New York, USA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global analytics as a service market size is projected to grow from USD 10.91 billion in 2023 to USD 80.07 billion by 2032, at a CAGR of 24.8%, according to a new report by Polaris Market Research.
Market Introduction:
Utilizing analytics as a service, firms that can explain the cost of financing an in-house data team can approach robust data analysis instruments. They can utilize cloud-dependent BI instruments to inspect big data and drive perspective even without experts or costly server space. With accessible analytics instruments, it is much simpler for the typical person to inspect data. Even those with minuscule or no technical experience can, with a little tutoring, assimilate how to execute reports, build dashboards, and link to data sources. With these robust instruments, businesses can also execute more intricate analytics, using things such as instant ML applications and AI to push profound perspectives from their data.
Key Insights from the Report:
- The market for analytics as a service is significantly shaped by analyzing data productively, procuring perspectives, and rendering informed decisions.
- The analytics as a service market segmentation is mainly based on component, offering, data type, data processing, analytics type, enterprise type, vertical, and region.
- Based on component, the solution segment is expected to experience the highest CAGR during the forecast period.
- By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Analytics as a Service Market Scope:
| Report Attributes | Details |
| Market size value in 2023 | USD 10.91 billion |
| Market size value in 2024 | USD 13.57 billion |
| Revenue forecast in 2032 | USD 80.07 billion |
| CAGR | 24.8% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Market’s Growth Drivers:
- Partnerships between Key Players: Associations and alliances between prominent and contemporary contenders are anticipated to drive market growth. Prominent contenders are pulling together with contemporary contenders to swap technology and resources, which is expected to cause progressions in cost curtailment in progressive software. For instance, in May 2024, Wipro collaborated with the Centre for Brain Research to use AI, ML, and big data analytics in advancing inventive health solutions, contributing to analytics as a service market growth.
- Technological Progressions: AaaS solutions are being improved with analytical potential that are more precise and prophetic and are fuelled by ML and AI. Firms can now effortlessly translate outcomes acquired from data visualization instruments and dashboards implanted within AaaS solutions. For instance, in March 2024, Cloudera joined forces with NVIDIA and disclosed to merge undertaking grade NVIDIA NIM microservices into their Cloudera Machine Learning commodity beneath the Cloudera Data Platform for AI/ML workloads.
- Surge of Industry 4.0: The notion of Industry 4.0 includes the combination of sensors and machines to mechanize procedures, trade data, and handle tangible systems, causing an assortment of data sources. This causes the spawning of an extensive aggregate of data, which is not only appropriate but also offers treasured perspectives for determining through real-time analytics.
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List of Analytics as a Service Market Key Players:
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Atos
- Msys Technologies
- Cloudera
- Thoughtspot
Geographical Analysis:
North America accounted for the largest analytics as a service market share. This is due to the progressive IT framework, elevated acquisition of cloud-dependent software and services, and notable funding in big data analytic solutions for several verticals that push regional growth. Additionally, the existence of prominent players pushes the regional market growth. In May 2024, SAP and IBM partnered to push client innovativeness and invention through generative AI and industry-particular cloud solutions. This partnership aims to assist businesses in becoming future-generation undertakings.
Asia Pacific is also expected to grow at the highest CAGR during the forecast period. This is due to growing funding in progressive analytics IT framework projects, digital modifications such as Industry 4.0, and speedy economic growth surfacing nations.
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Market Segmentation:
By Component Outlook:
- Solution
- Services
By Offering Outlook:
- Software
- Software by Integration
- Cloud Type
- Services
By Data Type Outlook:
- Structured
- Unstructured
By Data Processing Outlook:
- Real-time Analytics
- Batch Processing
By Analytics Type Outlook:
- HR Analytics
- Marketing Analytics
- Sales Analytics
- Finance Analytics
- Operation Analytics
By Enterprise Type Outlook:
- Small Size Enterprise
- Medium Size Enterprise
- Large Size Enterprise
By Vertical Outlook:
- BFSI
- Telecommunication
- Retail & Consumer Good
- Healthcare and Life Sciences
- Government & Defense
- Automotive
- Education
- Manufacturing
- Transportation & Logistics
- Other
By Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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