USD 7.1 billion
Report ID: SQMIG45E2213 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 64 | Figures: 75
Global Artificial Intelligence for IT Operations Platform Market size was valued at USD 7.1 billion in 2021 and is poised to grow from USD 8.36 billion in 2022 to USD 30.78 billion by 2030, growing at a CAGR of 17.7% in the forecast period (2023-2030).
Advancements in artificial intelligence (AI) technology and growing complexity of IT infrastructure are projected to be key factors driving artificial intelligence for IT operations platform market growth in the future. Rising focus on enhancing the efficiency and productivity of IT operations in different industry verticals is estimated to promote the adoption of artificial intelligence for IT operations platforms over the coming years.
Leveraging machine learning and AI technologies these innovative platforms are capable of analyzing huge volumes of data and providing meaningful insights from the same in a short timeframe. These insights help companies detect issues, identify patterns, and potentially eliminate issues before they are developed to improve productivity and reduce downtime. The productivity of IT teams can be enhanced exponentially by the deployment of artificial intelligence for IT operations platforms.
Expanding volume of data generated by complex IT systems, high demand for quick troubleshooting, and growing focus on IT security are other prospects that promote market growth. The rising popularity of cloud computing and robust digitization has bolstered the importance of IT infrastructure and this is slated to positively impact artificial intelligence for IT operations platform demand.
Artificial intelligence platforms are becoming essential for IT infrastructure as more and more companies across the world opt for these solutions. Integration of predictive analytics with these platforms is also a key trend that companies might want to focus on in the long run.
Global Market Size
USD 7.1 billion
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The Global Artificial Intelligence for IT Operations Platform Market is segmented on the basis of Offering, Application, Deployment Mode, Organization Size, Vertical, and Regional. Based on Offering, the market is bifurcated into Platforms and Services. In terms of Application, the market is segmented into Infrastructure Management, Application Performance Analysis, Real-Time Analytics, Network & Security Management, and Others. On the basis of Deployment Mode, the market is divided into, Cloud and On-premise. Based on Organization Size, the market is segmented into SMEs and Large Enterprises. In terms of Vertical, the market is bifurcated into BFSI, Healthcare & Life Sciences, Retail & E-commerce, IT & Telecom, Energy & Utilities, Government & Public Sector, Media & Entertainment, and Others. On a regional level, the market is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis By Offering
The platform segment accounts for a dominant share of the global artificial intelligence for IT operations platform marketplace at present. AIOps platforms are the foundational block of implementation of AI-driven IT operation solutions by providing facilities such as automation and data analysis along with data collection. Platforms are essential to integrate with any kind of IT system or infrastructure to allow access to data. AIOps platforms are continually improving their capability by integrating other advanced technologies that could further enhance the productivity of IT operations.
Effective use of AIOps platforms necessitates the demand for services and this is why it is projected to emerge as the fastest-growing segment in the global marketplace over the coming years. Companies that lack in-house expertise or don’t have the resources to service their AIOps platform are projected to boost demand for AIOps services in the future. Small and medium enterprises are estimated to significantly contribute to the growth in this segment going forward. Efforts of organizations to harness the full potential of AIOps platforms will lead to increased demand for AIOps services across the forecast period and beyond.
Analysis By Application
The increasing complexity of IT infrastructure allows infrastructure management applications to account for a significant artificial intelligence for IT operations platform market share. Monitoring and optimization of IT infrastructure comes under infrastructure management and this involves an enterprise’s storage, network, and servers. Automated insights provided by artificial intelligence for IT operations platforms allow the IT team to enhance the performance of their IT infrastructure by facilitating proactive maintenance and reducing downtime.
Meanwhile, the real-time analytics segment is anticipated to emerge as the fastest-growing segment in the global artificial intelligence for IT operations platform market. AIOps platforms that provide real-time analytics will be preferred in the future as they allow IT teams to instantly monitor IT operations and fix potential issues in real-time, which in turn, boosts overall productivity. The increasing need for data-driven decisions to stay competitive and ahead of other businesses is slated to boost demand for real-time analytics over the coming years.
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The high concentration of technology companies in the North American region allows it to account for a dominant share of the global artificial intelligence for IT operations platform market. Rapid adoption of advanced technologies makes the United States a highly opportune space in this region. Rising focus on enhancing the overall productivity and efficiency of businesses and the rising integration of digital solutions are promoting the uptake of artificial intelligence for IT operations platforms in this region. High focus on cybersecurity and the rising incidence of cyberattacks is also favoring artificial intelligence for IT operations platform demand in this region.
Financial and technology sectors in Europe have been leading the demand for artificial intelligence for IT operations platforms and this has made it the second-largest regional market in the world. The rising use of AIOps platforms to manage complex IT infrastructure and the launch of several digital transformation initiatives in this region are slated to boost market growth in the future. The United Kingdom and Germany are slated to be top markets for artificial intelligence for IT operations platform providers in Europe going forward
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Strategic acquisitions and continual innovation have allowed established artificial intelligence for IT operations platform market players to account for a prominent market share and this has also contributed to the highly competitive nature of this marketplace. Collaborations and partnerships are also influential strategies that are being adopted by different artificial intelligence for IT operations platform providers to improve their business reach and revenue generation potential. Integration of predictive analytics and machine learning is also estimated to be a key trend that new as well as established artificial intelligence for IT operations platform companies will focus on going forward. Market players will be focusing on providing a complete IT operations platform that can manage monitoring, troubleshooting, and data security as well. Growing digitization and the increasing complexity of IT infrastructure in different industries will further open up new avenues of opportunities for artificial intelligence for IT operations platform companies in the long run.
Top Player’s Company Profile
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As per Skyquest analysis, the growing complexity of IT infrastructure and systems around the world is slated to primarily boost demand for artificial intelligence for IT operations platforms across the forecast period. Advancements in artificial intelligence technology and the growing digitization of different businesses are also slated to favor market growth in the future. Rising investments in boosting the productivity of organizations are also slated to bolster the adoption of AIOps platforms. However, the time-consuming nature of AIOps platform integration and data privacy issues associated with it are projected to be key constraints hindering market growth prospects. North America accounts for a significant share of the global artificial intelligence for IT operations platform marketplace and is estimated to hold this stance through 2030. The presence of key technology companies and the rising adoption of AI technology are slated to make this region a highly lucrative one for artificial intelligence for IT operations platform market players. artificial intelligence for IT operations platform providers should focus on innovation and collaboration to stand out in the highly competitive marketplace. Growing digital transformation and the rising popularity of predictive analytics are slated to offer money making opportunities for artificial intelligence for IT operations platform companies in the long run.
|Market size value in 2021
|USD 7.1 billion
|Market size value in 2030
|USD 30.78 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Artificial Intelligence for IT Operations Platform Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Artificial Intelligence for IT Operations Platform Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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