Between 2020 and 2026, the global IT Operations Analytics (ITOA) market is likely to grow at a compound annual growth rate (CAGR) of 35.4 percent in this period. With the propagation of a massive amount of IT operations data and the growing importance of implementation of cloud-based IT operations analytics solutions, the market is estimated to thrive. Unfortunately, due to the frequent alterations in IT operations and restricted organizational investments for up-gradation of the existing IT system, the market growth could be hindered.

ITOA solutions are used to oversee systems and collect and analyze information from multiple sources of IT operations to help decision-makers and identify probable risks. ITOA solutions have gained tremendous popularity in recent times and have become a strategic priority for different organizations.

Based on type insights, the root cause analytics segment held the largest market share. The 30 percent share held by this segment is owing to increasing IT operations data, several sensors for fault diagnosis, and a growing number of Internet of Things (IoT) devices. Analytics has become an important tool for business intelligence (BI) within various end-use industries. The predictive analytics segment is projected to witness the highest growth during the afore-stated period. It has also been predicted that the use of predictive analytics for operational uses could allow the global manufacturing industry to save more than USD 700 billion in the next 20 years.

IT Analytics Operations market

Based on the deployment category, the cloud deployment segment of the global ITOA market holds the largest market share as of 2019. Due to the reduction in the total cost of ownership, cloud deployment of ITOA solutions has witnessed significant growth. However, there are many challenges related to data security, regulatory compliance, reliability, performance may hinder the growth of this segment.

According to region-wise analysis, the Asia-Pacific (APAC) region is estimated to record the fastest growth between 2020 and 2026. This tremendous growth could be accredited to the existence of a large population, improving infrastructure, and technology advancement. Adoption of technology in retail and consumer goods, manufacturing industry, and transportation and logistics has contributed to the growth of the global ITOA market in the APAC region. Even the national governments and enterprises are adopting ITOA solutions to augment efficiency and productivity, build city infrastructure and smart cities, and propagate digital reformation.

Based on end-use insights, the BFSI segment retained the largest market share of nearly 25 percent in 2019. This is the result of the increasing adoption of analytics solutions within the banking and financial institutions for their internal operations. ITOA solutions allow the elimination of time-consuming and redundant steps and minimize errors that lead to poor productivity and user experience.

Based on the application categorization, the Asset Performance Management (APM)  segment enjoyed the largest market share in 2019. The segment owes its growth to the increasing need for digital solutions to govern the asset performance in different industries and lowering operating expenses in enterprises.

Some of the prominent players in the global ITOA 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) and many others.

Check the report summary at Global IT Operations Analytics Market Size, Trends & Analysis - Forecasts to 2026