Global Analytics as a Service Market

Due to the rapid development and evolution of technological tools, it has become possible to deliver solutions as a service. Analytics as a service refers to the delivery of analytics software and services through web-based technologies instead of the traditional method of having an onsite hardware warehouse to collect, store, and analyse the collected data. It is a result of the integration of could computing and analytics solutions.

Analytics as a service includes both cloud-based business intelligence solutions and SaaS (Software-as-a-service)-based social media analytics-as-a-service solutions. The popularity of analytics as a service is growing across various organizations, mainly due to the benefits offered by analytics and the difficulty faced by businesses in setting up analytics processes on their own.

Analytics as a service offers an extensive platform to enable an end-user to store the information onto the platform and retrieve the relevant analytical insights. The cloud-based business intelligence solutions offer business analytics solutions to customers at a lower cost, while SaaS-based social media analytics-as-a-service solutions facilitate the analysing of visitors’ behaviour and trends.

All these factors are increasing the adoption of analytics as a service solutions and services in various industries. Increasing automation and the rising adoption of IoT-enabled devices are creating a massive volume of data, which necessitates the use of analytics solutions so as to discern crucial patterns and insights from the collected data. This will also boost the growth of the global analytics as a service market.

In 2018, the global analytics as a service market was valued at USD 8.38 billion. The global market is projected to grow at a CAGR of 36.55% during 2019 to 2026 and reach a value of USD 101. 29 billion by 2026. The growth of the market will be driven by factors such as the increasing demand for advanced technologies to process high workload through cloud, growing awareness about IoT, a surge in the volume of data in various industries, and the growing adoption of social media applications.

Further, analytics offers optimization of various complex business operations, which goes a long way in increasing profit margins of organizations. It also enables historical data analysis and predictive analytics to prevent or reduce the incidence of asset breakdown and downtime. However, data and security concerns along with the lack of domain-specific expertise and workforce may restrict the growth of the market to some extent.

Geographically, North America is likely to maintain its dominance in the global analytics-as-a-service market due to the presence of several large solution providers and enterprises, and a large number of technical experts. Another region that is expected to register high growth and provide lucrative growth opportunities is the Asia-Pacific region. The growth of this region can be mainly attributed to the growing volume of data generated through social media and IoT.

The major players operating in the global analytics as a service market are, Google, Inc., IBM Corporation, Oracle Corporation, Pythian, Microsoft Corporation, EMC Corporation, Hewlett Packard Enterprise Company, Amazon Web Services (AWS), Computer Science Corporation (CSC), SAS Institute, Good Data Corporation, and Hitachi, Ltd. (Japan).