AIOps Market Trends
Growth Drivers
- Rising Adoption of Root Cause Analysis-Businesses may benefit from faster and more precise root cause analysis using AIOps, which is challenging with the manual methods that have traditionally been employed in corporate and commercial contexts. Approximately 97% of IT professionals, according to research by Broadcom, think that AIOps will offer practical insights to aid in automating and optimizing overall IT operations processes.
- Increasing Business Usage of AIOps Solutions- AIOps will play a significant role in helping organizations and IT teams adopt complicated next-generation technologies that cannot be properly managed with conventional solutions. Additionally, businesses from a variety of industry sectors have been concentrating on integrating automation and AI technology into their IT processes.
- Surge in Data Quantities and Usage of The Cloud- DevOps systems have evolved to be smarter for smooth and efficient business operations as IT tools and devices have, leading to a rise in the usage of AIOps. The global expansion of cloud computing usage is another factor driving the automation of these processes. Due to the pandemic, globally, over 30% of SMBs employed cloud computing services more frequently than anticipated.
Challenges
- Reliance on Algorithms and Machine Learning- Algorithms are used by AIOps to identify and examine data trends. These algorithms may be useful in some circumstances, but they also run the risk of producing false positives or false negatives. An algorithm could, for instance, identify a pattern even when it isn't truly there in the data. This may result in wrong choices or outcomes.
- Rapid Changes in the IT sector
- Lack of Skilled Workforce
AIOps Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
38.1% |
|
Base Year Market Size (2024) |
USD 75.93 billionn |
|
Forecast Year Market Size (2037) |
USD 5.22 trillion |
|
Regional Scope |
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