The global Analytics as a Service (AaaS) Market is expected to grow with a CAGR of 37.5 % during the forecast period. Analytics as a service solution are gaining significant importance among corporates, due to increased ability of the Analytics as a Service to process huge workload through the cloud, lower cost of ownership, and business intelligence maturation. The increasing adoption of AaaS services and solutions by various industries is increasing the demand for the market in recent years.
The increasing adoption of data analytics by organizations is driving the growth of the AaaS market in recent years. Data analytics operations include data profiling, data extraction, data cleansing, and others. Data cleansing helps in detecting and clearing errors from data sets, which in turn, improves the data quality of an organization. Based on these, organizations are adopting data analytics to understand customer acquisition, consumption patterns, and other factors to save cost and increase revenue. Owing to these benefits, there is a rise in demand for data analytics, which is driving the growth of the AaaS market in recent years.
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In addition to this, the increasing adoption of social media applications, coupled with a rise in demand for advanced technology to process high workload through the cloud, is propelling the growth of the AaaS market. However, data security and increasing complexity of analytical workflow are obstructing the growth of the AaaS market.
The increasing adoption of predictive analytics solutions by BFSI sectors is creating opportunities for the AaaS market during the forecast period. This solution helps the financial service provider to find fraudulent transactions, inaccurate credit applications, and others. At the same time, an increase in the use of machine-generated data by various industries is also creating opportunities for the market during the forecast period.
The major vendors operating in the Analytics as a Service market are EMC Corporation, Pythian, Google, Inc., Microsoft Corporation, IBM Corporation, Computer Science Corporation (CSC), Oracle Corporation, Hewlett Packard Enterprise Company, Amazon Web Services (AWS), SAS Institute, and others.
Companies involved in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share. For instance, in May 2017, Pythian, a technology service company, announced the launch of Kick Analytics as a Service solution. The solution is used to gather multi-source and multi-format data together in the cloud from both internal and external sources, which empowers businesses to derive value and access insights from their data.
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