Rising Adoption by Organizations Will Drive the Growth of SaaS-based Business Analytics Market

MemComputing, Inc., a developer of computing technology, recently announced that its Xtreme Performance Computing (XPC)—Software as a Service (SaaS)—will be made free of cost for evaluation to all research and development specialists working in response to the COVID-19 crisis.

Potential applications related to this service may include running predictive models of the spread of the virus, computational chemistry, drug discovery, optimizing logistics and supply distribution, and much more. Company claims that with MemComputing, problems that take computers hours, days or weeks to calculate may now be solved in few minutes or seconds. And with SaaS, company hopes for accelerating the process to find solutions to the COVID-19 crisis on a global scale rapidly.

Software as a Service business analytics is a cloud-based model in which a third-party solution provider hosts tools of business analytics in a secure online location. SaaS-based analytics solutions provide services like dashboards and reports with affordable pricing.

SaaS management platforms helps customers to track every spending transaction, discover all instances of SaaS within their environment, measure utilization, document renewal dates and contract line-item content, and manage applications in a central system of record.

In recent years, with the continuously growing popularity of social media marketing, the need for social media analytics is also increasing. And this change is one of the major reasons that are driving the Saas-based business analytics software market worldwide.

The global SaaS-based business analytics can be applied to perform various tasks such as customer analysis, supply chain analysis, pricing analysis, marketing analysis, etc. SaaS is majorly used in the sectors including IT and telecom, retail, healthacare, manufacturing, BFSI, and others.

Many major companies such as  Adobe Systems Incorporated,  BRIDGEi2i Analytics,  IBM Corporation,  Microsoft Corporation, and  Oracle Corporation, etc. are already dominating the market. For growth, some companies are seen performing inorganic strategies like mergers and acquisitions, collaborations etc. While some are doing organic growth strategies such as product launches or approvals etc.

Last month, Zylo, the enterprise SaaS management platform, announced that it has established a partnership with vCom Solutions, the IT spend and lifecycle management. With this partnership, vCom is able to offer its customers a new tool for identifying, analyzing, and optimizing spending on SaaS, as well as capabilities that strengthen lifecycle management including measurement of adoption and utilization, application monitoring, and renewal management. 

“The explosive growth of SaaS in today’s IT environments challenges existing frameworks for software management,” said Cory Wheeler, Co-founder and Vice President of Customer Success and Services at Zyl. “Combining Zylo’s ability to provide full visibility into SaaS costs, licenses, and overall value with vCom’s IT spending and lifecycle management represents a win-win for our shared customers.”

SaaS platform is able to perform efficiently only if the stored data is stored in a structural format and if the required data is missing in the database, the technology is unable to perform. As per the research report by The Insight Partners on SaaS-based Business Analytics Market, inadequate meaningful data volume among SMEs may restrain the growth of the market. But, the rising adoption of business analytics software by various small, medium, and large organizations will drive the growth of the SaaS-based business analytics market in coming years.