, and healthcare industries are expanding their products  based on AIOps products and solutions. Companies adopt strategies, including partnerships and collaborations, mergers and acquisitions with key players, and creating new products and technologies to gain competitive advantage. For example, ServiceNow (a U.S.-based IT workflow management business) bought Loom Systems (an Israeli AIOps firm) in January 2020. With this acquisition, the company hopes to increase production and operational efficiency on a single platform. Such factors are likely to support the AIOps platform market growth.

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AIOps Platform Market: Component Overview
AIOps platform market analysis by component, the AIOps platform market can be bifurcated into platforms and services. Multiple computing environments can run simultaneously on a single system chip (SoC) thanks to advanced features that are offered by the AIOps platforms, such it reduced exposure to attack by malicious hackers, the minimal required number of drivers, and storage of all virtual machine images on a single storage area network (SAN). Further, it allows system designers to combine multiple operating systems (OSs) and applications with varying reliability, safety, and security levels on a single SoC. The hypervisor software, also known as a virtual machine monitor or VMM, assists businesses in increasing equivalence, security, and performance. Hypervisors are used to consolidate hardware and isolate computing environments on the desktop.

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