Analytics as a Service Market Overview:
The analytics as a service market size is projected to grow from USD 9.2 Billion in 2023 to USD 40.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.82% during the forecast period (2023 – 2030).
Analytics as a service (AaaS) provides analytical solutions using a cloud platform. This service works off of the cloud. It helps in various business analytics tools that require extrapolation of data, information from data, and stores them. It also retrieves the data for future analysis as this data is required to make essential business decisions. Moreover, this industry operates off of artificial intelligence (AI). This service found applications in various businesses. Social media is the major one in recognizing the usage of analytics as a service.
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Key Players:
Key Companies in the Analytics as a Service market include,
- Accenture – USA
- Atos SE – USA
- Hewlett Packard Enterprise Development Lp – USA
- Hitachi Solutions – Japan
- IBM – USA
- Microsoft – USA
- Oracle – USA
- SAS Institutes – USA, among others
Rising internet usage for various tasks and services is propelling market growth. Growing usage of data analytics for improving the performance of various aspects of business like sales, demand forecasting, and raw materials procurement in decision making is fostering the market growth. The increasing adoption of cloud-based solutions is rising demand for AaaS in the coming years. Rising demand for analytical solutions in a wide range of applications like predicting electricity consumption, trade market, traffic trend predictions is accelerating the market growth. Increasing usage of Aaas in the demand sensing of products in the e-commerce and retail sector is boosting the growth of the market.
The analytics as a service market opportunities are rising need for businesses to understand the changing lifestyle of consumer behavior patterns will fuel the market growth.
Market Segmentation:
The analytics as a service market is segmented into four types based on the component, analytics type, deployment, and end-user.
Component Segmentation:Â The analytics as a service market components are bifurcated into solutions and services.
Analytics Type Segmentation:Â Based on the analytics type, the market is sectioned into four types such as predictive analytics, prescriptive analytics, diagnostic analytics, and descriptive analytics.
Deployment Segmentation:Â By deployment, the analytics market is trifurcated into public, private, and hybrid.
End-user Segmentation:Â Â Based on the end-user, the analytics as a service market is partitioned into various forms such as BFSI, retail & e-commerce, government, manufacturing, energy & utility, travel & hospitality, IT & telecom, and others.
Regional Analysis:
Based on the latest research, the analytics as a service market based on the region is divided into four major regions like Asia-Pacific, Europe, North America, and the Rest of the world. Out of these regions, North America is holding the highest market share due to various associations and organizations like the cloud-native computing foundation, and the national cloud technologies association. Moreover, several health care organizations and government agencies joining the development of analytical solutions are fueling the market growth in this region.
The analytics as a service market key companies are Accenture, Microsoft, IBM, SAS institutes, Google, and others.
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Industry News:
As per the latest report, the analytics as a service market forecast that this service will grow at a significant rate due to the rising usage of IoT, and the technologies constantly maturing in the industry are boosting the market growth. Moreover, the government passed legislation for facilitating the transition to this technology.
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