Austin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Analytics as a Service (AaaS) Market Analysis:
“According to SNS Insider Research, The Analytics as a Service (AaaS) Market size was valued at US$ 9.4 billion in 2023 and is projected to reach US$ 74.9 billion by 2032, growing at a CAGR of 26.0% over the forecast period from 2024 to 2032.”
Market Drivers for AaaS Growth
The Analytics as a Service (AaaS) market is witnessing substantial growth, largely driven by the imperative for businesses to harness data for informed decision-making. According to industry data, global data creation is expected to reach over 180 zettabytes by 2025, indicating an exponential increase from 64.2 zettabytes in 2020. This growth in data volume underscores the urgency for enterprises to deploy advanced analytics tools that can efficiently transform vast datasets into valuable insights. By offering cloud-based analytics, AaaS solutions empower organizations to access state-of-the-art analytics capabilities—often featuring AI and machine learning—to extract insights without the significant capital expenses associated with traditional on-premise infrastructure.
The trend toward cloud-based analytics has been accelerated by the transition to remote work, with 59% of companies now reporting they operate using primarily cloud-hosted infrastructure. This shift has been particularly impactful in sectors like Banking, Financial Services, and Insurance (BFSI), and retail, where organizations are leveraging AaaS to drive real-time customer engagement, streamline operations, and improve risk assessment strategies. Additionally, the AaaS market is seeing a marked interest from smaller enterprises, with reports suggesting that nearly 70% of small and medium-sized businesses (SMBs) are prioritizing data analytics as a strategic investment. The scalability and flexibility of AaaS make it an attractive solution for SMBs, which benefit from the ability to scale analytics capabilities in line with business growth. This is further supported by advancements in data storage and processing costs, which have been reduced by more than 70% in the past decade, making high-level analytics more accessible and affordable for businesses of all sizes.
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Major Players Analysis Listed in this Report are:
- IBM
- Microsoft
- SAP
- Oracle
- Google Cloud
- Tableau
- SAS
- Qlik
- Domo
- Snowflake & Other Players
Analytics as a Service [AaaS] Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 9.4 Billion |
| Market Size by 2032 | USD 74.9 Billion |
| CAGR | CAGR of 26.0% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Organizations are rapidly shifting to cloud-based solutions for flexibility and scalability, boosting demand for AaaS solutions. • Businesses are prioritizing data insights to enhance operational efficiency and customer experience, driving adoption of AaaS platforms. |
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Segment Analysis
By Enterprise Type
In 2023, large enterprises dominated the market, accounting for approximately 72% of the total revenue. This segment is expected to continue its growth as large companies, particularly in data-intensive industries such as finance and manufacturing, seek advanced analytics capabilities to drive efficiencies and enhance decision-making. Large enterprises are leveraging AaaS solutions to analyze complex data sets, monitor customer behavior, and optimize processes across different business units. However, the adoption of AaaS by SMEs is also rising as these companies seek affordable analytics solutions that don’t require heavy infrastructure investments. The increasing availability of customized AaaS packages designed for SMEs is anticipated to accelerate adoption within this segment over the coming years.
By Industry
The Banking, Financial Services, and Insurance (BFSI) sector leading the market, held a 22% share in 2023. In the BFSI sector, AaaS solutions are used for customer segmentation, fraud detection, risk management, and compliance, all of which are essential for maintaining a competitive edge and ensuring regulatory adherence. Other significant industries adopting AaaS include retail, where companies use data analytics to personalize customer experiences, and manufacturing, where analytics optimize supply chain management and predictive maintenance.
By Component
The solution segment was the largest revenue contributor in 2023 and held approximately 63% of the total market share. Solutions in this category include business intelligence tools, data analytics platforms, and AI-powered analytics solutions, which allow companies to analyze structured and unstructured data at scale. Service components, including consulting, support, and integration services, are also experiencing significant growth as organizations increasingly require guidance to maximize the benefits of AaaS. Consulting services, in particular, are expected to witness robust demand as businesses seek tailored solutions to address specific data challenges and integrate analytics across their workflows effectively.
Analytics as a Service (AaaS) Market Key Segmentation:
By Component
- Solution
- Services
By Data Type
- Structured
- Unstructured
By Analytics Type
- Predictive
- Diagnostic
- Descriptive
- Prescriptive
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Industry
- BFSI
- IT & Telecommunication
- Retail & E-commerce
- Manufacturing
- Transportation & Logistics
- Government & Public Sector
- Others
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Regional Analysis
In 2023, North America led the AaaS market, accounting for a large share of 35% of the total revenue. The region’s dominance is driven by the early adoption of cloud technologies, a high concentration of AaaS providers, and the presence of data-driven industries. In the United States, financial institutions, healthcare providers, and retail giants are investing heavily in analytics to enhance competitiveness and meet evolving customer demands. Additionally, government initiatives focused on data privacy and cybersecurity further support the growth of secure AaaS solutions in this region.
The Asia-Pacific region is anticipated to witness the fastest growth in the AaaS market during the forecast period. The rapid digitalization of businesses in countries such as China, Japan, and India, along with the expansion of cloud infrastructure, drives this growth. Furthermore, as organizations in the region increasingly recognize the value of data-driven decision-making, sectors such as retail, manufacturing, and BFSI are adopting AaaS at a substantial rate. The Asia-Pacific region’s growing startup ecosystem is also fueling demand, as many small and medium-sized businesses seek cost-effective ways to compete with larger enterprises through data analytics.
Recent Developments in the AaaS Market
- In February 2024, IBM released version 2.0.93 of Planning Analytics for Excel, featuring significant enhancements like improved performance, greater stability, and new functionalities such as dynamic charting and better report formatting options.
- In January 2024, Azure Stream Analytics unveiled updates to its no-code editor, introducing improved error handling, enhanced debugging features, and expanded support for complex queries. These enhancements enable users to more effectively create and deploy streaming data processing pipelines for cloud analytics applications.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Analytics as a Service (AaaS) Market Segmentation, By Component
8. Analytics as a Service (AaaS) Market Segmentation, By Data Type
9. Analytics as a Service (AaaS) Market Segmentation, By Analytics Type
10. Analytics as a Service (AaaS) Market Segmentation, By Enterprise Type
11. Analytics as a Service (AaaS) Market Segmentation, By Industry
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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