BANGALORE, India, July 9, 2020 /PRNewswire/ -- Analytics-as-a-Service (AaaS) provides subscription-based data analytics software and procedures through the cloud. AaaS uses data mining, predictive analytics, and AI to effectively reveal trends and insights from existing data sets. These solutions offer businesses an alternative to developing internal hardware setups just to perform business analytics.
The global analytics as a service market size was valued at USD 9.62 Billion in 2018 and is projected to reach USD 126.48 Billion by 2026, registering a CAGR of 38.1% from 2019 to 2026.
AaaS solutions allow data experts to understand diverse trends, such as identifying opportunities for financial growth, financial benchmarking against industry standards, and identifying financial implications. These factors are expected to further boost the Analytics as a Service market size.
The report focuses on the growth prospects, restraints, and trends of the analytics as a service market analysis. The study provides Porter's five forces analysis to understand the impact of various factors, such as suppliers' bargaining power, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and buyers' bargaining power on the global market.
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TRENDS INFLUENCING THE ANALYTICS AS A SERVICE MARKET SIZE
The growth of the analytics-as-a-service market is fuelled by factors such as the rise in adoption of social media applications and continuous increase in demand for advanced technologies to process high workload through the cloud. Moreover, lower ownership costs associated with analytics services are also one of the major factors driving the growth of the Analytics as a Service Market.
AaaS solutions and services help businesses store, manage, and predict data for effective business decisions. Furthermore, AaaS can increase operational efficiencies and cut costs. Companies adopt AaaS software and services as it helps them analyze marketing activities, which, in effect, allows them to maximize RoI. These advantages are expected to increase the AaaS market size.
The use of machine-generated data across numerous vertical industries is expected to provide opportunities for the growth of analytics as a service market in the years ahead.
ANALYTICS AS A SERVICE MARKET SHARE ANALYSIS
During the forecast period, the marketing analytics segment is expected to rise to the highest CAGR. AaaS solutions can allow businesses to increase operational efficiencies and cut costs. Companies are adopting AaaS software and services as it helps them analyze marketing activities, which, in effect, allows them to maximize RoI. AaaS solutions and services help businesses store, manage, and predict data for effective business decisions.
The BFSI segment is expected to hold the largest AaaS market share. This segment's growth is largely due to the growing utilization of Analytics-as-a-Service capabilities to better understand their customers and their need to upgrade their services.
North America is expected to hold the largest AaaS market share in terms of revenue. This dominance of North America is due to a surge in demand for analytics platforms and the presence of major market players in this region.
Asia Pacific is expected to witness the highest growth rate during the forecast period. The primary driving force for the Asia Pacific market is the increase in data volume across various platforms such as mobile devices, social media, and the Internet of Things ( IoT).
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By Analytics Type
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Descriptive Analytics
By Deployment Type
- Private Cloud
- Public Cloud
- Hybrid Cloud
By Industry Vertical
- Government & Public Sector
- IT and Telecommunication
Key Market Players Profiled in the Report
- Amazon Web Services, Inc.
- GoodData Corporation
- Google LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- SAS Institute
- TIBCO Software Inc.
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SIMILAR REPORTS :
- Big data as a Service Market
In 2018, the global big data as a service market size was 4.99 Billion, and it is expected to reach 61.42 Billion by the end of 2026, with a cagr of 36.9% during 2019-2025.
Factors that drive the growth of Big Data as a Service market size are rising demand in industries to obtain actionable insights and increasing organizational data across industries as a result of digitization and business process automation.
This report studies the global Big data as a Service market size, industry status and forecast, competition landscape, and growth opportunity. This research report categorizes the global Big data as a Service market by companies, region, type, and end-use industry.
- Predictive Analytics Market
The Global Predictive Analytics Market size is projected to reach USD 5765.8 Million by 2026, from USD 5077.9 Million in 2020, at a CAGR of 12.5%% during 2021-2026.
Predictive analytics uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions.
- Prescriptive Analytics Market
The Global Prescriptive Analytics Market size was valued at USD 1,968.4 Million in 2018 and is projected to reach USD 12.35 Billion by 2026, growing at a CAGR of 26.6% from 2019 to 2026.
The prescriptive model is widely used to gain recommendation insights associated with actions that can take advantage of the predictions. Due to its ability to measure the impact of potential decisions and provide guidance on possible outcomes, the Prescriptive Analytics Market is expected to widespread adoption.
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