IT Operations Analytics Market by Application (Network & Security Management, Asset Performance Management, Log Management, and Security Management), by Technology (Root-Cause Analytic, Predictive Analytic, Visual Analytics,User-Behaviour Analytics, and Machine-Based Learning), by Vertical, by Deployment, and Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global IT operations analytics market is expected to grow from USD 9.90 billion in 2020 and to reach USD 131.51 billion by 2028, growing at a CAGR of 38.17% during the forecast period 2021-2028.
The IT operations analytics market is witnessing significant growth in the past years. This growth is attributed to raising important data consumption, digitalization of industries powered by cloud & mobility, increasing dependence on software for operations, and reduced cost elements. The factors driving the market’s growth include data explosion due to the emergence of IoT-enabled technologies & big data and the IoT impacting company modeling. The term Internet of Things represents an emerging technology paradigm in which sensors, machines, and other intelligent devices build & then distribute data.
IT operations analytics, also recognized as IT data analytics technologies or advanced operational analytics, are initially utilized to find complex models in high volumes of frequently “clamorous” IT method availability & performance data. IT operations analytics uses monitoring systems and processing, interpreting, gathering, analyzing data from different IT operations references to guide decisions & potential divine issues.
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The global IT operations analytics market is expected to witness significant growth, owing to increased demand for connected devices, rise in IT expenditure by governments, affordable cloud computing services, enhanced network protection & privacy abilities, better consumer experiences, improved real-time decision- making are the key business & operational priorities, improved internet connectivity over the world, improved visibility into operations & processes, increasing focus on adoption of cloud-based ITOA solutions & proliferation of massive amount of IT operations data & growing focus on adoption of cloud- based ITOA solutions. Further, the increase in the use of operational analytics to mitigate the impact of COVID-19 and innovations in the internet of things (IoT) and bring your device (BYOD) to enhance company operations is also expected to thrive the growth of the market. Furthermore, the proliferation of vast IT operations data is anticipated to impact the market’s development positively. The organization’s frequent change in IT operations and limited investments to upgrade the prevailing IT system hamper the market growth. Furthermore, the increase in the requirement of companies for holistic 360-degree visibility and the necessity to examine IT operations data to gain real-time insights are anticipated to build multiple new opportunities that will lead to the market’s growth.
Key players operating in global IT operations analytics market include Glassbeam Inc., Apptio, Inc., BMC Software Inc., IBM Corporation, Hewlett Packard Enterprise Development LP, SAP SE, Microsoft Corporation, SolarWinds, ExtraHop Networks, Oracle Corporation and among others. To gain a significant market shares in the global IT operations analytics market.
For instance, in July 2020, SolarWinds improved its IT operations administration portfolio to reach the requirements of IT specialists working in hybrid information technology actualities & respond to financial pressures.
Asset performance management application segment dominated the market and held the largest market share of 30.05% in the year 2020
On the basis of application, the global IT operations analytics market is segmented into network and security management, asset performance management, log management, and security management. Asset performance management application segment dominated the market and held the largest market share of 30.05% in the year 2020. This growth is attributed to the rising demand for digital solutions to maintain the performance of assets & decrease operating costs in enterprises. Further, the analytics have helped organizations plan approaches to avoid unplanned outages, manage assets, minimize downtime, reduce keeping costs, and create appropriate decisions on the divestment of assets.
Root-cause analytic technology segment dominated the market and held the largest market share of 25.35% in the year 2020
On the basis of technology, the global IT operations analytics market is segmented into root-cause analytics, predictive analytics, visual analytics, user-behaviour analytics, and machine-based learning. Root-cause analytic technology segment dominated the market and held the largest market share of 25.35% in the year 2020. This growth is attributed to the command for advanced root cause analytics solutions due to introducing other technologies like industrial AI & IoT.
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BFSI vertical segment dominated the market and held the largest market share of 19.25% in the year 2020
On the basis of vertical, the global IT operations analytics market is segmented into BFSI, healthcare, IT and telecom, government, manufacturing, retail, travel and hospitality, and others. BFSI vertical segment dominated the market and held the largest market share of 19.25% in the year 2020. This growth is attributed to the expanding adoption of analytics solutions through financial & banking companies for their in-house operations. Besides, IT operational analytics is expected to help banks in consumer understanding, risk management, and fraud management to grow & retain a profitable customer base.
Cloud deployment segment dominated the market and held the largest market share of 58.15% in the year 2020
On the basis of deployment, the global IT operations analytics market is segmented into cloud and on-premise. Cloud deployment segment dominated the market and held the largest market share of 58.15% in the year 2020. This growth is attributed to the improving accessibility and effective monitoring of data.
Regional Segment of IT Operations Analytics Market
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global IT operations analytics market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 31.02% in the year 2020. This growth is ascertained by the US in the North America region owing to the high adoption of IT operations analytics solutions. The US based businesses are the most advanced and successful in their execution of operational analytics leadership. The market in the Asia Pacific is expected to witness significant growth in the existence of a vast population & developing technology & infrastructure. Besides, the rapid rise in technology adoption from retail and consumer goods, transportation & logistics, and manufacturing end-user to improve consumer experience is predicted to provide to the growth of the market in the region.
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About the report:
The global IT operations analytics market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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