Impact of COVID-19 on the Global Analytics-as-a-Service Market
Analytics as a service is an extensible analytical platform offered by a cloud-based delivery model by which various analytical tools (prescriptive and predictive) are restructured by the end-user to process and interpret enormous volumes of varied data effectively. It offers subscription-based data analytics software and procedures via the cloud. Analytics as a service provides a customizable BI solution with end-to-end capabilities, analyzing, presenting, and organizing data in such a way that even a non-IT professional can gain insights. The key factor responsible for the growth of the market is the surging adoption of social media applications. The COVID-19 pandemic has rapidly spread across the globe and has impacted a few industries positively, while most others have been affected negatively. Governments have imposed restrictions confining people to their homes as a precautionary measure to contain the spread of the pandemic. The rising number of people staying at home has boosted the demand for fast Internet connectivity and has increased data usage. During the pandemic, the people under lockdown have started using social media considerably more as compared to the pre-lockdown period. According to the MRFR analysis, the screen time on social media platforms has risen by more than 30%.
Besides, during the lockdown, companies have allowed their employees to work from home, which has propelled the use of video conferencing platforms such as Microsoft Teams and Zoom, drastically boosting the growth of the analytics-as-a-service market. Additionally, the increasing demand for cloud computing technology is also responsible for the growth of the market. Cloud computing helps the employees in working from any location by providing access. Employees can access the required data and documents by using particular credentials, maintaining security, as well as the flexibility to work from home. This scenario is driving the growth of the AaaS market.
The increasing awareness regarding the Internet of Things (IoT) is one of the factors responsible for the growth of the market. The need for storage of high volumes of data that needs to be interpreted is supposed to gain enormous popularity in the coming years. The spread of novel COVID-19 and the public’s increased data usage has triggered the formation of open-source data sets and visualizations, which are driving the growth of the market. According to the MRFR analysis, North America holds the largest market share. It is expected to continue its domination of the market over the forecast period owing to the presence of several solution providers and the rising demand for big data. The Asia-Pacific region, followed by North America, is expected to be the fastest-growing regional market in the coming years due to the considerable demand for the storage of high volumes of data and cloud computing.