AIOps Market size is predicted to reach USD 38 billion by 2032, according to a new research report by Global Market Insights Inc.
Enterprises' increasing emphasis on cutting back on IT capital expenditure is expected to fuel market growth. Organizations can improve the operational effectiveness of their service delivery infrastructure with the help of AIOps solutions and services. IaaS models are becoming more and more popular among businesses due to their simplicity, speed, and cost-effectiveness. In addition, the Pay-As-You-Go (PAYG) feature eliminates the costs associated with deploying internal infrastructure, supporting the expansion of the IaaS model and industry growth.
Penetration of cloud computing technology to favor service segment expansion
The service segment accounted for approximately 32% of the AIOps market revenue share in 2022 and is forecast to grow significantly. The report claims that a key factor bolstering the demand for managed services is the growing adoption of cloud computing. Additionally, the emergence of Platform-as-a-Service and Software-as-a-Service is speculated to support segment expansion.
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Growing need for quick assistance to escalate professional service segment revenue
Under service, the market is further segmented into professional service and managed service. The professional service segment held nearly 64.5% of the market share in 2022. Service providers offer rapid assistance to customers to solve problems associated with AIOps systems. Companies instruct customers to follow their respective guidelines and maintain the standards for efficient operations, which is estimated to boost the AIOps market demand.
Customization of control & management systems to promote on-premise segment growth
The on-premise segment is slated to attain around 26% growth from 2023 to 2032. On-premise deployments of AIOps solutions are controlled and managed by internal resources. This allows for the solution to be customized as per corporate infrastructure and business needs, which is likely to contribute to segment development.
Browse key industry insights spread across 230 pages with 432 market data tables and 54 figures & charts from the report, “Artificial Intelligence in IT Operations (AIOps) Market Size By Component (Solution [Domain-agnostic AIOps, Domain-centric AIOps], Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Infrastructure Management, Real-time Analytics, Network & Security Management, Application Performance Management), By End-use (BFSI, IT & telecom, Healthcare, Retail, Government, Manufacturing, Media & Entertainment, and Others), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Widespread implementation by SMEs to facilitate overall industry growth
The AIOps market from the SMEs segment will depict about 28% growth rate between 2023 and 2032. The demand for AIOps solutions across SMEs is poised to observe an upsurge in the forthcoming years as leading SMEs operating in the market are working on offering their solutions & services to leading organizations.
Growing necessity of AIOps solutions in the IT & telecom sectors to foster segment growth
As per end-user, the IT & telecom sector is projected to grow at a 26% CAGR from 2023 to 2032. Data breaches, identity theft, fraudulent transactions, and other cyberattacks are prevalent across the IT & telecom sector. As a result, the rising necessity for AIOps solutions and services to handle such attacks using cutting-edge ML algorithms on big data is foreseen to push segment growth.
Technological advancements to drive product adoption in infrastructure management
Based on application, the infrastructure management segment captured above 30% of the AIOps market share in 2022 and will experience a dynamic growth up to 2032. AIOps solutions assist businesses in reducing monitoring workloads, accelerating the mean time to repair, streamlining new deployments, and enhancing end-user satisfaction. Moreover, technological advancements in software-defined infrastructure and cloud computing are anticipated to support segment growth.
Expanding number of AI startups to augment industry growth across APAC
Asia Pacific artificial intelligence in IT operations market is expected to register more than 30% gains through 2032. The huge number of AI startups, coupled with recent M&A, is a significant factor in the evolving regional market landscape. Furthermore, the rapid growth of the IT infrastructure, the increasing number of software development start-ups, and the proliferation of AI technologies in the region have all aided in the deployment of AIOps solutions and services.
Strategic product developments to define the industry outlook
The AIOps market consists of prominent corporations, such as IBM Corporation, Cisco Systems Inc., Splunk, Dynatrace Inc., Elastic, Broadcom SA, and others. These businesses mainly focus on promoting the development of cutting-edge production techniques and implementing expansion strategies to maintain their market position.