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

Markets and Markets Sets Analytics as a Service Market CAGR at 40.3% in 2015-2020 - top government contractors - best government contracting event

analytics data graph iconMarketsandMarkets 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.

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Written by Jay Clemens

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