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.
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.