Rise in adoption of social media applications, increase in demand for advanced technologies to process high workload through cloud, and lower cost of ownership drive the growth of the global analytics as a service market.
On the other hand, data security and privacy issues hinder the growth to certain extent. Nevertheless, surge in use of machine generated data is expected to provide an array of lucrative opportunities for the key players in the industry.
As per the exclusive report published by Allied Market Research (AMR), the global analytics-as-a-service industry was pegged at $9.62 billion in 2018 and is anticipated to hit $126.48 billion by 2026, registering a CAGR of 38.1% from 2019 to 2026.
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Based on component, the solution segment contributed to nearly two-thirds of the global analytics as a service market share in 2018, and is expected to dominate throughout the forecast period. Increase in need to accurately evaluate the existing business environment and forecast future trends is driving the growth of this segment.
The service segment, on the other hand, would grow at the fastest CAGR of 40.3% by the end of 2026. Growing need to ensure the effective functioning of software and platforms throughout the analytics process is the key factor boosting the growth of this segment.
Based on deployment type, the public cloud segment accounted for nearly half of the global analytics as a service market revenue in 2018, and is anticipated to rule the roost during the estimated period. Rise in demand for faster data processing, efficient resource utilization, and cost-effective deployment solutions are fueling the growth for this segment.
At the same time, the hybrid cloud segment would register the fastest CAGR of 43.0% from 2019–2026. Increasing need for more computational power and analytics services among organizations is fueling the demand for hybrid cloud deployment.
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Based on geography, North America held the largest share in 2018, generating nearly half of the global analytics as a service market. This is due to the presence of major market players in this region.
Simultaneously, the region across Asia-Pacific would cite the fastest CAGR of 44.4% during the study period, owing to rising demand among organizations to offer enhanced customer services for users in this region.
The key market players in the report include Accenture, Atos SE, Google, Inc., Amazon Web Services (AWS), Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc., and Hitachi Solutions, Ltd.
Key Benefits for Analytics as a Service Market:
- This study presents the analytical depiction of the global analytics as a service market trends and future estimations to determine the imminent investment pockets.
- A detailed analysis of the segments measures the potential of the market. These segments outline the favorable conditions for the market.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
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