The increasing need for cost-effective analytics solutions is the key factor driving the demand for analytics as a service solutions
The global analytics as a service market size is anticipated to reach over USD 15 billion by 2025. Besides, it is expected to gather a CAGR of nearly 28% during the forecast period 2020-2025. Analytics is a procedure for converting raw data into insightful information. Businesses worldwide are leveraging analytics to gain a competitive advantage in a dynamically changing environment. Analytics has wide applications across various industries. For example, with the help of analytics services weather industry can predict forecast accurately. On the other hand, retailers can leverage analytics to gain a customer as well as product insights.
The existing and future analytics as a service market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the analytics as a service market opportunities throughout the forecast period. Factors such as the increasing need for cost-effective analytics solutions. Also, the growth in the adoption of social media applications is the key factor in boosting global analytics as a service market growth. Moreover, the growing need for advanced technologies to initiate high workloads through the cloud is also fuelling the demand for analytics services. However, the rising data security and privacy concerns are expected to hamper the market growth. Furthermore, the increasing demand for machine-generated data among enterprises is anticipated to generate major opportunities for the market in the upcoming years.
The report also highlights numerous aspects of global analytics as a service industry by evaluating the market through value chain analysis. Besides, the analytics as a service market report covers various qualitative aspects of the analytics as a service industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market competitiveness along with the company profiling of domestic as well as global vendors.
The analytics as a service market has strong competition among the pre-established and new emerging players. Also, the analytics as a service industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the application, the market is segmented into finance, marketing, security, supply chain, IT operations, and others. The marketing segment is expected to gather the highest CAGR during the forecast period. The major reason behind the growth of this segment is the increasing need to analyze the marketing activities and trends in the global market. On the contrary, the finance segment is expected to hold the major market share throughout the forecast period.
The Asia-Pacific region is anticipated to gather the highest growth during the forecast period. The growth of this region is mainly accredited to the growing volume of data through various sources such as social media, IoT, and others in this region. The North America region dominated the overall market in 2019 and it is expected to maintain its position throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the presence of major market players such as AWS, IBM, Microsoft, Google, and others in this region.
The major players of global analytics as a service market are AWS, IBM, Cloudera, SAP, SAS, Microsoft, Google, Oracle, Salesforce, and Sisense. Moreover, the other potential players in the analytics as a service market are Atos, HPE, Teradata, Qlik, and TIBCO Software. The recognized companies are coming up with innovative and advanced analytics services. For instance, in December 2019, Amazon Web Services announced the launch of new analytics abilities such as Amazon Redshift RA3, AQUA (Advanced Query Accelerator), Amazon Redshift Data Lake Export, Amazon Redshift Federated Query, and UltraWarm. These new capabilities provide the flexibility of data storage and innovative analytics solutions to customers.
Segment Overview of Global Analytics as a service Market
Analytics type Overview, 2018-2025 (USD Billion)
- Predictive analytics
- Prescriptive analytics
- Descriptive Analytics
- Diagnostic Analytics
Application Overview, 2018-2025 (USD Billion)
- Supply chain
- IT operations
Organization size Overview, 2018-2025 (USD Billion)
- Large organizations
- Small & Medium Organizations
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America