AIOps Platform Market Size, $ 19,933.5 Million by 2028 Led by On-Premises Deployment, 32.2% CAGR - Exclusive Research Report by The Insight Partners

The Insight Partners Published latest research study on "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) The AIOps platform market size is expected to grow from US$ 2,831.2 million in 2021 to US$ 19,933.5 million by 2028. It is estimated to grow at a CAGR of 32.2% from 2021 to 2028.

North America is expected to account for the majority of global revenue of the AIOps market. AI-based financial advising consumer applications are gaining traction in the US to help people make better investment decisions. This can be attributable to the region's abundance AIOps platform suppliers. AIOps platforms are being developed by several enterprises, including tech start-ups and industry leaders. The region's use of AIOps platforms is fueled by substantial R&D spending and continuous digital transformation in wealthy nations.

According to the annual DataSphere and StorageSphere study published by International Data Corporation (IDC) in 2021, the quantity of data created, recorded, duplicated, and consumed in the world increased from 1.2 trillion gigabytes to 59 trillion gigabytes between 2010 and 2020 and is projected to grow to more than 180 zettabytes by 2025. This growth is attributed to the enormous increase in people working, studying, and researching. However, based on IDC report, only 2% of the data was saved and kept until 2021; the remainder was either produced or copied solely for utilization or cached and overwritten with newer data. As a result, businesses are increasingly turning to automation to manage these massive amounts of data. Digitalization is critical for every firm to resume business operations and profit from changing conditions. Having more data helps the company confirm its product and opens up new revenue streams in their overburdened product portfolios. As a result, AI is projected to play a significant role in bifurcating data and offering profitable insights, fueling the AIOps platform market

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Impact of COVID-19 Pandemic on North America AIOps Platform Market
The COVID-19 pandemic had a favorable impact on the North America AIOps Platform Market. The use of the AIOps Platforms to answer queries across various verticals, such as healthcare, BFSI, retail, and e-commerce, surged due to governments' announcement of lockdown in this region. In addition, the AIOps platform aided several enterprises in establishing stable remote work environments. According to IBM Security Report 2020, in response to COVID-19, approximately 54% of enterprises demanded remote working. With the rising need for cloud-based solutions due to the pandemic, the demand for AIOps platforms is augmenting substantially.

IT Data Exceeding Human Scale Boosts AIOps Platform Market Growth
Traditional ways of controlling IT complexity (offline, manual activities requiring human intervention) do not even operate in dynamic, elastic contexts. It is no longer possible to track and manage this complexity by manual, human monitoring. For years, ITOps has exceeded the human scale, and the situation is only getting worse. Organizations want their critical applications to be available and operate well. They are also seeking a highly automated setup that makes it easier to take clear decisions about new product development by leveraging classified data. Hence, the introduction of the AIOps platforms has catered to these demands.

AIOps platforms consolidate all applications and infrastructure operations into a single management portal with a dashboard view. Studies claim that AIOps can automatically perform 90% of the operative tasks, and human interaction is required only for 10% of tasks. Hence, the rise in global digital data and the premium support offered by the AIOps platform are driving the AIOps platform market growth.
AIOps are beneficial for any company wishing to modernize to a digital platform incorporating cutting-edge automation, analytics, artificial intelligence, and machine learning technologies. AIOps systems decrease the flood of warnings and can perform everyday tasks, such as backups, server restarts, and low-risk maintenance. AIOps are expected to become widely used and mainstream soon.

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The players operating in the AIOps Platform market adopt various strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the AIOps Platform market. A few developments by key players are listed below:
In December 2020, Broadcom launched the latest generation of AIOps, an open platform with artificial intelligence, machine learning, and end-to-end observability that aids organizations in achieving operational excellence. Broadcom's AIOps now include new AI/ML techniques and customizable views for more actionable data. Full-stack observability, DX dashboards, service and alarm analytics, intelligent automation, capacity analytics, and continuous feedback loops are just a few of the new features.

In February 2021, Operations Bridge - SaaS deployments are flexible and quick, removing the need for ongoing maintenance, complex upgrades, and capital expenditure approvals. Micro Focus has released Operations Bridge - SaaS, a software-as-a-service offering, which combines the company's proven full-stack AIOps platform with the agility of SaaS. This new offering enables IT organizations to gain complete visibility, solve problems faster, automate processes, and transform data into actionable insights.

AIOps Platform Market-Company Profiles
• IBM
• AppDynamics
• BMC Software, Inc
• Broadcom Inc
• Dynatrace LLC
• HCL Technologies Limited
• Micro Focus
• Moogsoft Inc.
• Resolve Systems, LLC
• Splunk Inc.
• BigPanda

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