Chicago, June 07, 2024 (GLOBE NEWSWIRE) -- The global Analytics as a Service Market size is anticipated to grow at a CAGR of 24.5% during the forecast period, from USD 13.3 billion in 2024 to USD 39.8 billion by 2029, according to a new report by MarketsandMarkets™.
Due to various business drivers, the Analytics as a Service market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to rise in demand for advanced analytics techniques due to increasing data volumes, increasing availability of data connectivity through multi-cloud and hybrid environments, and the proliferation of big data, IoT devices, and digital transformation initiatives across industries.
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Analytics as a Service Market Dynamics:
Drivers:
- Enhanced data connectivity through multi-cloud and hybrid environments
- Rise in demand for advanced analytical techniques due to increasing data volumes.
- Proliferation of big data, IoT devices, and digital transformation initiatives across industries
Restraints:
- Discrepancy among data sources
- Data security and privacy concerns
Opportunities:
- Exploiting generative AI for enhanced data democratization
- Emergence of data fabric and edge computing
List of Key Players in Analytics as a Service Market:
- Microsoft (US)
- IBM (US)
- Google (US)
- Oracle (US)
- SAP (Germany)
- AWS (US)
- SAS Institute (US)
- Teradata (US)
- Qlik (US)
- Salesforce (US)
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Analytics as a Service (AaaS) provides subscription-based data analytics software and procedures through the cloud. AaaS typically offers a fully customizable BI solution with end-to-end capabilities, organizing, analyzing, and presenting data in a way that lets even non-IT professionals gain insight and act. AaaS uses data mining, predictive analytics, and AI to effectively reveal trends and insights from existing data sets. In the past, running analytic processes on data warehouses would require a sizable team of data engineers and data scientists. With AaaS, Big Data cleaning, analysis and actionable insights are a scalable, affordable option for organizations at different stages of growth. From entirely web based AaaS to hybrid versions that integrate with existing infrastructure, embedded analytics empower companies to make smarter decisions in real-time.
Based on the offering, the Analytics as a Service market is segmented into software and services. The software segment is further segmented into software by type, by integration and by cloud type. The software segment is expected to garner a higher revenue during the forecast period. The growth is driven by the increasing demand for scalable and flexible analytics solutions. This growth is fueled by the surge in big data generation across industries, necessitating sophisticated tools for data analysis, visualization, and management. Cloud-based analytics software is particularly propelling this segment, offering businesses the ability to harness advanced analytics capabilities without significant upfront investment in infrastructure. Concurrently, services such as consulting and engineering, data governance, data storage, business intelligence and data warehousing play a crucial role in helping businesses maximize the effectiveness of their Analytics as a Service investments.
Based on data processing, segments have been bifurcated in real-time analytics and batch processing. The real-time analytics segment is expected to garner a higher revenue during the forecast period. Businesses are increasingly leveraging real-time analytics to gain immediate insights and make swift decisions, enhancing operational efficiency and customer experience. Concurrently, batch processing remains crucial for handling large volumes of data and complex analytical tasks, facilitating comprehensive historical analysis and long-term trend identification. The integration of advanced technologies such as artificial intelligence and machine learning into AaaS platforms is further propelling this growth, enabling more sophisticated and scalable data processing capabilities.
Based on analytics type, the segment has been bifurcated into HR analytics, marketing analytics, sales analytics, finance analytics and operation analytics. The marketing analytics segment is expected to garner a higher revenue during the forecast period. As organizations strive to better understand customer behaviors, preferences, and trends, the adoption of advanced analytics tools has surged. This has been facilitated by the scalability, flexibility, and cost-efficiency of cloud-based analytics platforms, which allow companies of all sizes to leverage sophisticated analytical capabilities without significant upfront investment. The integration of AI and machine learning into marketing analytics further enhances the ability to predict consumer trends and optimize marketing strategies, fostering a competitive edge.
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The Analytics as a Service market has been segmented into five regions: North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. In North America, the market benefits from the presence of major technology players and a high adoption rate of advanced analytics solutions across industries such as finance, healthcare, and retail. Europe's growth is propelled by stringent data regulations like GDPR, which necessitate sophisticated analytics to ensure compliance and data protection, along with a rising focus on digital transformation initiatives. Meanwhile, Asia Pacific is witnessing the fastest growth, fueled by rapid technological advancements, expanding digital ecosystems, and substantial investments in artificial intelligence and machine learning.
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