The convergence of IT operations and security analytics and surge in adoption of cloud-based infrastructures drive the growth of the IT operation analytics market. However, the limited investments by organizations to upgrade the prevailing IT system is expected to hamper market growth. On the contrary, the proliferation of Internet of Things (IoT) devices and edge computing is anticipated to provide lucrative development opportunities for the IT operation analytics market in the forthcoming years.

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Covid-19 Scenario

► The pandemic accelerated the digital transformation efforts of many businesses. As organizations rapidly adopted remote work arrangements, online services, and digital platforms, the complexity and volume of IT infrastructure grew significantly. This created a greater need for advanced analytics tools to monitor, manage, and optimize these complex IT environments effectively.

► Overall, ITOA solutions had played an important role in improving business continuity and resilience by providing visibility into IT performance and identifying inefficiencies for cost optimization. In addition, the increased demand for cloud-based services during the pandemic prompted IT operation analytics providers to expand their cloud-based offerings. Therefore, the COVID-19 pandemic had a positive impact on the IT operation analytics market.

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Based on type, the root cause analytics segment held the highest market share in 2022, accounting for more than one-third of the global IT operation analytics market revenue and is estimated to maintain its leadership status throughout the forecast period. Increasing IT operations data, a number of sensors for fault diagnosis, and the number of Internet of Things (IoT) devices has led to an increase in the demand for root cause analytics in enterprises. The root cause is the primary reason for the drop in the quality or the overall device/equipment effectiveness of an asset. The use of analytics in this domain has gained prime importance. However, the predictive analytics segment is projected to manifest the highest CAGR of 35.9% from 2023 to 2032, Predictive analytics helps by analyzing vast amounts of data and by providing meaningful insight into the problems thus leading to proactive planning, decision-making, and actions. Therefore, these trends are expected to drive the growth of the IT operation analytics market.

Based on end user, the BFSI segment held the highest market share in 2022, accounting for more than one-fourth of the global IT operation analytics market revenue, owing to the increasing adoption of analytics solutions by banking and financial companies for their in-house operations. Operational analytics is likely to help banks in risk management, fraud management, and customer understanding to develop and retain a profitable customer base. However, the manufacturing segment is projected to manifest the highest CAGR of 38.6% from 2023 to 2032, as ITOA provides manufacturers with actionable insights derived from data analysis. These insights can inform decision-making processes, such as optimizing production schedules, improving supply chain management, and enhancing overall operational efficiency.

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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global insurance chatbot market revenue, owing to increasing adoption of cloud computing across the region provides opportunities for vendors to provide ITOA solutions. Furthermore, with the growth of IIoT across Industry 4.0 platform, ITOA is gaining traction within hybrid IT operations environment. However, the Asia-Pacific region is expected to witness the fastest CAGR of 36.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the increasing awareness of operational analytics among enterprises in emerging countries such as China and India. The growing popularity of cloud computing and the adoption of IoT and smart technologies are the key growth drivers expected to boost the regional ITOA market.

Leading Market Players: -

► Oracle

► IBM

► Cisco Systems, Inc.

► SAS Institute Inc.

► Broadcom

►Microsoft

► Hitachi, Ltd.

► Micro Focus

► BMC Software, Inc.

► SAP SE

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