The global cognitive operations market size to grow at a CAGR of 24.4% during the forecast period
The global cognitive operations market size is expected to grow from USD 7.27 billion in 2018 to USD 21.67 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 24.4% during the forecast period. The major growth factors for the market include the growing need to monitor the complex IT environment, and an increasing focus on the adoption of cloud-based cognitive IT operations solutions. Cognitive operations solutions enable organizations to automatically build predictive models by analyzing the data collected from various IT operations tools and devices, thus optimizing IT operations, automating manual and repetitive tasks, and proactively responding to problems in real time.
However, for Small and Medium-sized Enterprises (SMEs), it becomes a challenge to invest a huge capital for developing solutions. Therefore, budget constraints may restrain the growth of cognitive operations market.
Security analytics application to register the fastest growth rate during the forecast period
Based on applications, the cognitive operations market has segments of IT operations analytics (ITOA), application performance management (APM), infrastructure management, network analytics, security analytics, and others (log and event management, predictive maintenance, anomaly detection, app experience analytics, and root cause analytics). As security analytics applications enable organizations to identify the emerging security threats with the help of evidence-based knowledge, the demand for these applications will grow among enterprises to quickly respond to the emerging threats.
Asia Pacific (APAC) to register growth at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR in the global cognitive operations market during the forecast period. Major growth factors for the market in APAC include the increasing complexities in IT environment, growing adoption of cognitive operations solutions in the Banking, Financial Services, and Insurance (BFSI) vertical for optimizing the IT operations processes, and a growing demand to deliver an enhanced customer experience across all the major industry verticals. North America is expected to hold the largest market size during the forecast period, owing to the growth in Research and Development (R&D) and advancements in the cognitive technology.
In the process to determine and verify the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
- By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level – 23%, Director Level – 41%, and Others – 36%
- By Region: North America – 24%, Europe – 45%, APAC – 25%, and RoW – 6%
Major vendors in the global cognitive operations market include IBM (US), Splunk (US), CA Technologies (US), Micro Focus (UK), VMware (US), HCL Technologies (India), AppDynamics (US), BMC Software (US), New Relic (US), Appnomic (India), CloudFabrix (US), Loom Systems (US), Dynatrace (US), Zenoss (US), Ymor (US), Devo (US), Logz.io (US), ServiceNow (US), Corvil (Ireland), Interlink Software Services (UK), Correlata (Israel), ScienceLogic (US), Sumo Logic (US), RISC Networks (US), and Bay Dynamics (US).
The report segments the global cognitive operations market by component (solutions and services), deployment mode, application, enterprise size, vertical, and region. Cognitive operations solutions help providers of Artificial Intelligence (AI), cognitive, and analytics solutions and services, government agencies, consulting firms, independent software vendors, cloud service providers, Information Technology (IT) directors/managers, system integrators, Managed Security Service Providers (MSSPs), and value-added resellers to solve various IT operations problems and optimize the IT operations processes. The deployment modes in the cognitive operations market are cloud and on-premises. Cognitive operations applications are IT operations analytics (ITOA), application performance management (APM), infrastructure management, network analytics, security analytics, and others (log and event management, predictive maintenance, anomaly detection, app experience analytics, and root cause analytics). The verticals segment includes BFSI, healthcare and life sciences, IT and telecom, retail and ecommerce, manufacturing, government, media and entertainment, and others (energy and utilities, transportation and logistics, and education). The report covers 4 major regions: North America, Europe, APAC, and the Rest of the World (RoW).
Reasons To Buy the Report
The report helps the market leaders and new entrants in the cognitive operations market in the following ways:
- The report segments the market into various subsegments; hence, it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and its subsegments.
- The report helps understand the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
- The report helps better understand competitors and gain more insights to strengthen organizations’ position in the market. In addition to this, the report presents the positioning of the key players based on their product offerings and business strategies.