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Artificial Intelligence For IT Operations Platform Market Size, Trends And Overview By 2024-2033
Artificial Intelligence For IT Operations Platform Market Size
According to The Business Research Company's, The artificial intelligence for IT operations platform market size has grown exponentially in recent years. It will grow from $12.02 billion in 2023 to $14.81 billion in 2024 at a compound annual growth rate (CAGR) of 23.2%. The growth in the historic period can be attributed to increasing complexity of IT infrastructure, growing data volumes, demand for real-time insights, and need for cost efficiency.
The artificial intelligence for IT operations platform market size is expected to see exponential growth in the next few years. It will grow to $33.17 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to adoption of machine learning algorithms, integration with DevOps practices, emphasis on predictive analytics, rise of autonomous IT operations, and expansion of edge computing. Major trends in the forecast period include hybrid and multi-cloud management, focus on AIOps for cybersecurity, integration of AI with IT service management (ITSM), shift towards event correlation and root cause analysis, and emergence of explainable AI for transparency and compliance.
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Market Drivers and Trends:
The rapid adoption of cloud-based infrastructure in the IT sector is expected to propel the growth of the artificial intelligence for IT operations platform market going forward. Cloud-based infrastructure refers to computing resources, such as servers and storage, delivered and managed over the internet through cloud services. Cloud-based platforms enhance artificial intelligence for IT operations (AIOps) by providing scalable infrastructure, facilitating seamless data storage, and enabling real-time analytics to optimize and automate IT operations. For instance, in December 2023, according to the European Commission (EC), a Belgium-based executive body of the European Union (EU), the adoption of cloud-based solutions in 2023 in the European Union increased by 4.2%, with 45.2% of enterprises purchasing cloud computing services, 79% in the information and communication sector, and 77.6% in large enterprises showcasing a notable rise compared to 2021. Therefore, the rapid adoption of cloud-based infrastructure in the IT sector is driving the growth of the artificial intelligence for IT operations platform market.
Major companies operating in the artificial intelligence for IT operations platform market are increasing their focus on introducing artificial intelligence platforms, such as EY.AI, to gain a competitive edge in the market. Artificial intelligence (AI) platforms are integrated software solutions that utilize advanced processing capabilities, data analytics, and machine learning algorithms to enable the development, deployment, and management of AI applications and services. For instance, in September 2023, Ernst & Young, a UK-based law company, launched EY.ai, an artificial intelligence (AI) platform for IT operations designed to leverage the power of AI to help organizations transform their IT operations. The platform aims to combine human capabilities with artificial intelligence to assist EY clients in confidently and responsibly adopting AI to transform their businesses. EY.ai uses cutting-edge EY technology platforms and AI capabilities, along with a strong AI ecosystem, to augment its deep experience in strategy, transactions, transformation, risk, assurance, and tax.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Google (Alphabet Inc.), Microsoft Corporation, IBM Corporation, Broadcom Inc., VMware Inc., HCL Technologies Limited, ServiceNow Inc., Splunk Inc., BMC Software Inc., Micro Focus International plc, SS&C Blue Prism, Dynatrace Inc., Sumo Logic Inc., C3.ai Inc., DataRobot Inc., AppDynamics, Lily AI, Resolve Systems LLC, Big Panda Inc, FixStream Network Inc., ProphetStor Data Services Inc., OpenAI LP, Clarifai Inc., Sherpa.ai, Moogsoft Inc., H2O.ai, Nauto Inc
Artificial Intelligence For IT Operations Platform Market 2024 Key Insights:
• The Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Google (Alphabet Inc.), Microsoft Corporation, IBM Corporation, Broadcom Inc., VMware Inc., HCL Technologies Limited, ServiceNow Inc., Splunk Inc., BMC Software Inc., Micro Focus International plc, SS&C Blue Prism, Dynatrace Inc., Sumo Logic Inc., C3.ai Inc., DataRobot Inc., AppDynamics, Lily AI, Resolve Systems LLC, Big Panda Inc, FixStream Network Inc., ProphetStor Data Services Inc., OpenAI LP, Clarifai Inc., Sherpa.ai, Moogsoft Inc., H2O.ai, Nauto Inc is expected to grow to Artificial Intelligence For IT Operations Platform Market 2024 Key Insights:
• The Surge Of Cloud-Based Infrastructure Drives Artificial Intelligence For IT operations Platform Market
• Innovative Technological Advancements Driving AI Adoption In IT Operations
• North America was the largest region in the artificial intelligence for IT operations platform market in 2023.
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