Brand owners will increasingly abandon internal hardware systems to embrace cloud-based subscription data analytics services, with the global market forecast to increase in value from $9.7bn (£7.7bn) in 2018 to $126.5bn (£101bn) by 2026, registering a whopping compound annual growth rate of over 38% and a total rise of 1,214%.
So says a new study from Valuates Reports, which focuses on the growth prospects, restraints, and trends of the so-called “analytics-as-a-service” (AaaS) market.
AaaS solutions help businesses store, manage, and predict data for effective business decisions, increasing operational efficiencies and cutting costs. The technology also helps businesses analyse marketing activities, allowing them to maximise RoI, with the marketing analytics segment expected to see the strongest growth.
Factors such as the rise in adoption of social media applications, lower ownership costs, and the use of machine-generated data across vertical industries, are also expected to be major contributors to the burgeoning market.
The banking, financial services and insurance segment is forecast to hold the largest AaaS market share, largely due to the growing need to better understand customers and to upgrade their services.
In terms of revenue, North America is expected to have the largest market share, with a surge in demand for analytics platforms and the presence of major market players in this region.
Meanwhile, Asia Pacific is predicted to witness the highest growth rate during the forecast period. The primary driving force for the Asia Pacific market is the increase in data volume across various platforms such as mobile devices, social media, and the Internet of Things.
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