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. 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.
The log management solution to hold a larger market size during the forecast period
The ITOA market 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.
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The BFSI end user to hold the largest market size during the forecast period
The ITOA market 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.
According to MarketsandMarkets, ITOA refers to the process of analyzing, managing, and recognizing patterns out of high volume of Information Technology (IT) data. ITOA technologies are applied to identify issues before they occur; thus, these technologies can enhance the performance and efficiency of IT operations. Hence, traditional tools of monitoring IT data are being replaced by next-generation ITOA technologies such as AI, Machine Learning (ML), and big data to manage a huge amount log data. The increased demand for analyzing of huge chunks of data to extract valuable information out of big data started gaining traction. Recent advances in the ITOA market includes log data aggregation, summarizing, and visual analytics and interactive dashboards are enhancing business operations for extracting data insights.
Some of the key players operating in the 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), 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). These ITOA vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global ITOA market.
Splunk (US) was founded in 1979 and is headquartered in California, US. The comapny provides innovative software solutions helping organizations gain real-time data insights. Its solutions and services offerings cater to various segments, including IT, security, IoT, and business analytics. Th company offers various solutions across categories, such as IT, Security, DevOps, and IoT. Splunk offers Data-to-Everything platform that enables users to investigate, monitor, analyze, and act on data regardless of format or source. Splunk enables customers leverage offerings for various use cases, including infrastructure and operations management, security and compliance, software development and IT operations, applications management and business analytics, and to provide insights into data generated by IoT and industrial data, among various others. Splunk offers Splunk IT Service Intelligence that uses ML to monitor the health and key performance indicators of critical IT and business services. In the ITOA market, the company offers AI Ops Platform that enables organizations to monitor, search, analyze, visualize, and act on massive streams of real-time and historical machine data, from any source, format, or location. As the COVID-19 pandemic continues to affect the world, Splunk is focused on helping individuals and organizations track the pandemic and respond with a data-driven approach
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Micro Focus (UK) was founded in 1976 and is headquartered in Berkshire, UK. The company offers infrastructure software solutions. It is focused on powering customers’ digital transformation with solutions spanning four key areas: Enterprise DevOps, Hybrid IT Management, Security, Risk and Governance, and Predictive Analytics. It offers products for analytics and big data, application delivery management, application modernization and connectivity, business continuity, collaboration, information management and governance, operations management, and security. The company has a presence in the Americas, Europe, MEA, and APAC. In September 2017, Micro Focus completed the acquisition of HPE’s software business. The new, combined company, drives customer-centered innovation at enterprise scale to deliver software solutions across hybrid IT. Micro Focus combines a wide range of trusted and proven products and solutions with customer-centric innovation to deliver the speed, agility, security, and insights necessary to succeed in today’s rapidly evolving marketplace. Micro Focus ITOM solutions simplify the complexity of managing hybrid IT environments. They are built to accelerate the service fulfilment life cycle, strengthen IT service assurance and governance, and help business users easily engage with IT. The operates across regions, including North America, APAC, Europe, and Latin America.
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