Sep 23, 2020 9:52 AM ET
iCrowd Newswire – Sep 23, 2020
Zion Market Research has published a new report titled “Analytics as a Service Market by Component (Solutions and Services), By Deployment Mode (Public Cloud, Private Cloud and Hybrid Cloud), By Organization Size (SME’s and Large Enterprises) by Industry Vertical (BFSI, Retail, Telecommunications and IT, Healthcare, Manufacturing, Government and Defense, Media and Entertainment and Other) -Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2025.” According to the report, the market for analytics as a service market was valued USD 3.57 Billion in 2018 and is expected to reach around USD 15.40 Billion by 2025, at a CAGR approximately 23.20% for the forecast period from 2020 to 2026.
Analytics as a service refers to analytics operations and software through web delivered technologies. These types of solutions offer organizations a substitute for developing internal hardware only to perform business analytics.
The analytics as a service market is anticipated to witness notable growth in the expected timeframe, owing to the rising awareness of IoT devices amongst industries, the rising need to cope up with the workload, with lesser infrastructure investment along with increasing adoption of big data analysis solutions to analyze data to make decision making process faster. The marketing analytics under solution segment is anticipated to witness growth at a substantial rate in the anticipated period. Analytics as service solutions will be able to help companies in increasing operational efficiencies thereby reducing costs associated with analytics.
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Many companies are adopting analytics as service solutions to support and help in analyzing marketing activities, which further supports in optimizing RoI. These solutions help business stores in managing and predicting data for analysis and to enhance business decisions. Several companies are executing solutions and services to estimate their business process and also enhancing operations. It also assists the organizations in maintaining the right balance between speed, operational cost, quality, and flexibility. The financial analytics segment is anticipated to hold a significant share in the market during the forecast period. These solutions enable the experts to understand various trends, such as financial benchmarking from industry standards perspective, financial growth opportunities along with financial implications.
The market for analytics as a service is segmented into component, deployment mode and organization size, industry vertical. The public cloud under deployment mode segment is anticipated to have significant growth in the projected period. The major players in the analytics as a service market provide cloud-based solutions to increase profit margin and automate the maintenance process for equipment. The public segment will grow owing to the benefits it offers such as maintenance of generated data, agility, scalability, flexibility and efficient management of these solutions.
On the basis of region, North America is expected to hold a substantial share in the analytics as a service market during the projected period. The region is the most significant contributor to the AaaS market in the estimated time frame. The growth in the region can be attributed to the rapid adoption of big data, and the presence of major players in analytics as a service market. Furthermore, the increasing adoption of IoT along with the presence of developed countries like the U.S and Canada in the region is another reason for market growth. This is anticipated to support growth in the regions.
Major market players of analytics as a service market are Google, Microsoft, Oracle, AWS, SAP, IBM, Salesforce, Teradata, SAS Institute and TIBCO Software among others.
This report segments the global analytics as a service market as follows:
Global Analytics as a Service Market: Component Segment Analysis
- Financial Analytics
- Risk Analytics
- Marketing Analytics
- Web Analytics
- Supply Chain Analytics
- Security Analytics
- IT Operations Analytics
- Managed Services
- Professional Services
Global Analytics as a Service Market: Deployment Mode Segment Analysis
- Public Cloud
- Private Cloud
- Hybrid Cloud
Global Analytics as a Service Market: Organization Size Segment Analysis
- Large Enterprises
Global Analytics as a Service Market: Industry Organization Size Segment Analysis
- Banking, Financial Services, and Insurance
- Retail and Ecommerce
- Telecommunications and IT
- Government and Defense
- Media and Entertainment
Global Analytics as a Service Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Keywords: Analytics as a Service Market