The global analytics as a service market is predicted to expand at 35 % CAGR over the assessment period (2017-2023) owing to the increasing awareness of IoT. Analytics as a service works as an extensible platform working through cloud-based deployment through which several analytical tools are restructured to process and interpret huge amount of heterogeneous data.
Analytics as a Service Market offer services based on subscription models. It ingests information and data from several sources and integrates into a fully-managed data center.
Some of the key players operating the global market for analytics as a service are Hewlett-Packard Enterprise (U.S.), Hitachi Ltd. (Japan), Oracle Corporation (U.S.), 1010 Data Inc. (U.S.), SAS Institute (U.S.), Amazon (U.S.), Google Inc. (U.S.), EMC Corporation (U.S.), IBM Corporation (U.S.), Good data Corporation (U.S.), Cloudera Inc. (U.S.), and more.
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Future Drivers and Constraints Impacting the Market
Analytical operations are developed using an expandable collection of services that use analytical algorithm based on machine learning concepts and deep learning. With the growing awareness of Internet of Things among the business enterprises along with the adoption of social media application at a high pace is stimulating the analytical services market over the assessment period. Moreover, demand for huge amount of data which requires to be stored and efficient interpretation are expected to gain popularity over the review period. Analytics as a service helps provides individuals personalized access to the central information data groups which eliminates delays faced by data scientists, business analysts, and other information users.
This is expected to affect the market positively over the review period. Lower ownership cost and increasing demand for advanced technologies are also expected to spur the market growth over the review period.
On the flip side, security and data concerns along with the availability of complex analytical workflow are hindering the market growth over the review period. Besides, advanced technologies based on analytical techniques are complicated and requires a particular set of skills. Lack of domain-specific knowledge is also anticipated to inhibit the market growth over the forecast period.
Analytics as a Service Market Segmentation:
- The global analytics as a service market has been segmented based on analytics type, component, deployment, end-user, organization size, and region.
- By mode of component, the global analytics as a service market has been sub-segmented into services and solutions. Among these, the solutions segment is further categorized into sales analytics, risk analytics, financial analytics, marketing analytics, supply chain analytics, network analytics, customer analytics, web and social analytics, and others.
- By mode of service, the global analytics as a service market has been segmented into support and maintenance, managed service, and consulting.
- By analytics type, the market has been segmented into diagnostics, predictive, descriptive, and prescriptive. The deployment type has been segmented into private, public, and hybrid.
- By mode of organization size, the global market has been segmented into small, medium, and large enterprises.
- By mode of end-users, the global market has been segmented into energy and utility, healthcare & life sciences, travel & hospitality, retail & e-commerce, media & entertainment, manufacturing, transportation and logistics, IT & telecom, government, BFSI, and others.
Geographically, the analytics as a service market spans across four regions such as Asia Pacific, North America, Europe, and Rest-of-the-World.
Among all the regions, North America is predicted to showcase a significant growth rate owing to the increasing demand for big data and the presence of a high number of solution providers. The growth of machine-to-machine communication has created opportunities for cloud solutions in this region, with US being one of the largest markets in the world.
Asia Pacific is also presumed to grow at the fastest pace during the forecast period. Countries like China, Japan, India, and South Korea are the leading regions in this market. Growing demand for high volume of data storage like cloud computing and big data are fuelling the market in this region. Moreover, India is considered to be the fastest growing economy due to high investment to set up IT infrastructure in the country.
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