According to a new market research report “Cognitive Operations Market by Component (Solutions and Services), Application (ITOA, APM, Infrastructure Management, Network Analytics, and Security Analytics), Deployment Mode, Enterprise Size, Vertical, and Region – Global Forecast to 2023″, published by MarketsandMarkets™, 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.
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Cognitive operations solutions enable organizations to automatically build predictive models by analyzing the data collected from various IT operation tools and devices, thus optimizing IT operations, automating manual and repetitive tasks, and proactively responding to problems in real time. The major factors driving the growth of the cognitive operations market include an increasing need to monitor the complex IT environment, and a growing focus on the adoption of cloud-based cognitive IT operations solutions.
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Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing complexities in the IT environment and a need to analyze growing IT operations data will encourage IT organizations in APAC to deploy cognitive operations solutions. Vendors in the cognitive operations market focus on delivering cognitive operations solutions that help enterprises optimize their IT operation processes and identify system breakdowns and security breaches before they occur.
The cognitive operations market by component has the segments of solutions and services. The services segment is expected to grow at a faster rate during the forecast period. The integration of cognitive capabilities into IT operations management solutions makes the solutions very complex and requires the implementation of sophisticated algorithms for various IT operations. Therefore, to achieve the desired results, cognitive operations solutions require deployment and integration, and support and maintenance services, which would drive the demand for cognitive operations services during the forecast period.
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The cognitive operations market by deployment mode has 2 segments: cloud and on-premises. The cloud deployment mode is expected to grow at a higher CAGR during the forecast period, owing to its various benefits, such as better scalability, reduced operational costs, and ease of deployment.
The cognitive operations market by application covers IT operations analytics (ITOA), application performance management (APM), infrastructure management, network analytics, security analytics, and other applications (log and event management, predictive maintenance, anomaly detection, app experience analytics, and root cause analytics). The security analytics application is expected to grow at the highest CAGR during the forecast period, as the application helps organizations identify the existing and emerging security threats through evidence-based knowledge. On the other hand, the ITOA application will hold the largest market size during the forecast period.
By vertical, the report covers the markets major markets such as 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). Among these, the IT and telecom vertical is expected to grow at the highest CAGR during the forecast period. The IT and telecom vertical has various components, such as carriers, micro services, data centers, and applications, which require monitoring and visibility of IT operations for smooth running of businesses. The vertical uses cognitive operations solutions to gain critical insights from huge volumes of data generated from user networks; and use these insights for identification and prevention of issues, network optimization, customer analytics, as well as for security purposes.
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