NEWARK, Del, Dec. 15, 2023 (GLOBE NEWSWIRE) -- In 2023, the global analytics as a service (AaaS) market was estimated to be worth US$ 9.5 billion. This market is expected to be worth US$ 11.8 billion in 2024. The global market for analytics as a service (AaaS) is predicted to develop at a 25.30% CAGR during the forecast period, reaching US$ 111.9 billion by 2034.
The seamless integration of edge analytics is a new opportunity within the analytics as a service market. Companies may benefit from the growing need for real time insights by creating and selling analytics solutions that effectively process and evaluate data at the edge, decreasing latency and improving decision making in decentralized contexts.
This provides a one of a kind opportunity for firms to deliver creative, flexible, and responsive analytics services that correspond with the changing demands of businesses across several industries.
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Key Takeaways from the Market Analysis
- The market for analytics as a service (AaaS) is likely to experience a 22.70% CAGR throughout the historical period.
- The analytics as a service (AaaS) market in the United States is anticipated to expand at a 23.10% CAGR over the projected period.
- The analytics as a service (AaaS) market in Japan is projected to develop at a 24.70% CAGR between 2024 and 2034.
- During the projection period, the analytics as a service (AaaS) market in Germany will advance at a 26.50% CAGR.
- The China analytics as a service (AaaS) market is expected to rise at a 25.80% CAGR from 2024 to 2034.
- The analytics as a service (AaaS) market in Australia is anticipated to advance at a 28.80% CAGR over the projected period.
- In 2024, predictive analytics by type is expected to account for 33% of the market.
- By 2024, the public cloud sector is expected to command 37% of the global market by deployment type.
“The global analytics as a service market is being accelerated by the combined pressures of the need for data driven decision making across sectors. The ongoing cloud advances in this market, which enables scalable, accessible, and flexible analytics solutions for enterprises globally are also accelerating the global demand,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
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Competitive Landscape
In the global analytics as a service market, companies as well as startups are innovating by leveraging advanced technologies such as artificial intelligence and machine learning to provide prescriptive and predictive analytics solutions.
They cater to different industry demands with an emphasis on customization, delivering scalable and affordable services using cloud based platforms. Strategic alliances and partnerships improve products by assuring strong data security and easy to use interfaces.
To remain competitive, these companies pursue ongoing technology improvements while tackling issues like data security concerns as well as integration complications. Startups, in particular, play a critical role in encouraging agility and contributing to the dynamic growth of the analytics as a service ecosystem.
Key Developments
- In 2023, Deloitte and IBM declared a collaboration that would harness the two the premier sustainability solutions of both the companies to assist customers accelerate emissions reduction goals and incorporate sustainability programs into their core business. Clients may access numerous IBM products and combine data from the IBM Envizi ESG Suite with Deloitte's GreenLight Solution as a result of the agreement.
- In 2023, FlexQuery Analytics Lake, an innovative data platform from GoodData, features generative AI and unites a slew of previously independent capabilities in a one spot to simplify and accelerate AI, BI, and machine learning creation and analysis. FlexQuery Analytics Lake aggregates the many data assets that enterprises create in a single location in order that they can be discovered and operationalized to power AI, machine learning, and classic business intelligence workflows.
Key companies profiled
- IBM
- Oracle
- SAS Institute
- Amazon Web Services (AWS)
- Computer Science Corporation (CSC)
- Hewlett Packard Enterprise (HPE)
- EMC
- GoodData
- Microsoft
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Segmentation Analysis of the Analytics as a Service (AaaS) Market
By Type:
- Predictive
- Prescriptive
- Diagnostic
- Descriptive
By Deployment:
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Component:
- Solutions
- Services
By Application:
- BFSI
- Retail and Wholesale
- Telecommunication and IT
- Government
- Healthcare and Life Sciences
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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