MarketsandMarkets expects the cognitive operations market 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. Cloud-based cognitive operations solutions offer various benefits including simple deployment, high scalability, and reduced operational cost in terms of connected resources. Organizations prefer the cloud deployment mode, as it is easy to maintain and upgrade. The growing demand for AI-based services for IT operations, increasing end-to-end business application assurance and uptime, and exponentially growing data volumes are expected to provide significant growth opportunities to market players.
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). These players have adopted new product launches, product enhancements, and partnerships as the key growth strategies to offer feature-rich products and services to their customers and penetrate deeper the unserved regions.
IBM, a leading vendor in the cognitive operations market, has adopted various organic as well as inorganic growth strategies to expand its presence in the global cognitive operations market. For instance, in May 2018, IBM partnered with Nlyte Software to offer the first cognitive Data Center Infrastructure Management (DCIM) solution, named Nlyte Machine Learning. By leveraging the cognitive capabilities, such as machine learning from IBM Watson IoT, the solution has been designed with an aim to address issues in data centers. Moreover, in July 2017, IBM launched a new platform called IBM Services Platform, which includes Watson’s capabilities. IBM built the platform on its cloud and designed to help organizations manage and automate their IT operations. The new platform also helps manage hybrid cloud infrastructures.
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Splunk is another market-leading company in cognitive operations market. The company offers Splunk Cloud to help its clients eliminate the need to manage the IT infrastructure. The platform is used to collect, store, and analyze the data. The company also provides Splunk Enterprise, a machine data platform designed to index, collect, search, report, analyze, monitor, alert, and manage the data. Splunk also offers Splunk Light, log search and analysis, and is designed for small IT environments. Splunk has adopted both organic as well as inorganic growth strategies to deliver cognitive operations solutions to several industries. For instance, in June 2018, Splunk acquired VictorOps for delivering information on machine data for preventing, resolving, and monitoring issues that degrade customer engagement. In April 2018, Splunk acquired Phantom Cyber Corporation for helping organizations improve Security Operations Center (SOC) by automating tasks. It could help collaboration and incident response, and orchestrate workflows at machine speed.
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
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