DELRAY
BEACH, Fla., Sept. 13,
2024 /PRNewswire/ -- The IT Operations
Analytics Market is estimated to grow from USD 26.8 billion in 2024 to USD 127.4
billion in 2029, at a CAGR of 36.6% during the forecast period,
according to a new report by MarketsandMarkets™. The growth of ITOA
market is driven by the surge in IT operations data, which mandates
advanced analytics, that allows efficient handling and management
of the data. The complexity of multi-cloud environments pushes
demand for unified analytics solutions and the growing need for
real-time insights and automation.
Browse in-depth TOC on "IT Operations Analytics (ITOA)
Market"
332 – Tables
63 - Figures
362 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD Billion
|
Segments
Covered
|
Offering solutions
[Cloud and On-Premises] and Services [Professional Services
{Consulting, System Integration & Implementation, Support &
Maintenance} and Managed Services]]), Data Source (Machine Data,
Wire Data, Agent Data, Synthetic Data, Human Data), Technology
(Descriptive Analytics, Predictive Analytics, Prescriptive
Analytics, Diagnostic Analytics) Application (Log Management &
Analysis, Application Performance Monitoring, Anomaly Detection and
Root Cause Analysis, Network Management, IT Service Management,
Infrastructure Management, Security & Event Management and
Other Applications [BPM, cost management, and capacity
management]) and End User (BFSI, Retail & eCommerce,
Manufacturing, Healthcare & Life Sciences, IT&ITeS,
Telecommunication, Transportation & logistics, Government
& Defense, Energy & Utilities Telecommunication and Other
end users [Media & Entertainment, Travel & Hospitality, and
Education]).
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Companies
covered
|
Key players are
Microsoft (US), IBM (US), Oracle (US), Cisco (US), OpenText
(Canada), Hitachi (Japan), Dynatrace (US), Broadcom (US),
SolarWinds (US), BMC Software (US), NetApp (US), Elastic (US),
Nexthink (Switzerland), HCL Technologies (India), New Relic (US),
ServiceNow (US), Dell Technologies (US), HPE (US), Cloud Software
Group (US), Veritas Technologies (US), BigPanda (US), ExtraHop
Networks (US), Squadcast (US), ScienceLogic (US), Apica (Sweden),
Diamanti (US), MCG (Denmark), Evolven (US), XPLG (US), HEAL
Software (US), Sumo Logic (US), Devo (US), meshIQ (US), and
CloudFabrix (US).
|
By offering, the services segment to account for higher CAGR
during the forecast period.
The service segment is projected to grow the fastest, due to the
growing complexity of IT systems in organizations and the need for
specialized expertise. Organizations have now begun the adoption of
advanced analytics tools that will require an end-to-end service to
help implement the integration of the organizational analytics
program while continuing to optimize the program over time.
Companies need consulting service support in order to help develop
and implement tailored solutions or initiatives leveraging analytic
tools for their unique business needs and environments. It is
expected that companies will begin to transition to the use of
managed services as third parties are willing to take over the
management of the ITOA solutions so that the organization can focus
on their core business. The growth in services is largely driven by
the continuous support and maintenance that is required to support
the ITOA program especially when organizations want to ensure that
ITOA tools are continuously providing value
(effectiveness/ROI).
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By end user, BFSI is expected to hold the largest market size
for the year 2024.
The BFSI sector is projected to have the largest market share in
the ITOA market, owing to the growing demand for data analytics to
manage complex IT environments and provide uninterrupted services.
IT operations analytics has a important role in maintaining system
uptime and security and improving the performance of IT
infrastructure within the closely regulated BFSI industry. The
benefit of using ITOA solutions for real-time monitoring,
predictive maintenance, and automated issue resolution is
especially important for this sector, where downtime can be a cause
of considerable financial losses and regulatory fines. Online
banking and financial institutions are taking the digital
transformation approach by adopting the most cutting-edge IT
operations analytics tools that are capable of managing such huge
data, as well as being integrated with the existing systems, thus
consolidating the sector's leadership in the ITOA market.
By Application, IT service management is
projected to grow at the highest CAGR during the forecast
period.
Companies are increasingly adopting ITSM applications embedded
with ITOA solutions to gain deeper insights into service
performance, automate workflows and proactively address issues as
they strive to improve service delivery, customer satisfaction.
This application help in smoothing incident management, change
management, and service request processes by providing deep
insights through data analytics. The possibility of predicting and
preventing service outages with the help of ITOA-driven ITSM tools
has become a differentiator that enables high service levels while
reducing downtime. With increasing digital transformations, there
is a subsequent increase in demand for ITSM applications that use
advanced ITOA capabilities in the support of agile and responsive
IT environments, further expected to boost this market segment at
exponential rates.
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Asia Pacific is expected to grow at the highest CAGR
during the forecast period.
Asia Pacific has witnessed the
advanced and dynamic adoption of new technologies. The region is
expected to record the highest CAGR during the forecast period. The
existence of a large population, and developing infrastructure and
technology are the major factors contributing to the growth of the
ITOA market in Asia Pacific. The
rapid rise in technology adoption from retail and consumer goods,
transportation and logistics, and manufacturing industry verticals
to enhance customer experience is projected to contribute to the
growth of the ITOA market in the region. Asia Pacific constitutes major countries, such
as China, India, Japan,
and the rest of Asia Pacific,
which are increasingly contributing toward investments in network
and security management and anomaly detection solutions that would
reduce downtime and total cost of ownership. ITOA adoption across
Asia Pacific continues to grow
steadily as governments, municipalities, and enterprises move from
proof of concept and tests to live deployments as part of a
strategy to enhance productivity and efficiency, build smart city
infrastructures, capitalize on new technologies, and embrace
digital transformation.
Top Key Companies in IT Operations Analytics Market:
The major ITOA solutions and service providers Microsoft (US),
IBM (US), Oracle (US), Cisco (US), OpenText (Canada), Hitachi (Japan), Dynatrace (US), Broadcom (US),
SolarWinds (US), BMC Software (US), NetApp (US), Elastic (US),
Nexthink (Switzerland), HCL
Technologies (India), New Relic
(US), ServiceNow (US), Dell Technologies (US), HPE (US), Cloud
Software Group (US), Veritas Technologies (US), BigPanda (US),
ExtraHop Networks (US), Squadcast (US), ScienceLogic (US), Apica
(Sweden), Diamanti (US), MCG
(Denmark), Evolven (US), XPLG
(US), HEAL Software (US), Sumo Logic (US), Devo (US), meshIQ (US),
and CloudFabrix (US). These companies have used both organic and
inorganic growth strategies such as product launches, acquisitions,
and partnerships to strengthen their position in the ITOA
market.
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