The global analytics as a service market size is expected to reach around USD 29.7 billion by 2027, registering a CAGR of 25.9% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growth is driven by the rising need among enterprises to adopt advanced analytical capabilities with minimum investments on infrastructure. Moreover, business-centric organizations are particularly emphasizing on efficient and strategic decision-making. They are hence opting for analytics as a service (AaaS), which is apt for reducing the time required to manage various business functions, thereby influencing the market growth positively. Enterprises are leveraging analytics to gain valuable insights on customer preference, customer behavior, and the effectiveness of their marketing campaigns that bodes well for the growth of the market.
Incumbents
in the transportation and logistics sector deal with large amounts of customer
data from trucking management and on-board sensors, including Global
Positioning System (GPS) sensors or engine sensors such as throttle
position sensors and mass air flow sensors, among others. As a result, these
companies are focusing on adopting the solutions to aggregate and manage the
data and to collect valuable insights which is anticipated to provide lucrative
opportunities to market players.
The
rapid rise in the number of connected devices through IoT has
increased the amount of data generated by these devices. The expanding scope of
big data analytics for interpretation and compounding of social media
activities is expected to significantly fuel the market growth. The use of AaaS
is enabling the examination of social media activities and quantifying results
so that resources such as memory can be allocated to a particular social media
application/platform accordingly. These factors are expected to boost market
growth further. Currently, organizations in the healthcare sector are adopting
analytical solutions to track the spread of the coronavirus, monitor the usage
of resources, and identification of individuals particularly vulnerable to the
effects of COVID-19.
The
growing popularity of insights as a service, which is a cloud-based service
that provides insights to business corporations by collecting and aggregating
data from internal and third-party sources, is anticipated to provide lucrative
opportunities to market players. To capitalize on these opportunities, various
market players such as Capgemini, Google LLC, and IBM are focusing on the
development of insights as a service. For instance, in August 2019, Capgemini
launched their insights as a service platform that uses analytical tools that
collects data from various sources and provides valuable insights on customers
and suppliers.
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Analytics as a
Service Market Report Highlights
- The growth of
the predictive analytics segment is attributed to the increasing demand
for analytical solutions from the BFSI sector for activities such as
capital planning, credit risk management, and insurance risk management
- The SME
segment is anticipated to grow on account of the significant roles of
governments in the provision of funds to SMEs for the adoption of
analytical solutions under programs such as Startup SG program (Singapore)
- Organizations
in the healthcare sector are emphasizing on the adoption of analytics for
managing electronic health records (EHRs), which is anticipated
to drive the growth of the healthcare segment over the forecast period
- The Asia
Pacific region is projected to expand at the highest CAGR over the
forecast period on account of increasing demand of analytics for
enterprise content management and web content management tools by
e-commerce sector
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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