SAN FRANCISCO, Aug. 24, 2020
SAN FRANCISCO, Aug. 24, 2020 /PRNewswire/ -- The global IT operations analytics market size is expected to reach USD 15.55 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 16.9% over the forecast period. The increasing demand for transforming IT operations in the wake of the digital transformation of industries and reducing asset downtime has led to a massive increase in the demand for IT Operation Analytics (ITOA) solutions in recent years. The growing number of data storage centers and cloud computing technologies as well as the use of Artificial Intelligence (AI)-enabled analytics has increased the use of ITOA solutions in industries. Moreover, factors such as rising consumption of big data, emerging technologies such as the Internet of Things (IoT), and increasing focus of companies on reducing operational costs are anticipated to boost the growth of the ITOA market over the forecast period.
Key suggestions from the report:
Read 110 page research report with ToC on "IT Operations Analytics Market Size, Share & Trends Analysis Report By Type (Visual, Predictive, Behavior, Root Cause), By Application, By Deployment, By End Use, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/it-operations-analytics-market
The introduction of ITOA solutions has enabled organizations to analyze operational data effectively and to gain meaningful insights. These solutions offer higher efficiency compared to traditional data analytics tools. Moreover, the impact of IT operation analytics is not limited to improving the performance and efficiency of operational processes. Several companies have started using these efficiency gains as an underlying basis to improve customer experience. For instance, Tesco PLC, a U.K.-based retail company, has been using analytics for improving its supply chain processes and has realized savings of around USD 125 million annually since 2013. Retailers also use the supply chain statistics model to predict customer behavior and understand stock holdings. The analytics capabilities have ensured an increase in the footfall of in-store and online customers, along with an increase in customer satisfaction levels.
The analytics industry is witnessing an increase in the number of niche players compared to traditional players owing to the need for less capital investment and the dynamic nature of technological innovations. Although the market is characterized by the presence of prominent vendors such as IBM Corporation; BMS Software Inc.; and Microsoft Corporation, the growth of start-ups such as Splunk Inc.; ExtraHop; and SignalFx has been noteworthy. Moreover, the market is also witnessing a significant rise in the pay-as-you-go (SaaS-based solutions) delivery model for delivering ITOA solutions as it offers convenience for vendors and customers. However, concerns such as data security, lack of awareness among enterprises, and lack of investment are likely to be the key challenges in the IT operation analytics market. Additionally, the recent outbreak of the COVID-19 pandemic is expected to temporarily slow down the growth rate of the market globally.
Grand View Research has segmented the global IT operations analytics market based on type, application, deployment, end-use, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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