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AIOps Market Analysis

Report ID: GMI5153
Published Date: Mar 2023
Report Format: PDF

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AIOps Market Analysis

The AIOps solutions segment accounted for USD 2 billion revenue in 2022. AIOp solutions play an important role by aiding IT teams and organizations in adopting complex next-generation technologies that cannot be managed successfully using traditional solutions. Also, enterprises across various industry verticals have been focusing on combining automation & AI technologies in their IT operations.

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The Artificial Intelligence in IT operations market from cloud deployment segment is anticipated to witness over 26% growth during the forecast period, driven by the growing focus of organizations on modernizing their technology landscape with scalable cloud infrastructure. The cloud deployment model helps business enterprises in building common data services in two different ways, by consolidating the data into a single database and by managing the data in a distributed manner. Also, other associated benefits of cloud-based deployment including flexibility and a steady improvement in security features are set to drive the market demand for cloud-based AIOp solutions.

The SME segment is slated to experience significant growth in the coming years, as digital solutions continue to gain wide acceptance across all industries. Many SME are now implementing multiple AIOp solutions to enhance their IT infrastructure management. For instance, in January 2021, a trend was illustrated by the launch of Amazon DevOps Guru by Amazon Web Services (AWS). This service leverages machine learning to identify and resolve operational issues, generate detailed reports & notifications, and provide actionable insights & recommendations.

The infrastructure management segment will gain remarkable momentum during the forecast timeline, due to the rapid adoption of AI in a wide range of heavy IT infrastructure works. To cater to the increasing demand, companies are introducing innovative solutions to enhance their services and offer exceptional customer experiences. For instance, in January 2021, BMC Software introduced a comprehensive suite of cloud-based & IT operation solutions for large enterprises including the TrueSight Infrastructure Management software, which integrates infrastructure monitoring, incident management, and operational analytics to provide IT teams with a centralized view of their IT infrastructure.

The BFSI segment held more than 15% Artificial Intelligence in IT operations market share in 2022, credited to the rapid adoption of AIOps in the industry, especially for securing financial & banking-related data. AI has found numerous applications in banking & financial IT operations including real-time analytics, resolving complex IT issues, and banking automation. By utilizing the power of AI, financial institutions can effectively optimize their operations and improve overall efficiency while also providing enhanced security for their sensitive data. According to OECD, the growing deployment of AI applications is evidenced by the increasing global spending on AI by private sectors combined with increased research activities on this technology. The global spending on AI is projected to double over the next years, growing from USD 50.1 billion in 2020 to over USD 110 billion in 2024.

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North America AIOps market dominated around 40% revenue share in 2022. The U.S. has witnessed a surge in the adoption of AI-based investment advisory customer applications, which are aimed at improving investment decision-making. This trend can be attributed to the presence of various AIOp platform vendors in the region. Both tech start-ups and established giants are actively developing AIOp platforms for various industry verticals. In addition, the region's significant investments in R&D along with the ongoing digital transformation across various sectors are key factors fueling the adoption of AIOp platforms in North America.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AIOps exceeded USD 3 billion in 2022 and is poised to grow at more than 27% CAGR from 2023 to 2032 driven by the rising demand for AI-based services for IT operations.

The solution component is expected to register more than 26.5% growth rate during 2023 to 2032 owing to the growing inclination of retailers towards AI solutions for customer management.

The Europe market held a sizable share and is projected to witness steady growth at over 26% CAGR between 2023 and 2032 on account of the growing ICT sector across the European Union.

Some of the key participants in the business scenario are IBM Corporation, Cisco Systems Inc, Splunk, Dynatrace Inc. Elastic, Broadcom SA, Extrahop Networks Inc., Harness Inc., and Logz.io Inc., among others.