One of the most prominent drivers of the analytics as a service market is the increased adoption of data analytics. Most of the benefits of data analysis come from its ability to recognize patterns and make experience-based predictions. Organizations are adopting data analytics to determine consumption patterns, customer acquisition, and other ways to increase revenue, cut costs, and maintain customer loyalty.
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The analysts forecast global analytics as a service market to grow at a CAGR of 29.08% during the period 2016-2020.Factors such as the continuous growth of structured and unstructured data from different social media platforms will impel the prospects for growth in this analytics as a service market. Moreover, its ability to provide better visibility, monitor traffic in real time for the online presence of the company, and to optimize the ROI on inbound and outbound marketing campaigns will result in its augmented adoption during the predicted period.
Outlook of the Analytics as a Service Market
Analytics as a service emerged from the integration of cloud computing and analytics solutions. It acts as a service model that involves analysis taking place using analytics software and being delivered through web-based technologies. AaaS providers offer services under subscription-based or pay-per-use models.
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Analytics as a service products include cloud-based BI solutions and SaaS-based social media AaaS. Cloud BI solutions involve effectively delivering business analytics solutions to customers at low cost. SaaS-based social media AaaS involves remote positioning of different tools, which helps collect data, analyze the trends and patterns of visitors, and find better ways to serve customers.
Geographical Segmentation of the analytics as a service Market
During 2015, the Americas dominated this analytics as a service market and accounted for a market share of almost 62%. Much of this growth can be attributed to the presence of major AaaS vendors in the US. Though the Americas dominate this market, increasing instances of mergers and acquisitions in APAC will impel the market for AaaS in this region. The emergence and adoption of big data is expected to drive the market for AaaS in the Americas and APAC during the forecast period.
Competitive Landscape and Key Vendors
The global analytics as a service market is dominated by numerous large and medium-sized providers. Large companies, analytics software providers, and core cloud computing vendors are following strategies like M&A to increase their consumer base and to improve their global presence.
The key vendors analyzed in analytics as a service market study are Amazon Web Services, CSC, HP, IBM, Oracle, and SAS Institute.
Other prominent vendors in the market include eBay, Information Builders, LiquidHub, MicroStrategy, Opera Solutions, Qlik, SAP, and Tableau Software.
Further, the analytics as a service market report states that as AaaS integrates data from different databases and makes predictions by recognizing patterns in the data, critical data leaks can take place. These can deeply impact company operations. The combination of critical data residing in the cloud and the presence of unskilled users accessing the data can amount to significant risk for organizations.
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