Petroc Taylor
Research expert covering global developments in the use of data
Get in touch with us nowAnalytics as a service (AaaS)
The emergence of big data analytics has accompanied exponential growth in the global volume of data. This has been fueled in part by the “Internet of Things” (IoT), which refers to the growing network of connected devices generating and exchanging data online. Indeed, it is the sheer volume of data involved in big data analytics that has proved a hurdle for organizations wishing to store and analyze data on-premises. This has given rise to the “analytics as a service” (AaaS) model, which enables organizations to carry out analytics via a cloud-based subscription service, and thus avoid the high costs associated with on-site storage and processing.Consumption
The adoption of big data analytics is often understood as part of a broader digital transformation drive across industries, with various subsegments offering a range of capabilities. Predictive analytics represents the cutting edge of the market, enabling analysts to predict business outcomes via statistical modeling. Valued at 5.29 billion U.S. dollars in 2020, the predictive analytics market is projected to reach 41.52 billion by 2028. Meanwhile, the social media analytics market is set to grow from 7.01 billion U.S. dollars in 2021 to 26.3 billion in 2028. Despite strong market growth, it’s important to note that the transformation is far from complete. While 57 percent of leading organizations cite that they are using data to drive innovation, only 27 percent believe they have successfully created a “data-driven” organization.Major players in big data
The major providers of big data and analytics software include global names such as Oracle, Microsoft, SAP, and IBM. They each offer specialized software tools and applications for advanced and predictive analytics, data mining, forecasting, and data optimization. Even though these processes are all separate, they are still highly integrated functions of big data analytics that come together to assist their clients with data-focused business decisions for the future of their company. Other noteworthy companies that specialize in more specific functions of big data analytics include SAS, who leads the advanced and predictive analytics software segment, as well as Informatica, who leads the analytic data integration and integrity software segment.
