The analytics-as-a-service market is estimated to grow from USD 4.76 Billion in 2016 to USD 23.49 Billion by 2021, at a high Compound Annual Growth Rate (CAGR) of 37.6% during the forecast period.
Analytics-as-a-service solutions and services are gaining a significant importance among the corporates due to increased ability of technologies to process huge workload through cloud, business intelligence maturation, and lower cost of ownership.
Hence, the adoption of analytics-as-a-service solutions and services in various industries is increasing, which is one of the major growth factors of the market.
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The report provides detailed insights into the global analytics-as-a-service market, which is segmented by solutions, services, deployment model, organization size, analytics types, vertical, and region.
The solutions segment holds higher market share and is gaining significant importance among corporates as companies are majorly deploying analytics-as-a-service solutions in order to analyze the data being generated in an organization.
In terms of services, consulting services is to dominate the analytics-as-a-service market and expected to contribute the largest market share, whereas managed services to grow at the highest rate during the forecast period. Hybrid cloud deployment model has been adopted more as compare to private and public cloud.
Due to data security and privacy concerns, companies are using hybrid cloud approach as it lets the organizations to keep the data confidential with private cloud, as well as accessible with public cloud.
Among analytic types, descriptive analytics have shown highest market share as it allows the organizations to learn from past behaviours and understand how they might influence future outcomes. Moreover, BFSI industry have shown highest market share in vertical segment as the industry is harnessing the power of analytics-as-a-service to better understand their customer and accordingly update their services.
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The report covers all the major aspects of the analytics-as-a-service market and provides an in-depth analysis across the regions of North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The market in North America is expected to hold the largest share of the market.
The APAC region is projected to have great opportunities in this market and would grow at the highest CAGR by 2021. This is due to the massive growth of data through various channels such as social media, mobile computing, and IoT in this region.
However, data security & availability issues and increasing complexities of analytical workflow are acting as the restraining factors for the market. There are still few organizations stuck with the on-premise solutions because of its affordability and preservice of data confidentiality.
Hence, most of the organizations are reluctant to move their organizational data to cloud. Moreover, the analytical work flow includes lots of complex process.
It could be data identification, data preparation, setting parameters, defining business rules, execution, data modelling, and visualization. Hence analytics-as-a-service vendors are innovating with their product portfolio to manage this obstacle of handling complexity.
Most of the vendors have adopted agreements, collaborations, and partnerships as its key strategy to enhance its client base and customer experience. For, instances, in October 2014, IBM Corporation and Twitter partnered to enhance the integration of the expansive data of Twitter with IBM Analytics services on cloud.
New product development has also been adopted by top players to innovate in this market space. For example, In October 2015, Oracle launched Oracle Analytics, an expanded set of analytics.
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