Analytics as a Service Market Highlights:
The global analytics as a service market has grown substantially over the past few years. The market growth attributes to the rising adoption of AaaS across the industries. Besides, the proliferation of internet of things (IoT) among the business enterprises drives market growth. Also, the surging adoption of social media application increases the analytics as a service market size. Moreover, rising numbers of enterprises worldwide escalate the development of the market.
According to Market Research Future (MRFR), the Analytics as a Service Market is poised to reach over USD 30 BN by 2023, growing at 35% CAGR throughout the forecast period (2017-2023). As enterprises increase their public cloud investments, they demand full visibility into their on-premises & cloud resources for performance and cost optimization, which increases the adoption of these services. AaaS powered by artificial intelligence for IT operations management is the latest trend in the market.
Besides, rising numbers of service providers push the market growth, offering hybrid infrastructure to monitor and improve automation capabilities to prevent outages and service degradations. Additionally, augmenting demand for solutions to maintain and interpret a large volume of data acts as a key tailwind for the market growth. Various advantages offered by AaaS such as predictions based on experiences and capabilities to identify the patterns, which accelerate the market growth.
On the other hand, advanced technologies based on analytical techniques such as machine learning, which are complex and require particular skills is a key factor estimated to hamper the market growth, presenting challenges of lack of domain-specific expertise. Nevertheless, the proliferation of predictive modeling tools, interactive visualization, and automation would support market growth throughout the review period.
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Major Key Players:
Players leading the global AaaS 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.
Global (AaaS) Market Segmentation:
The report is segmented into six dynamics;
- By Component : Solutions (Financial Analytics, Risk Analytics, Customer Analytics, Marketing Analytics, Sales Analytics, Web & Social Analytics, Supply Chain Analytics, Network Analytics, others) and Services (Consulting, Managed Service, and Support & Maintenance).
- By Analytics Type: Predictive, Prescriptive, Diagnostics, Descriptive, and others.
- By Deployment: Public, Private, and Hybrid.
- By Organization: Small-to-Medium Enterprises and Large Enterprises.
- By End-User: BFSI, Retail & E-commerce, Government, Healthcare & Life Sciences, Manufacturing, IT & Telecom, Energy & Utility, Travel & Hospitality, Transportation & Logistics, media & entertainment, and others.
- By Regions: Asia Pacific, Europe, Americas, and the Rest-of-the-World.
Analytics as a Service Market Regional Analysis:
North America dominates the global analytics as a service market. The largest market share attributes to considerable technological advances and the presence of several notable solution providers in the region. Besides, the growing demand for big data solutions increases the analytics as a service market size.
Moreover, large amounts of data accumulation of unstructured data gathering due to the digital revolution across the commercial and industrial sectors foster market growth. Also, the early adoption of cloud-based deployment services positively impacts the development of the market. The North American AaaS market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global in the analytics as a service market. The market is driven by the presence of many industry players and large deployments of data analytics. Additionally, the rising numbers of medium and large enterprises in the region act as a major tailwind for the market growth. High adoption of AaaS solutions across the industrial sector pushes the growth of the regional market, making it easier for industrial verticals to re-structure business functions & strategies. The European AaaS market is presumed to witness significant growth during the assessment period.
The analytics as a service market in the Asia Pacific region is emerging as a profitable market, globally. The regional market has been valued considerably over the past few years. Besides, the increase in demand for a high volume of data storage such as big data and cloud computing increases the analytics as a service market size. India, South Korea, China, and Japan, are the major AaaS markets, driving the regional market growth.
However, The Indian Aaas market is growing rapidly due to substantial foreign investments in setting up IT infrastructure in the country. The APAC AaaS market is anticipated to be the fastest-growing region during the projected period.
Global (AaaS) Market Competitive Analysis:
Highly competitive, the AaaS market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products. They continuously launch products and services in emerging economies to take advantage of their development.
Industry/ Innovation/ Related News:
September 08, 2020 — OpsRamp, Inc.(the US), a modern SaaS platform, announced its partnership with Google Cloud to modernize IT operations management. The deal would enable OpsRamp to access advanced view into Google Cloud roadmaps and host the OpsRamp platform on Google Cloud to deliver hybrid discovery, monitoring, and automation to Google Cloud customers and partners. Enterprise customers of Google Cloud would be able to procure the OpsRamp platform on the Google Cloud Marketplace.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Architecture
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List of Tables
Table1 World Population by Major Regions (2017 To 2022)
Table2 Global Analytics as A Service Market: By Region, 2017-2022
Table3 North America Analytics as A Service Market: By Country, 2017-2022
Table4 Europe Analytics as A Service Market: By Country, 2017-2022
List of Figures
Figure 1 Global Analytics as A Service Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Analytics as A Service Market
Figure 4 Value Chain of Global Analytics as A Service Market
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