Increase in adoption of social media applications, rise in demand for advanced technologies to process high workload through the cloud, and lower cost of ownership propel the growth of global analytics as a service market.
On the other hand, data security and privacy issues impede the growth to a certain extent. Moreover, an increase in use of machine-generated data is expected to offer an array of lucrative opportunities to the market, in the coming years.
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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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.
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.
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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