Markets and Markets Sets Analytics as a Service Market CAGR at 40.3% in 2015-2020

MarketsandMarkets has released a new report that forecasts the analytics-as-a-service market to grow 40.3 percent year-over-year to $23.03 billion by 2020 from $4.23 billion in 2015, driven by low total cost of ownership and scalability.

The report notes a growing adoption of analytics-as-a-service among large, small and medium businesses worldwide due to the increase in requirements for analyzing business events as needed, MarketsandMarkets said Thursday.

“As analytics as a service eliminates the need to implement and manage analytics infrastructure on-premises, it helps organizations cut preventable losses, generate more revenue by increasing operational efficiency and create new opportunities,” the market research firm added.

The report profiles SAS Institute, IBM, Oracle, Computer Sciences Corp. and Hewlett-Packard as the tier-one players in the market.

MarketsandMarkets notes that companies in the analytics-as-a-service market are consolidating individual offerings through new partnerships.

The report also projects North America to represent the largest portion of the market and Asia-Pacific to see a growing market traction during the forecast period.