The global AIOps Platform Market is projected to grow from USD 11.7 billion in 2023 to USD 32.4 billion by 2028, at a CAGR of 22.7% during the forecast period. AIOps (Artificial Intelligence for IT Operations) employs AI and ML to streamline IT processes, analyze data, and proactively address issues. It collects data from various sources, performs advanced analytics, and automates event management and incident prioritization. AIOps predicts potential problems, conducts root cause analysis, and enables automated remediation. It optimizes resource allocation, aids in capacity planning, and provides insights into business impact. Continuous learning and adaptation enhance its effectiveness. AIOps is essential for managing complex IT environments, improving operational efficiency, and delivering a reliable user experience.
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Healthcare & Lifesciences to account for higher CAGR during the forecast period
Healthcare and life sciences are adopting AIOps platforms to revolutionize patient care and research. AIOps efficiently manages patient data, enhances diagnostic accuracy, and accelerates drug discovery. Real-time monitoring ensures timely interventions and improves patient safety. Predictive analytics aids in proactive care and resource allocation, reducing hospital readmissions. AIOps automates healthcare IT management, enhancing system reliability. Additionally, it ensures regulatory compliance and strengthens cybersecurity measures, safeguarding patient data. By leveraging AIOps, the healthcare industry gains access to advanced analytics, automation, and real-time insights, driving data-driven decision-making and improved patient care.
Services Segment to account for higher CAGR during the forecast period
The market for AIOps Platform is bifurcated based on offering into platform and services. The CAGR of services is estimated to be highest during the forecast period. AIOps platforms were revolutionizing traditional IT service management practices by introducing intelligent automation, proactive monitoring, and predictive analytics. The shift towards AIOps was streamlining incident management, optimizing resource allocation, and improving overall service delivery. By leveraging AI algorithms to analyze large volumes of data, AIOps enabled faster incident resolution, reduced downtime, and enhanced service reliability. This transformation was empowering IT teams to be more proactive and data-driven, thus significantly improving the efficiency and effectiveness of service management processes.
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Major Highlights of the AIOps Platform Market :
Significant developments in the AIOps (Artificial Intelligence for IT Operations) Platform industry were redefining IT operations management. In order to automate incident resolution, identify abnormalities in real time, and investigate root causes, these platforms incorporated AI, machine learning, and data analytics. This reduced downtime and improved service reliability.
Workflow automation reduced mundane processes, increasing IT productivity, while predictive analytics enabled preemptive efforts to avert disruptions. AIOps extended to cloud management, optimising resource allocation and security, and linked data across domains to provide comprehensive insights. Continuous delivery was made easier by collaboration using DevOps techniques, and handling big data quantities was made possible by scalability.
Top Key Companies in AIOps Platform Market:
Key players operating in the Monitoring tools market across the globe are IBM (US), Splunk (US), Broadcom (US), OpenText (Canada), Dynatrace (US), Cisco (US), HCL Technologies (India), Elastic (US), ServiceNow (US), HPE (US), Datadog (US), New Relic (US), SolarWinds (US), BMC Software (US), ScienceLogic (US), BigPanda (US), LogicMonitor (US), Sumo Logic (US), Moogsoft (US), Resolve Systems (US), AIMS Innovation (Norway), Interlink Software (UK), CloudFabrix (US), PagerDuty (US), Aisera (US), ManageEngine (US), Digitate (US), ZIF.ai (US), Autointelli (India), UST (US), Freshworks (US), Everbridge (US), StackState (US), Logz.io (US). These AIOps platform vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global market.
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IBM is a multinational corporation that provides integrated business solutions that combine the understanding of business processes with information technology. It operates through the following segments: Cloud & Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing. It has a wide portfolio that includes analytics cloud platform, blockchain platform, Watson IoT platform, and Watson Customer Engagement solution. It offers industry solutions, system services, IT infrastructure, resiliency services, and financing. The company offers its solutions and services to various industry verticals, including IT, healthcare and life sciences, government, telecom, automobile, manufacturing, fast-moving consumer goods, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. The company has a presence in more than 175 countries in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Broadcom is a renowned global technology company based in San Jose, California. It specializes in the design, development, and supply of a wide range of semiconductor and infrastructure software solutions. Broadcom’s extensive product portfolio covers critical markets such as data centers, networking, enterprise software, broadband, wireless, storage, and industrial applications. Their offerings include solutions for data center networking and storage, enterprise and mainframe software, cybersecurity, automation, monitoring, security, smartphone components, telecommunications, and factory automation.
OpenText is a market leader in information management, assisting businesses with the secure collection, control, and international exchange of information. For clients ranging from small and medium-sized businesses to the largest and most organizations, OpenText provides solutions to digital business challenges. It enables tackling the most complex digital transformation programs with confidence. It empowers its customers to organize, integrate, and safeguard data and content as it flows through business processes inside and outside their organization with the world’s most comprehensive and integrated information management platform. In August 2022, the company acquired a UK-based software company named Micro Focus. With this acquisition, OpenText intended to help enterprise professionals to secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools, including cybersecurity, digital operations management, applications automation, and advanced analytics and AI.
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