Need for Resource Optimization to Create Growth Opportunities for AIOps Platform Market Players During 2021–2028
According to our latest market study, titled “AIOps Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Components, 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 grow at a CAGR of 32.2% from 2021 to 2028.
Processes that formerly required human involvement have been automated by installing AIOps platforms, allowing employees to focus on their core tasks. This results in the most efficient use of resources. Resource optimization becomes more important when demand exceeds available resources. AIOps assists enterprises in integrating diverse technologies and reducing the overhead time by automating various procedures. Corporate process automation removes manual quality assurance and execution procedures and maximizes the use of resources. According to a survey by Smartsheet, 69% of employees believe that automation decreases spare time, and out of which 59% believe if repetitive jobs were automated, they would have more than 6 spare hours each week.
AIOps Platform Market – by Region, 2021 and 2028 (%)
AIOps Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Platforms and Services), Deployment (On-premises and Cloud), Organization Size (SMEs and Large Enterprises), and Vertical (BFSI, Telecom and IT, Manufacturing, Government, and Others)
AIOps Platform Market Size & Share Report 2021-2028
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Source: The Insight Partners Analysis
Organizations that operate in the global information technology market have offices in various parts of the world. As a result, onboarding employees, tracking employee performance, maintaining employee time and attendance gets complicated. AIOps platform and communication tools make it easier for distant teams and personnel to manage projects from a long distance. AIOps platform also aids in the automation and streamlining of HR activities. A structured onboarding program helps firms retain 58% of their employees for at least 3 years. A good AIOps platform saves money and paves the way to improve business operations. As a result, automated business processes speed up and simplify activities, allowing employees to be more productive, motivated, and engaged at work. Hence, these factors are boosting the AIOps platform market growth.
Moreover, to gain a competitive advantage, suppliers to the AIOps platform market are focusing on establishing cutting-edge platforms, expanding their customer base, and expanding their global reach. Financial services, retail, insurance, government, media & entertainment, and healthcare industries are expanding their products based on AIOps products and solutions. Companies adopt strategies, including partnerships and collaborations, mergers and acquisitions with key players, and creating new products and technologies to gain a competitive advantage. For example, ServiceNow (a US-based IT workflow management business) bought Loom Systems (an Israeli AIOps firm) in January 2020. The company hopes to increase production and operational efficiency on a single platform with this acquisition. Such collaborations are also aiding the AIOps platform market share significantly.
The AIOps platform market is assessed on the basis of components, deployment, organization size, vertical, and geography. AIOps platform market analysis by component, the AIOps platform market is bifurcated into platforms and services. AIOps platform market analysis by deployment, the AIOps platform market is categorized into on-premises and cloud-based. Based on organization size, the AIOps platform market is categorized into small and medium enterprises and large enterprises. Based on vertical, the AIOps platform market is segmented into BFSI, IT And telecom, aerospace and defense, government, and others. Based on geography, the AIOps platform market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on AIOps Platform Market
The ongoing COVID-19 outbreak has given the AIOps platform market share a significant boost. As AI-based IT operating solutions become more common, the industry has accelerated significantly, allowing businesses to focus more on innovation. During the pandemic, AIOps provided various benefits to businesses, including automating monotonous processes, delivering meaningful reporting, and boosting risk management. As a result of these efforts, the industry's post-COVID-19 repercussions have increased. For instance, LogMeIn, Inc. (US), a cloud and SaaS-based remote connectivity and customer interaction services provider, saw a significant surge in new sign-ups across all service portfolios during the pandemic.
In addition, tech companies are diversifying their service and product portfolios to boost global availability. For example, Google LLC launched the Rapid Response Virtual Agent, an AI-powered chatbot for call centers, in April 2020. This chatbot was created to address customers' concerns about the COVID-19 epidemic via chat, voice, and other social media platforms.
A few of the key players in the AIOps platform market are BMC Software, Inc.; IBM Corporation; APPDYNAMICS; Broadcom Inc.; Dynatrace LLC; HCL Technologies; Micro Focus; Moogsoft INC.; Resolve Systems, LLC; BigPanda; and Splunk, Inc.
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