Regionally, the global AIOps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of higher adoption of IoT, AI and cloud computing, among other advanced technologies. Moreover, growing IT sector, and increasing implementation of cloud-based technology in the region are estimated to boost the growth of the regional market. There were more than 3 million people employed in the IT sector in US, as of 2019, and this sector generated a revenue of over USD 1.5 trillion.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period on the back of increasing technological development in the countries, including Japan, China, and India. Furthermore, increasing population working from home, due to severe affects of coronavirus pandemic, is another major factor estimated to boost the regional market growth over the years.
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The global AIOps market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, internet of things (IoT), and artificial intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global AIOps market includes the following segments:
April 28, 2021: Moogsoft Inc. and HCL Technologies Limited to join hands to develop AI based automated incident remediation of IT incidents. This will significantly increase the operational efficiency and frequency of DevOps platforms.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Increasing adoption of cloud-based technology in majority businesses is one of the major factors driving the market growth.
Ans: The market is anticipated to attain ~30% CAGR over the forecast period, i.e., 2022-2030.
Ans: Lack of technically skilled workers is a major factor estimated to hamper the market growth.
Ans: The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of growing IT sector and presence of major market players in the region.
Ans: The major players dominating the market include IBM, Micro Focus International plc, BMC Software, Inc., Dell Inc., Splunk Inc., HCL Technologies Limited, AppDynamics and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, deployment type, application, vertical, and by region.
Ans: The real-time analytics segment is anticipated to hold a significant market size during the forecast period owing to the increasing demand for real-time and quick solutions amongst the IT industries.