Analytics as a Service Market Global Trends and Forecasts to 2023-2032

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The Analytics as a Service market industry 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).

Market Research Future Highlights:

The Analytics as a Service (AaaS) market refers to the provision of analytics services through the cloud, where companies can analyze their data to gain insights and make informed decisions. The AaaS market includes various types of services, such as business intelligence, predictive analytics, and data visualization.

The AaaS market has been growing rapidly in recent years, fueled by the increasing adoption of cloud computing and the need for businesses to derive insights from their data to stay competitive. The global AaaS market size is expected to grow from USD 4.3 billion in 2020 to USD 38.35 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 27.82% during the forecast period.

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There are other key players in this industry. They are:

  • Accenture - USA
  • Atos SE - USA
  • Google, Inc - USA
  • Hewlett Packard Enterprise Development Lp - USA
  • Hitachi Solutions - Japan
  • IBM - USA
  • Microsoft - USA
  • Oracle - USA
  • SAS Institutes - USA

Regional Analysis: 

The Analytics as a Service (AaaS) market is a global market, with companies providing services and solutions to customers across different regions. Here is a regional analysis of the AaaS market:

North America: North America is one of the largest markets for AaaS, with the United States being the major contributor to the market growth. The region has a highly developed cloud infrastructure, and companies in various industries are adopting AaaS solutions to analyze their data and gain insights. The presence of major AaaS providers such as Microsoft Corporation, IBM Corporation, and Oracle Corporation is also driving the growth of the market in this region.

Europe: Europe is another significant market for AaaS, with countries such as the United Kingdom, Germany, and France leading the market growth. The increasing adoption of cloud-based solutions and the need for businesses to derive insights from their data are the major factors driving the growth of the market in this region. Additionally, the increasing investment by AaaS providers in the region is also contributing to the growth of the market.

Asia Pacific: The Asia Pacific region is expected to see the highest growth rate in the AaaS market during the forecast period. Countries such as China, India, and Japan are witnessing a significant adoption of AaaS solutions, driven by the growing awareness of the benefits of analytics and the increasing availability of cloud infrastructure. The emergence of several startups and small players providing AaaS solutions is also contributing to the growth of the market in the region.

Rest of the World: The Rest of the World region, which includes the Middle East, Africa, and Latin America, is also witnessing a growing adoption of AaaS solutions. The increasing investment in cloud infrastructure and the need for businesses to make informed decisions are the major drivers of the market growth in this region. Additionally, the presence of several emerging economies in the region is also creating opportunities for AaaS providers to expand their market presence.

Market Segmentation: 

The Analytics as a Service (AaaS) market can be segmented based on various factors such as deployment model, organization size, application, industry vertical, and geography. Here is a breakdown of the market segmentation:

Deployment Model: a. Public Cloud b. Private Cloud c. Hybrid Cloud

Organization Size: a. Small and Medium-sized Enterprises (SMEs) b. Large Enterprises

Application: a. Customer Analytics b. Supply Chain Analytics c. Financial Analytics d. Risk Analytics e. Marketing Analytics f. Others

Industry Vertical: a. BFSI (Banking, Financial Services and Insurance) b. Healthcare c. Retail d. Manufacturing e. Government and Defense f. Telecom and IT g. Others

Geography: a. North America b. Europe c. Asia Pacific d. Rest of the World

The segmentation of the AaaS market based on deployment model helps in identifying the type of cloud infrastructure used to provide AaaS solutions to customers. The organization size segmentation helps in identifying the target customers for AaaS providers, whether they are small and medium-sized enterprises or large enterprises. The application segmentation helps in identifying the specific use cases where AaaS solutions can be applied, such as customer analytics or financial analytics. The industry vertical segmentation helps in identifying the specific industries where AaaS solutions are in demand, such as BFSI or healthcare. Finally, the geography segmentation helps in identifying the regional markets where AaaS providers can target their solutions based on the demand and competition in the region.

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Analytics as a Service Industry Developments:

January: Gartner releases its top 10 data and analytics trends for 2023, which includes trends such as emergent AI, converged and composable ecosystems, and consumers become creators.

February: IBM announces the launch of its new Watson Data Platform, which is designed to help businesses make better decisions with data.

March: Google Cloud Platform launches its new Analytics Hub, which provides a single place for businesses to store, analyze, and share their data.

April: Microsoft Azure launches its new Azure Databricks service, which is designed to help businesses build and deploy data science and machine learning applications.

May: Amazon Web Services (AWS) announces the launch of its new AWS Data Exchange, which provides a marketplace for businesses to buy and sell data sets.

June: SAS Institute releases its new SAS Viya 3.6, which includes a number of new features for AaaS, such as support for augmented analytics and self-service data preparation.

July: GoodData releases its new GoodData Platform 5.0, which includes a number of new features for AaaS, such as support for real-time data streaming and embedded analytics.

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