Rise in the adoption of social media applications, the increase in demand for advanced technologies to process high workloads through the cloud, and the 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 growth to a certain extent. Nevertheless, the surge in the use of machine-generated data is expected to provide an array of lucrative opportunities for the key players in the industry.
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According to the report, the global analytics as a service industry was estimated at $9.62 billion in 2018 and is expected to hit $126.48 billion by 2026, registering a CAGR of 38.1% from 2019 to 2026.
The global analytics as a service market is segmented on the basis of component, analytics type, deployment type, industry vertical, and region.
Based on the component, the market is bifurcated into solutions and services. 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. On the other hand, the service segment would grow at the fastest CAGR of 40.3% by the end of 2026.
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Based on the deployment type, the market is classified into a private cloud, public cloud, and hybrid cloud. 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. Contrarily, the hybrid cloud segment would register the fastest CAGR of 43.0% from 2019 to 2026.
Based on geography, the analytics as a service market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share in 2018, generating nearly half of the global AaaS market. Simultaneously, the region across Asia-Pacific is expected to manifest the fastest CAGR of 44.4% during the study period.
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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.
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