Analytics as a Service Market Worth $23,030.0 Million in 2020
DALLAS, July 2, 2015 /PRNewswire/ --
According to a new market research report "Analytics as a Service Market by Solutions (Financial Analytics, Risk Analytics, Customer Analytics, Marketing Analytics, Sales Analytics, Web & Social Media Analytics, Supply Chain Analytics, Network Analytics, & Others) - Global Forecast to 2020", published by MarketsandMarkets, Analytics as a Service Market is projected to grow from $4,230.0 Million in 2015 to $23,030.0 Million in 2020, at a CAGR of 40.3% during the forecast period.
Browse 71 market Tables and 48 Figures spread through 149 Pages and an in-depth TOC on "Analytics as a Service Market"
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The market report defines and segments the analytics-as-a-service market into various sub-segments with an in-depth analysis and market size estimation
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The report also identifies the factors driving this market, the restraints, opportunities, and challenges impacting it along with the technology roadmap and adoption trends. The report also emphasizes on the key adoption trends, evolution of analytics-as-a-service, future opportunities, and business cases in this innovative market.
MarketsandMarkets broadly segments the Analytics as a Service Market in solutions including financial analytics, risk analytics, customer analytics, marketing analytics, sales analytics, web and social media analytics, supply chain analytics, network analytics, and others; and services including consulting services, managed services, and support and maintenance services. The overall Analytics as a Service Market is also segmented into various industry verticals including banking, financial services, and insurance (BFSI), retail and wholesale, telecommunications and IT, energy and utilities, transportation and logistics, government, manufacturing, healthcare and life sciences, travel and hospitality, media and entertainment, and others. The overall analytics-as-a-service market has been segmented into regions including North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America.
The major forces driving this market are lower total cost of ownership and increased business agility and scalability. The increasing demand for on-demand analysis of dynamic business events has led to the increasing adoption of analytics as a service by large enterprises and small and medium businesses (SMBs) around the world. As analytics as a service eliminates the need to implement and manage analytics infrastructure on-premises, it helps organizations cut preventable losses, generate more revenue by increasing operational efficiency, and create new opportunities. These factors have resulted in an increasing demand for analytics as a service to analyze critical business situations on-demand as soon as they occur.
Companies such as SAS Institute (U.S.), IBM (U.S.), Oracle (U.S.), Computer Sciences Corporation (U.S.), and Hewlett-Packard (U.S.) are some of the active key players in the market. These players are consolidating their grounds in the highly competitive market through new product developments to build feature-rich solutions and attain better market visibility. Companies in this market are building up strategic partnerships to combine individual offerings into a multi-faceted solution suite for the expanding customer base.
There are various assumptions that have been taken into consideration for the market forecast and analysis. Few of global assumptions include political, economic, social, technological and economic factors; for example, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC region.
MarketsandMarkets forecasts the Analytics as a Service Market to grow from $4,230.0 Million in 2015 to $23,030.0 Million in 2020, at a CAGR of 40.3% during the forecast period. In terms of regions, North America is expected to be the largest market in terms of the market size, while Asia-Pacific (APAC) is expected to experience increased market traction, during the forecast period.
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