by Aratrika Dutta
February 2, 2022
According to Markets and Markets, the AIOps platform market size is expected to grow from US$1.73 billion in 2017 to US$11.02 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period. Banking operations include many periodic and aperiodic activities and transactions performed by employees, customers, and external agencies. These activities are complex, which makes monitoring essential. With AIOps delivering real-time information and automated problem solving, it is expected to boost market growth over the forecast period. For instance, the AIOps platform from CA technologies, i.e, CA Digital Experience Insights, enables financial firms in solving complex IT problems, including performance, capacity, and configuration issues.
The cloud deployment model in the AIOps market is predicted to showcase 25% growth rate through 2023, due to the growing acceptance of a virtual working environment by business enterprises. Organizations are increasingly focusing on modernizing their technology backbone with a scalable cloud infrastructure. The cloud deployment model helps business enterprises in building common data services in two different ways such as by consolidating the data into a single database and by managing the data in a distributed manner.
The AIOps market has received a strong impetus amid the ongoing COVID-19 pandemic. Industry acceleration has been substantial as AI-based IT operation solutions are becoming mainstream to free up enterprises’ resources and focus on innovations. AIOps has presented several benefits to enterprises, such as automating mundane tasks, providing actionable reporting, and improving risk management, during the pandemic. Such measures have driven the expansion in terms of the post-COVID-19 impacts on the industry.
The market has received a strong impetus amid the ongoing COVID-19 pandemic. Industry acceleration has been substantial as AI-based IT operation solutions are becoming mainstream to free up enterprises’ resources and focus on innovations. AIOps has presented several benefits to enterprises
The AIOps platform market includes various vendors providing AIOps platforms and services to commercial clients across the globe. Major companies in the market, such as IBM (US), CA Technologies (US), Micro Focus (UK), VMware (US), Splunk (US), HCL (India), AppDynamics (US), MoogSoft (US), BMC Software (US), FixStream (US), and Correlsense (Israel) have adopted partnerships, agreements, and collaborations as the key growth strategies to enhance their market reach.