CHICAGO, Sept. 22, 2020 /PRNewswire/ -- According to a new research report "IT Operations Analytics Market by Component (Solutions and Services), Solution (Log Management, Network and Security Management, Anomaly Detection), Service, Deployment Mode, Organization Size, End User, and Region - Global Forecast to 2025" published by MarketsandMarkets, the global ITOA market size to grow from USD 9.3 billion in 2020 to USD 45.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 37.2% during the forecast period.
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Various factors such as the reduction in IT operational costs, better customer experiences, improved network security and privacy capabilities, enhanced visibility into processes and operations, improved real-time decision-making, and use of operational analytics to mitigate the risk of COVID-19 are the key business and operational priorities that are expected to drive the growth of ITOA market.
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The IT Operations AnalyticsMarket is expected to witness a slowdown in 2020 due to the global lockdown. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors is badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods. The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021 while the demand ITOA solutions and services expected to increase, which is due to the increased demand for log management, Application Performance Management (APM), root cause analysis, network and security management, and anomaly detection.
Several end users are already planning to deploy a diverse array of ITOA solutions and services to enable digital transformation initiatives that address mission-critical processes, improve operations, and differentiate customer relationships. The reduction in IT operational costs, better customer experiences, improved network security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the ITOA market.
The technological advancements and digitization in countries, such as China and India will keep up the demand of ITOA in major end users, such as healthcare and life sciences, retail and consumer goods, and BFSI. The adoption of ITOA solutions and services is expected to rise in MEA and Latin America, due to the growing need to enhance IT operational performance and optimize IT infrastructure. Countries in these regions are also utilizing IT operational data to increase operational efficiency and reduce problem recovery time.
The log management solution to hold a larger market size during the forecast period
The IT Operations AnalyticsMarket by solution has been segmented into log management, APM, root cause analysis, anomaly detection, network and security management, and other solutions, such as cost management, capacity management, infrastructure management, and business process monitoring. The log management segment is expected to grow at a rapid pace in the coming years in the ITOA market. Log management helps IT teams to provide insights into the health and compliance of systems and applications. It also can be used to detect one of the key sources of data for security analytics, including threat detection, intrusion detection, compliance, and network security.
The BFSI end user to hold the largest market size during the forecast period
The IT Operations AnalyticsMarket is segmented based on end user. The end user includes BFSI, government and defense, healthcare and life sciences, telecom, manufacturing, retail and consumer goods, energy and utilities, transportation and logistics, and others (education, media and entertainment, and travel and hospitality). The BFSI segment is expected to hold the largest market size during the forecast period in the ITOA market. The growth of the BFSI end user can be attributed to the concern of financial and banking industries to stay profitable, understand customer needs and preferences to proactively reduce risk, and enhance network security of data. ITOA solutions enable the BFSI end user to detect any service faults and bring it to the notice of the bank for handling the issue by offering proactive services. Apart from the banking and financial industry, these solutions also offer the insurance industry network and security management solutions, and risk management services.
Among services, the managed services segment to grow at a higher CAGR during the forecast period
The ITOA market is segmented on services into two categories, namely, professional services and managed services. The growth of the managed services segment can be attributed as lockdown in various cities across the globe and strict data regulations due to the COVID-19 pandemic are resulting in an increased number of organizations looking to outsource the upgradation and maintenance critical IT operations to MSPs in the ITOA market.
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North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global ITOA market. The region is witnessing significant developments in the ITOA market. Many ITOA solution providers in North America are experimenting in the ITOA market by integrating AI and ML functionalities with their existing ITOA solutions. They are also adopting various growth strategies to strengthen their positions in the market.
US is expected to have higher market size in North America. ITOA solution providers in the country, early adoption of advanced technologies such as analytics and AI in the country, presence of highly efficient network infrastructure, and large-scale internet penetration are driving growth of the country. The country's infrastructure, innovation, and initiatives such as smart infrastructure contribute to the growth of the ITOA market. Companies in the country are focusing on adopting ITOA solutions that help them to boost efficiency and productivity due to streamlined operations.
APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period due to the he existence of a large population, and developing infrastructure and technologies in countries such as China, Japan, and India, which are fueling the demand for ITOA solutions and services.
Major vendors in the global IT Operations Analytics Market include Oracle (US), IBM (US), SAP (Germany), Micro Focus (UK), Splunk (US), Hitachi (Japan), SAS Institute (US), Broadcom (US), Microsoft (US), SolarWinds (US), Cisco (US), BMC (US), NetApp (US), VMware (US), Elastic (US), Evolven (US), XPLG (US), ExtraHoop (US), NexThink (Switzerland), Appnomic (US), Apptio (US), Sumo Logic (US), Loom Systems (US), Moogsoft (US), iOPEX (US), Nastel Technologies (US), Devo (US), Optanix (US), StackState (US), OpsRamp (US), Humio (UK), OpsDataStore (US), CloudFabrix (US), Digitate (US), and Resolve (US).
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