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Global IT Operations Analytics Market Report 2024: Industry Growth, Trends, and Future Outlook
IT Operations Analytics Market Report
According to The Business Research Company's, The it operations analytics market size has grown exponentially in recent years. It will grow from $14.69 billion in 2023 to $19.09 billion in 2024 at a compound annual growth rate (CAGR) of 29.9%. The growth in the historic period can be attributed to rise of complex it environments, growing volume of data, shift to proactive it management, increasing importance of user experience, need for real-time visibility.
The it operations analytics market size is expected to see steady growth in the next few years. It will grow to $21.65 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to adoption of hybrid and multi-cloud environments, increased integration of artificial intelligence (ai) and machine learning (ml), focus on aiops (artificial intelligence for it operations), rising cybersecurity concerns, continuous growth in it complexity. Major trends in the forecast period include remote work and distributed it operations, digital transformation initiatives, integration of observability solutions, adoption of hybrid and multi-cloud monitoring, continued growth of edge computing monitoring.
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Market Drivers and Trends:
The increasing number of data centers is expected to propel the IT operations analytics market going forward. A data center refers to a specific building, room, or facility designed to house IT infrastructure, facilitate the deployment and operation of applications and services, and store the data. IT operations analytics offers a real-time cloud-based analytics platform for monitoring and optimizing data center infrastructure. For instance, in January 2022, according to the Campfil Group, a US-based air filter company, the number of data centers in the US reached 2,751 in 2022. Moreover, there are 484 data centers situated in Germany, 458 in the UK, 447 in China, and 324 in Canada. Therefore, the increasing number of data centers is driving the IT operations analytics market.
Major companies operating in the IT operations analytics market are using artificial intelligence (AI) and machine learning (ML) for operations analytics, such as AI-driven auto-remediation solutions, to extend their global reach in the market. AI-driven auto-remediation solutions refer to automated systems that use artificial intelligence (AI) capabilities to identify, analyze, and remediate issues or incidents within an IT environment. For instance, in April 2023, PagerDuty Inc., a US-based digital operations management company, launched the PagerDuty AIOps solution. This offers comprehensive automation, from event ingesting to auto-remediation, ensuring swift processing of vast data quantities and event resolutions. By harnessing machine learning and unique AI capabilities, PagerDuty AIOps enhances its core data model. This streamlines operations further automate incident handling, and wards off potentially expensive issues. A notable feature of PagerDuty AIOps is its visibility console. It provides operational teams with a centralized monitoring dashboard, enabling swift incident management to prevent severe business, IT, and financial impacts.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Microsoft Corporation, Hitachi Ltd., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation , Broadcom Inc., SAP SE, Vmware Inc., NetApp Inc., SAS Institute Inc., Micro Focus International plc, Splunk Inc., BMC Inc., Elastic N.V., iOPEX Technologies, SolarWinds Inc., Appnomic Systems Pvt. Ltd., Sumo Logic Inc., Devo Inc., Nexthink SA, Digitate, ExtraHop Networks Inc., Moogsoft Inc., Optanix Inc., OpsRamp Inc., Nastel Technologies Inc., XpoLog Ltd., StackState Inc., Loom Systems Ltd., Evolven Software Inc.$21.65 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%.
• Growing Number Of Data Centers Is Anticipated To Fuel IT Operations Analytics Market
• AI-Driven Auto-Remediation Revolutionizes IT Operations Analytics
• North America was the largest region in the IT operations analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the it operations analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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