USD 26.2 billion
Report ID: SQSG45B2014 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 121 | Figures: 77
IT Operations Analytics Market size was valued at USD 26.2 billion in 2021 and is poised to grow from USD 27.8 billion in 2022 to USD 51.57 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).
Analytics tools in operations are becoming more accessible for general-purpose IT and analysis due to an increase in data sources, data volumes, and use cases as big data and analytics technologies have matured. Additionally, the long-term market growth is likely to be aided by the IoT-led data explosion and the application of AI and ML for operational analytics. In order to help the users to make decisions and recognise potential threats, IT Operations Analytics (ITOA) is used to monitor systems and collect, process, analyse, and infer data from various sources of IT operations.
Due to the digitization initiatives made by incumbents across various industry verticals, operational analytics has elevated to the status of a strategic priority for organisations. According to a recent industry report, about 600 executives from the US, China, Germany, France, and the UK claim that the organisations are focusing their analytics initiatives more on operations than consumer-focused processes.
The IT landscape has been limited with resources to manage the dynamic IT infrastructure despite the variety of business types. Almost all aspects of a business are recorded in the operational IT data. Data is generated continuously throughout as a result of the constant use of IT services, technology infrastructure, and IT applications. To manage IT operations effectively, all raw, poly-structured, and unstructured data is essential. IT operation analytics solutions are probably going to provide strong tools that can assist in generating the necessary insights to proactively assess the impacts, risks, and identify potential outages arising from IT operations in a business environment.
The COVID-19 pandemic had a significant influence on global production, supply, and demand for goods and services. Because it had a financial impact on both governments and industries equally, it has disrupted the market and the supply chain. Despite this economic unrest, the ITOA market is predicted to develop because of improved internet connectivity, lower component costs, rising demand for connected devices, reasonably priced cloud computing services, and rising IT spending by governments around the globe. Additionally, the market is expected to rise after 2022 due to the easing of limitations around the world and the restart of industrial operations.
US IT Operations Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 26.2 billion
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Global IT Operations Analytics Market is segmented based on type, application, deployment, and end use, and region. Based on component, the market is segmented into solution and services solution has further been segmented into log management, application performance management (APM), network and security management, root cause analysis, anomaly detection and others. IT Operations Analytics Market have further been sub-segmented into cost management and capacity management and business process monitoring. Services have further been segmented into professional services and managed services.
Professional services have further been sub-segmented into consulting, system integration and implementation and support and maintenance.
Based on type, the market is further sub segmented into visual, predictive, behavior, root cause. Based on application, the market is further sub segmented into asset performance management, network management, security management, log management.
Based on deployment, the market is further sub segmented into on-premise, cloud. Based on end-use, the market is further sub segmented into BFSI, healthcare, retail, manufacturing, government, it & telecom, others. Based on Region, the market segmentation spans North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Analysis by Type
In 2022, the root cause analytics market category held a market share of over 30%. Root cause analytics are becoming more and more popular among businesses as a result of growing IT operations data, sensors for problem detection, and Internet of Things (IoT) devices. The main reason for a decline in an asset's quality or overall device/equipment efficacy is its root cause. Due to the production of massive amounts of data and the growing adoption of big data solutions, the predictive analytics market is expected to expand more quickly over the course of the projection period. Additionally, according to a market study, the application of predictive analytics for operational tasks can help the global manufacturing sector save up to US$ 700 billion over the course of the next 20 years.
Analysis by Deployment
In 2022, the IT operations analytics market's cloud deployment segment accounted for over 80% of total revenue. Because they assist firms in lowering the costs of their physical infrastructure, effectively monitoring data, and enhancing accessibility, cloud-based solutions have emerged as the norm in a number of industries. The cloud deployment of ITOA solutions could be hampered by issues with data security, regulatory compliance, dependability, performance, operational control, transformation complexity, and data governance.
The cloud deployment strategy provides businesses with convenience through delivering hassle-free integration, enhanced operational flexibility, decreased maintenance, and low operational labour requirements.
