IT Operations Analytics Market to Reach USD 126.01 Billion by 2030 Driven by Exponential Data Growth

PRESS RELEASE
Published April 3, 2024


The SNS Insider report indicates that the IT Operations Analytics Market Size was valued at USD 9.92 billion in 2022, and is expected to reach USD 126.01 billion by 2030 and grow at a CAGR of 37.4% over the forecast period 2023-2030. IT operations analytics empowers businesses to transform raw IT data into actionable insights. By leveraging data analytics and machine learning, organizations can significantly enhance the performance, availability, and security of their IT infrastructure. This translates to a multitude of benefits, including improved user experience, cost reduction, and boosted operational efficiency. Several key factors are propelling market growth. The rising dependence on software for core operational needs, the burgeoning consumption of big data, and the continuous digitalization of industries fueled by cloud computing and mobile technologies are all contributing significantly.

Market Analysis:

The exponential increase in data generated by IT operations necessitates efficient analytics solutions. Businesses require robust tools to manage, analyze, and extract valuable insights from this vast data stream. The widespread adoption of cloud computing, IoT devices, and digital transformation initiatives across industries has further amplified the demand for IT operations analytics solutions. IT Operations Analytics (ITOA) is a field that has gained significant traction in recent years due to the increasing complexity of IT infrastructures and the need for efficient management and troubleshooting. ITOA involves the collection, analysis, and visualization of data from various IT operations sources to improve decision-making, enhance performance, and ensure the reliability of IT systems

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Major The Key Players of IT Operations Analytics Market

  • Apptio, Inc
  • BMC Software Inc
  • ExtraHop Networks
  • Glassbeam Inc
  • Hewlett Packard Enterprise Development LP
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • SAP SE
  • Splunk Inc.

Segment Analysis:

The root cause analytics segment currently dominates the IT Operations Analytics Market. This leadership position is attributed to the ever-growing volume of IT operations data, the proliferation of sensors for fault diagnosis, and the surging number of Internet of Things (IoT) devices within enterprises. Identifying root causes is crucial for preventing performance degradation and maintaining optimal equipment effectiveness. Analytics has become an indispensable tool in this domain.

The Banking, Financial Services, and Insurance (BFSI) sector is another key contributor to the market, holding the largest market share. This dominance stems from the increasing adoption of analytics solutions by banks and financial institutions to streamline their internal operations. Operational analytics empowers these institutions with enhanced risk management, fraud detection capabilities, and a deeper understanding of their customer base, ultimately leading to the development and retention of profitable customers.

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Key Market Segments

By Type

  • Predictive Analytics
  • Visual Analytics
  • Root Cause Analytics
  • Behavior Analytics

By Application

  • Asset Performance Management
  • Network Management
  • Security Management
  • Log Management

By Deployment

  • On-premise
  • Cloud Based

By End-User

  • BFSI
  • Healthcare
  • Retail
  • Manufacturing
  • Government
  • IT
  • Telecom
  • Others
IT Operations Analytics Market

Impact of the Russia-Ukraine War:

The ongoing conflict between Russia and Ukraine has cast a shadow on the IT Operations Analytics Market, particularly concerning data security. ITOA solutions handle sensitive data, and the war’s volatility creates uncertainty and challenges for ITOA companies in terms of planning and decision-making. Additionally, while Asia Pacific represents a substantial market for ITOA solutions, economic sanctions imposed on Russia have impacted the region. The war has forced the relocation of services and tens of thousands of developers, significantly impacting tech spending in both countries. Local market demand is expected to contract by a factor of two in 2022.

Impact of Ongoing Recession:

While a recessionary slowdown can potentially lead to reduced investments in analytics and data science, which could dampen demand for ITOA solutions, these businesses might exhibit a degree of resilience during economic downturns. Analytics plays a critical role in helping organizations optimize revenue during tough economic times. For example, it was estimated that by 2020, there would be a staggering 2.7 million analytics and data science roles in the United States alone. Analytics empowers firms to make data-driven decisions that streamline operations and optimize cost structures, ultimately contributing to survival and growth during economic hardship.

Regional Analysis:

North America is projected to maintain the largest market share for IT Operations Analytics. This dominance can be attributed to the burgeoning popularity of Over-the-Top (OTT) media platforms like Netflix, which has triggered a paradigm shift in the film industry towards unconventional production companies. The thriving OTT landscape in North America directly impacts the market and its leading manufacturers in the region.

The European market is anticipated to witness significant growth in the coming years, driven by the emergence of new business opportunities and the fostering of stronger connections within the creative community. Additionally, collaborations between camera manufacturers and the European film industry to offer rental options are further propelling market growth.

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Key Takeaways for the IT Operations Analytics Market Study:

Benefits of ITOA: IT operations analytics empowers organizations to improve IT performance, availability, and security, leading to better user experience, cost reduction, and increased operational efficiency.

Growth Factors: Several factors are fueling market growth, including the rising dependence on software, big data adoption, digitalization fueled by cloud and mobile technologies, the explosion of IoT data, and the use of AI and ML for operational analytics.

Segment Leaders: The root cause analytics segment dominates the market due to the growing volume of IT data and the need for identifying root causes to prevent performance issues. The BFSI sector holds the largest market share due to their use of analytics for risk management, fraud detection, and customer understanding.

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