IT Operations Analytics (ITOA) is used to monitor systems and collect, process, analyze and infer data from multiple sources of IT operations to assist users in decision-making and identifying potential threats. Operation analytics has become a strategic priority for organizations owing to the digitization efforts undertaken by incumbents belonging to different industry verticals.
With the rapidly changing IT industry and increased complexity of IT environments, a huge amount of operational data is generated. Earlier, enterprises used to rely on traditional data analytic tools that were not efficient and led to low ROI for large operational data.
With the introduction of ITOA solutions, organizations could analyze operational data effectively to derive meaningful insights. ITOA solutions help organizations to quickly discover the root-cause of IT system performance, problems and analyze them in a more scalable and cost-effective manner.
Organizations can deploy these solutions to analyze significant amounts of operational data obtained from different applications. Deploying ITOA solutions with real-time analytical capabilities provides better analytical results.
The major vendors offering ITOA solutions and services are Oracle (US), IBM (US), SAP (Germany), Micro Focus (UK), Splunk (US), Hitachi (Japan), SAS Institute (US), Broadcom (US), Microsoft (US), SolarWinds (US), and Cisco (US).
Top three end users in the ITOA market include BFSI, retail and consumer goods and telecom.
The BFSI segment held the largest market share of around 25% in 2019 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. Moreover, services such as digital wallets, payment gateways, online payments, and blockchain technology are likely to play an important role in automating complex workflow structures and facilitating the adoption of IT operation analytics solutions.
The global IT Operations Analytics (ITOA) market size is expected 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%.
Market study states that the use of predictive analytics for operational functions can enable the global manufacturing industry to save up to USD 700 billion over the next two decades.
Credits : Akhil Handa