PUBLISHER: IMARC | PRODUCT CODE: 1451484
PUBLISHER: IMARC | PRODUCT CODE: 1451484
The global analytics as a service (AaaS) market size reached US$ 23.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 132.9 Billion by 2032, exhibiting a growth rate (CAGR) of 20.7% during 2024-2032.
Analytics as a Service (AaaS) refers to a business solution that provides customized, subscription-based data analytics software and procedures through the cloud. It primarily integrates the differently sourced data and information into a centralized-managed platform, thereby reducing manual labor and enhancing operational efficiency. Depending on the type, AaaS is classified into predictive, prescriptive, diagnostic, and descriptive analytics types. As compared to other data analytic tools, AaaS offers its clients with an access to remote analytical tools for analyzing data either via self-service or third-party managed machine learning (ML) tools. In addition to this, this platform aids in analyzing consumer behavior and trends, collecting data, providing personalized access to centrally managed data groups, and offers advanced and interactive services. Consequently, it is widely adopted in the telecommunications and IT, retail, government, healthcare, and banking, financial services, and insurance (BFSI) industries.
One of the key factors driving the global AaaS market growth is the emerging organizational need to update their services by better understanding system operations and customer behavior. In line with this, small- and medium-sized enterprises (SMEs) are widely adopting the technology to make data-driven decisions at lower costs, which is supporting the market growth. The demand for Aaas is also facilitated by the widespread adoption of social media applications, which has resulted in an increase in the volume of structured and unstructured data across platforms. Moreover, rapid automation across several industry verticals, along with the increasing utilization of predictive and historic data analysis by manufacturing facilities to avoid unexpected downtime, are acting as other growth-inducing factors. Apart from this, the increasing incorporation of the Internet of Things (IoT) and the proliferation of smartphones has enabled brands to simultaneously gather and store machine-generated data. This, in turn, is helping organizations in enhancing the performance of their internal assets, reducing operational costs, providing proactive customer support, and increasing the profit margin, thereby creating a positive outlook for the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global analytics as a service (AaaS) market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, component, deployment type, enterprise size and industry vertical.
Predictive
Prescriptive
Diagnostic
Descriptive
Solutions
Services
Private Cloud
Public Cloud
Hybrid Cloud
Small and Medium-sized Enterprises
Large Enterprises
BFSI
Retail
Government and Public Sector
IT and Telecommunication
Healthcare
Manufacturing
Others
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Atos, Cloudera Inc., Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, ScienceSoft USA Corporation, Sisense, Teradata Corporation and Tibco Software Inc.