Analysis by End Use
Due to the growing usage of analytics solutions by banking and financial organisations for their internal operations, the BFSI segment held the greatest market share of around 33% in 2022. Operational analytics is probably going to assist banks with risk management, fraud control, and customer comprehension to grow and retain a profitable client base. Additionally, services like blockchain technology, online payments, payment gateways, and digital wallets are going to be crucial in automating complicated workflow structures and promoting the adoption of IT operation analytics solutions.
Solutions for IT operation analytics assist in removing time-consuming unnecessary steps and mistakes that result in low productivity and a bad user experience. In several industries, operational analytics has emerged as a crucial catalyst for ensuring digital transformation, raising operational effectiveness, and boosting worker productivity. For instance, Consolidated Communications Holdings, a telecommunications company, claims that operational analytics solutions assisted the business in identifying all the major operational incidents that took place, including salient failures, and also eliminated manual thresholds, that resulted in cost savings of US$ 300,000 per year.
Analysis by Application
In 2022, the Asset Performance Management (APM) market category held a market share of about 43%. Due to the rising demand for digital solutions to manage the performance of assets and cut operational costs in businesses, the application of analytics in asset performance management has seen substantial expansion across a number of industries. Analytics has aided businesses in strategizing how to maintain their assets, preventing unforeseen outages, cutting maintenance expenses, decreasing downtime, and making wise asset divestiture decisions.
Additionally, asset managers are spending money on analytics to get useful customer information for enhancing marketing campaigns and sales efficiency. A significant amount of data will likely be generated for analysis as a result of the rising popularity of digital APM solutions and the potential integration of the Industrial Internet of Things (IIoT)with APM systems. Additionally, it is projected that in the upcoming years, demand for ITOA solutions would rise as a result of the integration of an APM system with other solutions like mobile and Geographic Information System (GIS) systems.
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Due to the early adoption of IT operations analytics solutions, North America accounted for a significant revenue share of around 38% in 2022. Companies situated in the United States have the most advanced and successful operational analytics programmes. Since 17 of the top 20 big data companies are based in the US, this country is primarily responsible for the regional market growth. The American government also plays a crucial role in the domain's actual decisions. Six federal agencies and more than US$ 200 million were committed to the Big Data Research and Development Initiative, which was announced by the United States in 2021. Additionally, compared to 28% in Europe, more than 45% of US-based businesses have integrated analytics into their core decision-making procedures.Businesses in China and India are becoming more aware of operational analytics the regional markets in Asia Pacific is predicted to witness the highest CAGR during the projected period.
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Data pooling and data analytics to drive the market demand
Complexities involved in IT architectures to challenge IT deployments
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The market is consolidated, with well-known players holding sizable shares. Some of the key players include Oracle Corporation, Microsoft Corporation, BMS Software Inc., and IBM Corporation. To maintain their market positions throughout the forecast period, the major players are likely to consolidate in the upcoming years through strategic partnerships, agreements, acquisitions, and mergers. Some of the start-ups expected to pose potential competition in the market include Numerfiy, SignalFx, Wavefront, ControlUp, InfluxDB, and Nexthink.
In November 2021, SaaS solution provider Apptio, Inc. expanded access to its premium users on reporting platform through self-service analytics. This allowed the users to perform these operations as per their choice and also allowing them to explore and analyse their finance data. Users will also be able to design reports and visualisations that can be easily shared across the enterprise, examine anomalies and trends, and create personalised reports on their financial data. The following are a few of the leading companies in the market for IT operations analytics.
IT Operations Analytics Market Top Player’s Company Profiles
IT Operations Analytics Market Recent Development
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According to the analysis, the cloud Deplyoment segment dominated the global Player Tracking System Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Player Tracking System Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 26.2 billion|
|Market size value in 2030||USD 27.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||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
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For the Global IT Operations Analytics 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 IT Operations Analytics 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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