Analytics as a Service Market Research Report by Forecast to 2023

Posted by Kiran on November 13th, 2019

Analytics as a Service Market Highlights:

The analytics as a service has been growing rapidly, mainly due to advancement in technology. According to Market Research Future (MRFR), the global analytics as a service market is forecasted to reach over USD 30 BN by 2023. MRFR states that the market would register a whopping CAGR over 35% during the forecast period (2017-2023). The emergence of social media analytics is a major growth driver of the market.

Over the past few years, the number of businesses is multiplying rapidly, and so is augmenting the need for data analysis for competitive advantage. This drives the growth of the market, substantially. Besides, the increasing awareness of the internet of things (IoT) among the business enterprises and surging adoption of social media application foster the growth of the market.

With the increasing usages of connectivity technology, the creation and consumption of data continue to grow by leaps and bounds and along with it, increases the investment in analytics services. The accumulation of vast data sets is one of the reasons deep learning, a subset of artificial intelligence (AI), has emerged as the hottest tech trend. Enterprises with deep pockets are investing in the acquisition of AI hardware & software.

Rising interest and investment in AI, would, in turn, lead to the emergence of new tools for collecting and analyzing data and new businesses roles and responsibilities. Moreover, the proliferation of deep learning and machine learning concepts are propelling the growth of the market. A rapid increase in the number of social media sites has shaped up an surge demand to track user interactions on these sites.

On the other hand, advanced techniques based on analytics, such as machine learning are complex and require a specific skill set. This lack of domain-specific expertise  is expected to pose challenges in the growth of the analytics as a service market over the next few years. Nevertheless, predictive modeling tools that have been growing tremendously accompanied by interactive visualization and automation are likely to support the growth of the market.

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Major Key Players:

Players leading the analytics as a service market include Oracle Corporation (US), IBM Corporation (US), 1010 Data Inc. (US), Google Inc. (US), Hewlett-Packard Enterprise (US), Amazon (US), Hitachi, Ltd. (Japan), EMC Corporation (US), SAS Institute (US), Cloudera, Inc. (US), and Good data Corporation (US), among others.

Analytics as a Service Market Segmentation:

The report is segmented into six key market dynamics to widen the scope of understanding,

  •          By Component: Solutions (risk analytics, financial analytics, customer analytics, sales analytics, marketing analytics, web & social analytics, supply chain analytics, network analytics, and others) and Services (consulting, managed service, and support & maintenance).
  •          By Analytics Type: Predictive, Prescriptive, Descriptive, and Diagnostics, among others.
  •          By Deployment: Public, Private, and Hybrid.
  •          By Organization Size: Large Enterprises and Small & Medium Enterprises (SMEs).
  •          By End-user: BFSI, Retail & E-commerce, Government, Healthcare & Life Sciences, Manufacturing, IT & Telecom, Energy & Utility, Travel & Hospitality, Transportation & Logistics, and Media & Entertainment, among others.
  •          By Regions: Asia Pacific,North America, Europe, and the Rest-of-the-World.

Analytics as a Service Market Regional Analysis:

North America is dominating the global analytics as a service market with the largest share. The presence of a number of solution providers and growing demand for big data are two of the key factors driving the growth of the regional market. Due to the technological advantage, the region presumed to have a significant increase in the analytics as a service market.

The analytics as a service market in the European region accounts for substantial revenues and has been valuing exponentially year after year. The growing number of enterprises alongside the burgeoning healthcare and manufacturing industries, drive the regional market.

Analytics as a Service Market Competitive Analysis:

Highly competitive, the analytics as a service market appears fragmented, adorned by numerous well-established players. 

These players strive to expand their reach in developing economies to the to take advantage of the economic growth in these regions.  Key players adopt aggressive marketing strategies such as innovation, mergers & acquisitions, and brand reinforcement.

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