Analytics as a Service Market is driven by Growing Demand of Mobile Devices for Analytics!!


Posted November 21, 2018 by DalyRuby

The main objective of this report is to define, describe, and forecast the global analytics as a service market on the basis of solutions, services, analytics types, organization size, deployment model, verticals, and regions.

 
According to the new market research report "Analytics as a Service Market by Solution (Financial Analytics, Risk Analytics, Customer Analytics), Services, Analytics Type (Prescriptive, Predictive), Deployment Model, Organization Size, Verticals, and Regions - Global Forecast to 2021", 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 Compound Annual Growth Rate (CAGR) of 37.6%.
Browse 93 market data Tables and 52 Figures spread through 154 Pages and in-depth TOC on "Analytics as a Service Market”
The major forces driving the analytics-as-a-service market are increased ability of technologies to process huge workload through cloud, business intelligence maturation, and lower cost of ownership. The demand for advanced analytics and cost effectiveness of cloud-based analytical solutions has raised the adoptions rate of analytics-as-a-service market.
Analytics-as-a-service is witnessing a major technological change and is getting smarter with technological advancements. Analytics-as-a-service solution and services are expected to offer more enhanced real-time analysis and remote access as per user demand. Additionally, the advent of cloud-based technologies has provided cost effective analytical solutions to various organizations. The introduction of Internet of Things (IoT), Bring Your Own Device (BYOD), and cloud computing has increased the demand for cloud-based analytical solutions.
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The analytical solutions such as HR analytics and outsourcing analytics have shown higher growth rate during the forecast period. HR analytics solutions enable organizations generate meaningful insights from workforce data to better predict the need for resources using various indicators such as performance, vacancy, and people movement. Along with this, the growing demand for advanced analytics in outsourcing industry has also contributed towards the high growth rate of outsourcing analytics.
Managed services provide an efficient model for delivering analytics-as-a-service solutions and services to organizations on demand. Managed services are expected to grow at the highest CAGR during the forecast period. With an increasing number of organizations adopting the virtualized (cloud-based) environment, managed services play a vital role in providing end-to-end services. Managed services help organizations increase efficiency and save costs for managing on-demand analytics-as-a-service solutions.
Among type, the predictive analytics are expected to grow at the highest CAGR during the forecast period. Organizations are deploying analytics-as-a-service solutions and services to perform predictive analytics to get better hold on future outcomes to avoid downturn. All the customer centric industries, such as retail, travel and hospitality, and media and entertainment, are using predictive analytics to optimize its customer relationship management systems.
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The transportation and logistics sector is expected to grow with the highest rate from 2016 to 2021, in the analytics-as-a-service market. These solutions and applications provide businesses the benefits of faster and smarter business decisions with advanced analytics and improved customer satisfaction with on-time delivery performance. The proper analysis of the data generated in this industry (either through customers or traffic management), can provide commuter’s behavior, which in turn provides better decision taking abilities to the management.
APAC is estimated to grow at the highest CAGR during the forecast period. In APAC region, there is a tremendous demand for the analytics-as-a-service solutions and services due to the massive growth of data through various channels such as social media, mobile computing, and IoT.
Various vendors prevailing in this market space include, IBM Corporation (U.S.), Oracle Corporation (U.S.), Computer Science Corporation (U.S.), Hewlett-Packard Enterprise (U.S.), Google Incorporation (U.S.), SAS Institute (U.S.), Amazon Web Services (U.S.), EMC (U.S.), Gooddata (U.S.), and Microsoft Corporation (U.S.). Players in this business sector have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships, collaborations, acquisitions, and new product launches are some of the significant strategies embraced by market players to accomplish development in the analytics-as-a-service market. SAS Institute and Amazon Web Services have adopted these strategies to expand their product portfolio.
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Last Updated November 21, 2018