Analytics-as-a-Service Market Could Grow to 20 Billion by 2020

By Special Guest
Dhaval Kate, Assistant Manager-ICT, MarketsandMarkets
September 14, 2015

The increasing need for quick action on dynamic business events and flexible data has made it seem inevitable for businesses to adopt Analytics-as-a-Service (AaaS), according to a new report by MarketsandMarkets. Over the next few years, many organizations will be investing in AaaS as it enables organizations to focus on exploring and analyzing business data of any format and from various data sources.

According to MarketsandMarkets, the AaaS solutions segment covers almost two-thirds of the overall AaaS market in 2015. The increasing need for getting accurate and timely insights on the data, getting data structured, reducing the operational cost, rising adoption of cloud managed services, and increasing need to focus on the core business operation are driving the AaaS solutions market and its demand globally. In addition, the report indicates that the IoT is also driving the AaaS market demand.

The use of connected devices to capture real-time business data and events requires AaaS to analyze and react to real-time business data and events. According to MarketsandMarkets analysis, financial analytics solutions accounted for the largest market share in the AaaS solutions market in 2015. Financial departments have automated all their financial transactions and in addition to this, organizations are using various technologies such as online payment gateways and Point of Sale (PoS) terminals to collect financial data. This entire dynamic environment needs new ways of financial data analysis across all types of industry verticals.

The growing demand for using mobile devices to access content, gathering data and conducting analysis is expected to shape the future of the AaaS market, MarketsandMarkets reported.

Analytics is the only way to take advantage of the power of the IoT’s Big Data. Providing this analytics in a turnkey way as a service could be the next trend wave in the industry, and it will be interesting to watch it develop. 

Edited by Ken Briodagh

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