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(Wireless-NewsWire.Com, August 27, 2018 ) According to a new market research report Global AIops Platform Market Report, by Component (Platform, Services), by Organization Size (Small and Mid-size Companies and Large Enterprises), by Vertical( Banking, Financial Services, and Insurance, Healthcare and Life Sciences, Retail and Consumer Goods, IT and Telecom, Government, Manufacturing, Media and Entertainment and Others), and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), market was valued at US$ 1.27 billion in 2016. By 2025, the market is projected to reach US$ 20.4 billion with a CAGR of 36.2% in the forecast period.
High adoption of machine learning in the healthcare industry has fueled demand for Artificial Intelligence for IT operation platform in the healthcare industry. Accuracy is a major concern in the healthcare sector. Machine learning offers accurate diagnosis of diseases and efficient healthcare services, which in turn has augmented demand for machine learning in healthcare sector. For instance, diagnosis of diabetic eye disease requires frequent examination of pictures at the back of an eye that helps to identify sensitivity of disease characterized by fluid leakage and bleeding. Moreover, in 2016, Google developed a deep learning algorithm, which analyzes images and provides training to the system by using a data set of 128,000 images. Thus, the system diagnoses the disease with a high level of accuracy. Furthermore, Google Inc. is developing a deep learning algorithm for early diagnosis of skin cancer and breast cancer. Such R&D activities in machine learning fuels the demand for Artificial Intelligence for IT operation platform, which in turn is expected to propel growth of the global AIops Platform market.
Latest trends and insights prevalent in the AIops Platform Market
Key Takeaways of the Market:
Asia Pacific is projected to witness significant growth in the market with the highest CAGR over the forecast period. India, China, and Japan are some of the key economies contributing to growth of the market in the region. This is owing to increasing development in IT infrastructure for adopting new technologies to work efficiently with existing systems and data. For Instance, according to Coherent Market Insights’ analysis, in 2016, the IT spending in Asia Pacific region was US$ 933 billion and is expected to reach US$ 1.36 trillion by 2021. Rising trend of digitization across sectors, especially by small and medium enterprises is expected to fuel growth of market in the region. Moreover, rising trend of adopting cloud-based solutions has accelerated growth of the market in the region. For instance, according to Coherent Market Insights’ analysis, in 2016, in Asia Pacific, the cloud data traffic was 908 EB per month and is expected to reach 3469 EB per month by 2021.
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Small and mid-size company segment is expected witness significant growth with the highest CAGR during the forecast period. This is owing to increasing adoption of cloud computing technology and advance technologies such as machine learning, analytics, and others in the segment. For instance, business analytics tool is a resource-intensive software or solution, which requires huge data storage capacity provided by cloud platform. Moreover, cost effective and rapidly implementing features have increased the demand for cloud-based business analytics solution by small and mid-sized companies. Such high adoption of cloud-based platform fuels demand for AIOPs platform.
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The major players operating in the global AIops platform market include, International Business Machines Corporation, Splunk Inc., CA Technologies, VMware, Inc., Micro Focus International plc., HCL Technologies Limited, AppDynamics, BMC Software, Inc., Moogsoft, and FixStream Network Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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