Global Analytics as a Service (AaaS) Market is Expected to Reach $126.48 Billion By 2026

According to a recent report published by Allied Market Research, titled, "Analytics as a Service (AaaS) Market by Component, Analytics Type, Deployment Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global analytics as a service market size was valued at $9.62 billion in 2018, and is projected to reach $126.48 billion by 2026, registering a CAGR of 38.1% from 2019 to 2026.

Analytics is a method of discovering expressive as well as meaningful patterns by analyzing the datasets or resources that further comprise breaking of complex data into smaller parts. Analytics that initially started as Business Intelligence (BI) two decades ago have now converted the firms into data-oriented companies. Analytics as a Service (AaaS) provided by cloud service providers assists users with their on demand analytical needs, in which the user pays for the use of analytical solutions as a service. Moreover, the development of technological tools has empowered solutions to be delivered as a service. Thus, Platform as a Service (PaaS), Software as a Service (SaaS), and Data as a Service (DaaS) are providing major growth opportunities to analytics service providers.

In terms of industry vertical, the BFSI segment is expected to contribute the highest analytics as a service market share in the coming years. The growth of this segment is mainly attributed to increase in need to utilize the capabilities of analytics as a service to better understand their customers and their needs to update their services. However, the others segment is expected to exhibit highest growth throughout the forecast period.

According to analytics as a service market analysis, the public cloud segment dominated the market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to the emerging technologies such as, IoT and machine learning. Moreover, access to real-time data is also fueling its demand across numerous industry verticals.
The solution segment dominated the analytics as a service market share in 2018 and it is expected to remain dominant throughout the forecast period. The growth of this segment is mainly attributed to its ability to enable organizations to gain insights for customers & operations and acquire optimal results.

The predictive analytics segment dominated the global analytics as a service market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to increase in need to discover predictive or explanatory patterns in data among large number of organizations. In addition, rise in integrated and connected technologies are also providing a major platform for predictive analytics software & solutions.

Asia-Pacific is expected to witness a higher growth rate in the analytics as a service market during the forecast period. The growth of this segment is mainly attributed to rising demand among organizations to offer enhanced customer services for users. In addition, growing number of data analytics startups is also fueling the analytics as a service market demand in this region.

Key Findings of the Analytics as a Service (AaaS) Market :

• Based on deployment type, the public cloud segment dominated the market in 2018 and is expected to generate highest revenue during the analytics as a service market forecast period. However, hybrid cloud segment is expected to exhibit significant growth during the forecast period.
• On the basis of component, the solution segment dominated the Analytics-as-a-Service (AaaS) market in 2018. On the contrary, the service segment is expected to exhibit highest growth throughout the forecast period.
• In terms of analytics type, the predictive analytics segment dominated the global analytics as a service market 2018 and is expected to generate highest revenue during the forecast period. However, the predictive analytics segment is also expected to witness significant growth in the upcoming years.

Some of the key enterprise analytics as a service industry players profiled in the report include Amazon Web Services (AWS), Accenture, Atos SE, Google, Inc., Hewlett Packard Enterprise Development LP, Hitachi Solutions, Ltd., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc.