Analytics as a Service Market Projected to Grow $23.49 Billion by 2021 at a CAGR of 37.6%

(IT-NEWSWIRE.COM, January 09, 2020 ) According to 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%.

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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.

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Hybrid cloud deployment model is estimated to grow at a highest CAGR

The market, by deployment model has been segmented into public cloud, private cloud, and hybrid cloud. Hybrid cloud is expected to witness the highest CAGR during the period 2016 to 2021. This is due to the fact that various organizations, whether small or large, is using hybrid cloud model. This model let them analyze the high volume data on public cloud and get the reduced volume (analyzed data) on private cloud model to get actionable insights.

“Managed service market to grow at the highest rate during the forecast period”

The market, by services, has been segmented into consulting services, managed services, and support & maintenance services. Managed services are expected to grow at the highest CAGR over the forecast period with an increasing number of organizations adopting the virtualized (cloud-based) environment; they 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.

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North America is expected to dominate the analytics-as-a-service market during the forecast period

The analytics-as-a-service market segments the global market on the basis of regions, which include North America, Asia-Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest share of the analytics-as-a-service market in 2016 due to the presence of large enterprises, technical experts, and growing demand for analytics-as-a-service solutions and services in this region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving force for this growth is the massive growth of data through various channels such as social media, mobile computing, and IoT in this region.

The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include, International Business Machine (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 Corporation (U.S.), Gooddata (U.S.), and Microsoft Corporations (U.S.).

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Analytics as a Service Market Projected to Grow $23.49 Billion by 2021 at a CAGR of 37.6%