According to our latest market study, titled "AIOps Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by component, deployment, organization size, and Vertical," the AIOps platform market size is projected to reach US$ 19,933.5 million by 2028 from US$ 2,831.2 million in 2021. It is expected to rise at a CAGR of 32.2% from 2021 to 2028.
Growing Global Data Driving AIOps Platform Market Growth
The International Data Corporation (IDC) published its annual DataSphere and StorageSphere study in 2021, which revealed that the amount of data generated, captured, replicated, and consumed globally surged from 1.2 trillion gigabytes to 59 trillion gigabytes between 2010 and 2020. This volume of data is expected to surpass 180 zettabytes by 2025.
The exponential increase in data creation is largely due to the significant rise in remote work, online education, and research activities. However, the International Data Corporation (IDC) report reveals that only 2% of this data was retained and preserved until 2021. The rest was either produced or duplicated for immediate use or overwritten with new data. As a result, businesses are increasingly adopting automation to handle this enormous volume of data. In the current scenario, digitalization is essential for all organizations to resume operations and benefit from evolving circumstances.
The abundance of data can assist companies in validating their products and discovering new revenue opportunities within their crowded product portfolios. Therefore, the global AIOps platform market share is expected to be driven by AI's ability to categorize data and provide valuable insights.
Recently, the integration of AIOps solutions with observability platforms has emerged, enabling IT departments to better understand their company's data and systems. This integration facilitates the collection of actionable data and allows companies to improve their diagnostic capabilities. Observability platforms can collect diverse data and connect the dots between them by examining metrics, dependencies, and logs. The three key components of this protocol are customer experience, workforce productivity, and overall digital infrastructure, which provides a better understanding of the company's performance. By implementing AIOps into observability platforms, IT teams can reduce the time required to predict and resolve issues, thereby minimizing their impact on the organization. It is expected that in the future, companies will be able to automatically analyze data streams and convert them into actionable insights in real time.
The majority of the global revenue of the market is expected to come from North America. The US has seen significant adoption of AI-based financial advising consumer applications, which aim to assist individuals in making better investment decisions. This can be attributed to the number of AIOps platform providers in the region, including tech start-ups and industry leaders. The region's use of AIOps platforms is fueled by substantial investment in research and development and ongoing digital transformation in prosperous nations.
The majority of the global revenue of the market is expected to come from North America. The US has seen significant adoption of AI-based financial advising consumer applications, which aim to assist individuals in making better investment decisions. This can be attributed to the number of AIOps platform providers in the region, including tech start-ups and industry leaders. The region's use of AIOps platforms is fueled by substantial investment in research and development and ongoing digital transformation in prosperous nations.
Key Findings of Study
The AIOps platform market is categorized and analyzed based on several factors, including components, deployment, organization size, vertical, and geography. In terms of components, the market is divided into platforms and services. In terms of deployment, the market is segmented into on-premises and cloud-based solutions. The market is categorized based on organization size, into small and medium-sized enterprises (SMEs) and large enterprises. The verticals covered by the market include BFSI, IT and telecom, manufacturing, government, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
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