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Organizations Have Deployed Analytics-As-A-Service Solutions and Services to Get Actionable Insights from Tremendous Amount of Data
Organizations have deployed analytics-as-a-service solutions and services to get actionable insights from tremendous amount of data. The analytical tools are available to process and analyze huge chunk of heterogeneous data using cloud-based technologies. Due to the cost effectiveness and scalability, the cloud-based analytics solutions have gained tractions among various verticals. The low infrastructural cost and ability to provide easy access of data, analytics-as-a-service seems to be the next big thing in few years. The market is projected to be USD 23.49 billion by 2021, and to grow at a Compound Annual Growth (CAGR) of 37.6% during the forecast period (2016-2021).
Various vendors prevailing in this market space include, IBM Corporation (U.S.), Oracle Corporation (U.S.), Computer Science Corporation (U.S.), Hewlett-Packard Enterprise (U.S.), Google Incorporation (U.S.), SAS Institute (U.S.), Amazon Web Services (U.S.), EMC (U.S.), Gooddata (U.S.), and Microsoft Corporation (U.S.). Players in this business sector have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships, collaborations, acquisitions, and new product launches are some of the significant strategies embraced by market players to accomplish development in the analytics-as-a-service market. SAS Institute and Amazon Web Services have adopted these strategies to expand their product portfolio.
IBM is one of the leading players in the analytics-as-a-service market. The company has adopted both organic as well as inorganic strategies to enhance its presence in this market space. The company has done various partnerships and strategic alliances with local as well as global players. Along with this, the company has acquired few renowned players, such as IRIS analytics, in order to enhance IBM client base and customer experience. Moreover, the company has prominently adopted organic strategies as well to sustain its competitive positions in the analytics-as-a-service market.
Oracle Corporation is another major provider of analytics-as-a-service solutions and services. The company has various offices worldwide including the Americas, EMEA, and APAC. Oracle Corporation offers a broad range of products related to advance analytics, big data discovery, cloud analytics, and much more. The company focuses more on organic growth to tap into the analytics-as-a-service market. Oracle has launched the Oracle Exadata X6 Database Machine solution that provides cost effective On Line Transaction Processing (OLTP) analytics.
Analytics as a Service Market by Solution (Financial Analytics, Risk Analytics, Customer Analytics), Services, Analytics Type (Prescriptive, Predictive), Deployment Model, Organization Size, Verticals, and Regions - Global Forecast to 2021
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