Analytics as a Service Market to Reach $126.48 Billion, Globally, by 2026 at 38.1% CAGR: Allied Market Research
Increase in adoption of social media applications, rise in demand for advanced technologies to process high workload through cloud, and lower cost of ownership fuel the growth of the global analytics as a service market
PORTLAND, Oregon, Dec. 16, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Analytics as a Service (AaaS) Market by Component (Solutions and Services), Analytics Type (Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics, Descriptive Analytics), Deployment Type (Private Cloud, Public Cloud, Hybrid Cloud), and Industry Vertical (BFSI, Retail, Government & Public Sector, IT & Telecommunication, Transportation & Logistics, Manufacturing, and Others): Global Opportunity Analysis And Industry Forecast, 2019–2026." According to the report, the global analytics as a service industry was estimated at $9.62 billion in 2018 and is expected to hit $126.48 billion by 2026, registering a CAGR of 38.1% from 2019 to 2026.
Drivers, restraints and opportunities
Rise in adoption of social media applications, increase in demand for advanced technologies to process high workload through cloud, and lower cost of ownership drive the growth of the global analytics as a service market. On the other hand, data security and privacy issues hinder the growth to certain extent. Nevertheless, surge in use of machine generated data is expected to provide an array of lucrative opportunities for the key players in the industry.
The solution segment to retain its dominance by 2026-
Based on component, 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. Increase in need to accurately evaluate the existing business environment and forecast future trends is driving the growth of this segment. The service segment, on the other hand, would grow at the fastest CAGR of 40.3% by the end of 2026. Growing need to ensure the effective functioning of software and platforms throughout the analytics process is the key factor boosting the growth of this segment.
The public cloud segment to maintain the lion's share during the estimated period
Based on deployment type, 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. Rise in demand for faster data processing, efficient resource utilization, and cost-effective deployment solutions are fueling the growth for this segment. At the same time, the hybrid cloud segment would register the fastest CAGR of 43.0% from 2019–2026. Increasing need for more computational power and analytics services among organizations is fueling the demand for hybrid cloud deployment.
North America to lead the trail till 2026
Based on geography, North America held the largest share in 2018, generating nearly half of the global analytics as a service market. This is due to the presence of major market players in this region. Simultaneously, the region across Asia-Pacific would cite the fastest CAGR of 44.4% during the study period, owing to rising demand among organizations to offer enhanced customer services for users in this region.
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