Global AIops Platform Market - Insights
Artificial Intelligence for IT Operations (AIOps) is a multilayered technology platform that enhances IT operations by using machine learning and analytics to analyze the big data collected for various IT operations tools and devices to resolve the issues in real time. The global AIops Platform market generated revenue of US$ 1,270 billion in 2016. The global AIops Platform market is expected to generate a revenue of US$ 20,428 billion with a CAGR of 36.2% by 2025.
Figure: Global AIops Platform Market Outlook, 2017 & 2025 ($Billion)
SOURCE: COHERENT MARKET INSIGHTS, 2018
Increasing adoption of Cloud Platform accelerated growth of the global AIOPs Platform market.
The increasing adoption of cloud platform from various organization of different verticals such as banking, e-commerce, healthcare, and others accelerated demand for the AIOps platform. According to Coherent Market Insights analysis, in 2016, 86% of the workload was processed by cloud data centers, whereas only 14% was processed by conventional data centers. Moreover, by 2016, the global cloud data traffic generated 6.0 ZB data, annually and is expected to reach 19.5 ZB data, annually by 2021. Therefore, increasing adoption of cloud platform is a major factor fuelling growth of the global AIOPs platform market.
Figure: Market Dynamics - Global AIops Platform Market
SOURCE: COHERENT MARKET INSIGHTS, 2018
The Platform segment held the dominant position in 2017.
On the basis of component, the global AIOps platform market size is segmented into platform and services. The platform segment held dominant position in the AIops Platform market in 2017 and is projected to retain its dominance throughout the forecast period. The AIOps platform encompasses a combination of various Artificial Intelligence such as Machine learning, automation, analytics, and others. In today’s world, the high adoption of machine learning technology in various systems such as image recognition systems, voice recognition systems, recommender systems, which are used in day to day activities have accelerated the demand for the Machine learning. Moreover, the advancement in image recognition system has led to increased system accuracy, which in turn has propelled demand for Machine learning. For instance, according to Coherent Market Insights’ analysis in image labeling challenge, the accuracy of machine learning was 72% in 2010 and it reached to 96% in 2015. The ability of machines to process large volumes of data and to use the data for prediction have made the Machine learning a key tool in various applications such as BFSI, healthcare, and others. Therefore, high adoption of Machine learning is expected to propel growth of the AIOps platform market.
Moreover, exponential growth of data has increased the demand for analytics solutions, which is expected to fuel growth of the AIOps platform market. For instance, according to Coherent Market Insights’ analysis, 600 zeta byte of data is estimated to be generated by IOT technology by 2020.
North America held the dominant position in AIops Platform market in 2017
On the basis of geography, the Artificial intelligence for IT operation Platform market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are major economies driving growth of AIops Platform market in this region, owing to the region been early adopter of advanced technologies such as Artificial intelligence, Machine learning, big data, and analytics in the region. Moreover, presence of IT companies such as Google, Microsoft Corporation, IBM, oracle, and others plays a major role for growth of the market in the region.
Key Players- Global AIops Platform Market.
The major players operating in the global AIops Platform industry include, International Business Machines Corporation, Splunk Inc., CA Technologies, VMware, Inc, Micro Focus International plc, HCL Technologies Limited, AppDynamics, BMC Software, Inc., Moogsoft, and FixStream Network Inc.
The AIOps is a platform used for Artificial Intelligence and advance algorithm techniques to analyzing big data for various IT and business operation tools. Increasing adoption of various technologies to enhance efficiency in businesses and for digital transformation is a major factor aiding in growth of the AIOps platform market. Digital transformation encompasses adoption of cloud and implementation of various new technologies. The AIOPs platform enables IT team to automatically analyze large volume of data in a secure and cost-effective way and makes it easier to solve critical problems.
Increasing demand for real time data analysis plays a major role in growth of the AIOps Platform market, owing to the ability of AIOps platform to analyze vast volumes of data through application of various algorithms in real time. In today’s world, due to increasing stiff competition in the market, the analysis of real time data has become one of the major requirement in various organization. Implementation of new technology, such as stream mining in-database analytics and in-memory analytics provides real time analysis for situational intelligence, fraud detection, and customer interactions. Moreover, the increasing installation of Internet of things (IoT) devices has generated large amount of real time data. For instance, according to Coherent Market Insights, in 2015, around 145 zeta byte of data was generated by IoT devices, annually and is projected to reach 600 zeta byte by 2020.
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