IT Operation Analytics Market Overview:
The IT operation analytics market is projected to grow from USD 9.3 Billion in 2023 to USD 124.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 38.17% during the forecast period (2023 - 2032). The larger amount of IT operations data and the focus on ITOA solutions integrated with the cloud are accelerating the usage of IT Operation Analytics. This solution helps in organizing, collecting and identifying the application of data. Due to this process, the IT Operation Analytics Market is progressing faster.
The advancement and changes of the IT industry is leading to complexity because it generates a large amount of operational data. The traditional method was not able to give efficient solutions. This has made the IT industries inclined towards the ITOA solutions, which are chiefly driving the IT Operation Analytics Market.
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Key Players:
Key Companies in the IT operation analytics market include,
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.)
- AP SE (Germany)
- Hewlett Packard Enterprise Company (U.S.)
- Splunk Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Evolven Software Inc. (U.S.)
- ExtraHop Networks (U.S.)
- VMware Inc. (U.S.)
- Prelert Inc. (U.S.)
The implementation of ITOA solutions has made analyzing the operational data efficient. It helps the organizations discover the IT-related problems from the root that affect the system's performance. The technology has proven to be scalable and cost-effective. Organizations have noticed relevant solutions for analyzing significant amounts of operational data.
During the COVID-19 pandemic, the IT Operation Analytics Market noticed the negative impact. The supply chains and logistics were disrupted globally, resulting in the market's economic loss. The closure of retail and food industries also made the market face various challenges. But the market started to gain demand when the need for essentials during the lockdown increased.
Market Segmentation:
The IT Operation Analytics Market is segmented into components, solutions, services, deployment mode, organization size, and end-users.
The component segment of the market is fragmented into solutions and services. The solution segment further consists of root cause analysis, log management, network and security management, anomaly detection, application performance management (APM), and others such as cost management, capacity management, and business process monitoring.
The services are further fragmented into consulting, system integration and implementation, professional services, support and maintenance and managed services.
The deployment mode of the market is segregated into cloud and on-premises. The organization has large and small, and medium enterprises. The end-user section is segregated into BFSI, Retail and Consumer Goods, Telecom, Energy and Utilities, Healthcare and Life Sciences, Government and Defense, Manufacturing, Transportation and Logistics and others such as Media and Entertainment, Education, and Travel and Hospitality.
Regional Analysis:
According to the geographical data, the IT Operation Analytics Market covers major regions such as the North American region, Asia Pacific, Latin American region, the Middle East and Africa and Europe.
The Asia Pacific will notice the highest market growth rate among the above due to its massive population, developed infrastructure, and advanced technology implementation. Adopting advanced technology in retail and consumer goods and transportation and logistics is driving the regional market. The ITOA adoption is seen in other end-users such as the municipalities, governments, and enterprises to enhance productivity and efficiency. Other regions are highly inclined towards IT Operation Analytics services.
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Industry News:
In June 2020, SAP announced the German government's Corona Warn App launch. The German government commissioned this Corona warning app. It is the first European app based on the specifications of the Exposure Notification Framework by Apple and Google.
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