AIOps platforms utilize big data, modern machine learning, and other advanced analytics technologies to directly and indirectly enhance IT functions, such as monitoring, automation, and service desk. The AIOps platforms also enable the concurrent use of multiple data sources, data collection methods, and analytical technologies. The integration of AIOps platforms with the existing systems provides a holistic view for monitoring and incident management. IT managers are no longer forced to switch between systems and infrastructure that improve productivity and reduce monitoring time
The global AIOps platform market size is expected to grow from USD 2.55 billion in 2018 to USD 11.02 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period. Major growth factors for the market include an increasing demand for AI-based services in IT operations, shift of organization core business toward cloud, and growing end-to-end business application assurance and uptime.
AIOps platform services fulfill the growing need for real-time analytics as well as handling humongous amount of data generated by IT devices and tools across organizations. These services help increase the efficiency and effectiveness of IT operations, minimize manual intervention, identify IT siloes and address IT issues in real time. These services also help capture continuous insights and provide systematic improvements in IT operations of an organization.
The services segment is expected to grow at the highest CAGR during the forecast period
Services play a vital role in the deployment and integration of different IT solutions in an enterprise ecosystem. They are considered as the backbone of AIOps, as they are instrumental in fulfilling the clients’ requirements, such as reducing operational downtime, and enhancing IT service management in real time. Moreover, services help train employees in using technologies. Additionally, the IT industry experts provide consultation services to understand clients’ IT siloes and suggest solutions that would suit their business needs. Furthermore, a few IT services are outsourced to third parties that majorly address the pre- and post-implementation queries of commercial customers.
The IT and telecom is expected to be the fastest-growing vertical in the AIOps platform market during the forecast period
Telecom service providers (TSP) are rapidly transforming their legacy networks to support new IP and multimedia services. Numerous changes to their business landscape confront them, and while the aim is to create leaner operations, business dynamics have changed over the years leading to transformations in the business model. The telecom industry is complex with many carriers, networks, users, microservices, applications, and data centers. Moreover, digital transformation and the increasing use of smartphones have resulted in large volumes of data being generated from user networks. The AIOps platform leverages this data to provide detection and prevention of issues, customer analytics, network optimization, and security.