A new report from Allied Market Research (AMR) suggests that corporate intelligence will be more valuable than ever heading into the next decade. The research firm specifically predicts that the Analytics as a Service market will reach $126.48 billion by 2026.
That figure represents an astounding CAGR of 38.1 percent for the years between 2019 and 2026. According to AMR, the international analytics market sat at $9.62 billion in 2018.
Much of the business will be focused on North America, which hosts many of the top analytics providers and currently represents approximately half of the overall analytics service market. North America is expected to remain at the forefront of the industry for the foreseeable future, although the Asia Pacific region will display the most growth with a CAGR of 44.4 percent.
AMR attributes the growth itself to the rising ubiquity of cloud technology and the need to process large amounts of information and track user behavior across various social media applications. There will also be more business opportunities for analytics providers as the use of machine generated data becomes more common.
Analytics solutions represent the largest segment of the market, though the service segment is expected to grow dramatically as larger enterprises increasingly rely on external parties to ensure that their analytics and software platforms are working as intended. AMR believes that data security and privacy concerns will have a slight damping effect on the market.
The report comes shortly after a separate AMR report that predicted that the biometrics-as-a-service market would top $5 billion in the same forecast period. AMR has also hinted that there will be massive demand for AI technology at the corporate level. The firm has previously indicated that the enterprise AI market will be worth more than $53 billion by 2026.