AIOps Market to Grow at a CAGR of 37.9% to Reach USD 644.96 Billion by 2030

Allied Market Research published a new report, titled, "AIOps Market to Grow at a CAGR of 37.9% to Reach USD 644.96 Billion by 2030." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Faster and more accurate root cause analysis and amount of data to be assessed drive the growth of the global AIOps Market. However, requirement for highly skilled professionals to implement and update and heavy functional demand hinder the market growth. On the other hand rise in awareness regarding the capabilities of AIOps in the enterprise and corporate world and rise in cloud adoption and rising data volumes creates new opportunities in the coming years.

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Based on component, the platform segment accounted for the highest share in 2020, contributed to more than four-fifths of the global AIOps market, and is expected to continue its leadership status during the forecast period. This is owing to increasing connectivity within the IT operations, growing demand for image recognition system and used for growth of knowledge. However, the services segment is estimated to witness the highest CAGR of 40.6% from 2021 to 2030. This is owing to advancement in AI technologies and adoption of varied deployments.

Based on deployment mode, the on premise segment held the highest share in 2020, contributing to around three-fourths of the global AIOps market, and is estimated to maintain its lead position during the forecast period. On the premise AI Ops market is more reliable because it is taken into account by the IT teams that provide control and reliability, which propels the growth of the market. On the other hand, the cloud segment is projected to manifest the fastest CAGR of 39.1% from 2021 to 2030. This is attributed to the fact that cloud is way more scalable than on-premises deployment.

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Based on region, North America accounted for the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global AIOps market, and is expected to continue its dominance by 2030. This is due to technologically advanced economy and growing convergence of varied technologies like AI, ML, big data, and analytics in this region.

Asia-Pacific is projected to portray the fastest CAGR of 40.3% during the forecast period, as the region is witnessing dynamic changes within the adoption of automation in various business functions across verticals. Some of the key companies mentioned within the report are BM, Splunk, CA Technologies, VMware, Micro Focus, HCL Technologies, Appdynamics, BMC Software, Moogsoft, and Fixstream.

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Covid-19 scenario-

• The emergence of covid-19 positively affected the AIOps Market due to work-from-home policies.

• Many businesses invested in AIOps solutions to ease the growing complexity in IT requirements for many business enterprises.

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