Pune, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Analytics as a Service (AaaS) Market Size Analysis:
“The SNS Insider report indicates that the Analytics as a Service Market was valued at USD 9.4 billion in 2023 and is projected to grow to USD 74.9 billion by 2032, registering a CAGR of 26.0% over the forecast period of 2024-2032.”
Analytics as a service is already witnessing a massive uptake as businesses realize the necessity of data-oriented decision-making. Worldwide data has already exceeded 120 Zettabytes in 2023, and the growth is expected to be exponential. Due to this boom of data generation in every industry, there is an impending demand for scalable, efficient, and cost-effective analytics solutions which led to the growing adoption of AaaS platforms. Cloud-based analytics solutions have recently raised interest and adoption in sectors where small and medium enterprises can spearhead the drive: recent research shows that 70% of organizations have already, or plan to, move to a cloud-based analytical solution within one year.
Aaas Solutions Are Helping Healthcare Improve The Real-Time Analysis Of Patient Data
AaaS is allowing retailers to analyze customer purchase trends and manage their supply chains more effectively. Such applications are fuelling the rise of demand for AaaS in all industries. The increasing requirement to adhere to data protection regulations like GDPR and CCPA is also driving AaaS adoption. A survey shows that cloud analytics has become a priority for 59% of companies owing to its focus on data security and privacy, perpetuating the transition towards AaaS that is not just aligned with local laws but built to meet regulatory compliance.
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Major Players Analysis Listed in this Report are:
- IBM (IBM Watson Analytics, IBM Cognos Analytics)
- Microsoft (Power BI, Azure Synapse Analytics)
- SAP (SAP Analytics Cloud, SAP BusinessObjects)
- Oracle (Oracle Analytics Cloud, Oracle BI)
- Google Cloud (BigQuery, Looker)
- Tableau (Tableau Online, Tableau Server)
- SAS (SAS Visual Analytics, SAS Viya)
- Qlik (Qlik Sense, QlikView)
- Domo (Domo Business Cloud, Domo Data Apps)
- Snowflake (Snowflake Data Cloud, Snowpipe)
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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Segmentation Analysis
By Industry
The BFSI segment dominated the market and held the largest revenue share of 22% in and is expected to continue to account for a significant share over the upcoming years. The industry is regulated and therefore requires massive data analyses for compliance reporting and risk assessment. AaaS solutions can automate these processes in a secure manner that adheres to regulations and provides accurate and up-to-date information.
The IT & telecom industry is projected to grow at the fastest CAGR during the forecast period. With the rising attention of telecom service players on providing customers with premium services and the production of massive data in this sector, increasing adoption of analytics solutions has been witnessed. It is easily scalable to the increasing amounts of data in the industry, which can eventually be made such that organizations can adapt to changing demands.
Analytics as a Service (AaaS) Market 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 Landscape
In 2023, North America dominated the market and captured over 35% of global Analytics as a Service market. This dominance has led to the rapid assimilation of analytics solutions across various industries, especially technology and financial firms. Data from Statistics Canada and the U.S. Bureau of Economic Analysis indicates North American businesses have consistently been some of the largest consumers of analytics services.
The Asia-Pacific is expected to register the fastest CAGR during the forecast period. This growth is also fuelled by a range of initiatives undertaken by the government, one of which is India Digital India. This aimed at fortifying the digital landscape by improving access to the cloud and analytics services. AaaS solutions are being rapidly adopted by businesses in the region, due in part to the strategic push towards artificial intelligence and data-driven technologies that China is driving.
Recent Developments
In March 2024, Microsoft launched a new suite of AI-driven analytics tools as part of its Azure platform, designed to make it easier for businesses to integrate predictive analytics and real-time data processing into their operations.
In February 2024, AWS introduced a new set of AaaS offerings aimed at enhancing data security and compliance, enabling businesses in regulated industries to take advantage of cloud-based analytics solutions.
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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