According to a research report "Analytics as a Service Market by Component, Deployment Mode, Organization Size, Industry Vertical (BFSI, Telecommunications and IT, Healthcare and Life Sciences, and Retail and eCommerce), and Region - Global Forecast to 2024", published by MarketsandMarkets, The global AaaS market size is expected to grow from USD 4.3 billion in 2019 to USD 12.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period. The major growth factors of the AaaS market include the increasing need to extract in-depth insights from the growing volumes of data to gain a competitive advantage. The increasing demand for cloud-based dashboards for data visualization to enhance decision-making, the benefit of cost-effectiveness offered by AaaS solutions, and fulfilling the enterprise need to adopt advanced analytical capabilities with the minimal infrastructure are expected to drive the adoption of AaaS solutions.
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Among solutions, the marketing analytics segment to grow at the highest CAGR during the forecast period
The analytics as a service market is segmented by solution into financial analytics, risk analytics, markering analytics, web analytics, supply chain analytics, security analytics, IT operations analytics, and others, which includes HR analytics and legal analytics. The marketing analytics segment is expected to grow at the highest CAGR during the forecast period. AaaS solutions can enable companies to increase operational efficiencies and reduce costs. Companies are adopting AaaS solutions and services as it helps them analyze marketing activities, which, in turn, enable them to optimize RoI. AaaS solutions and services help businesses store, manage, and predict data for analyzing and making effective business decisions. Numerous companies are implementing AaaS solutions and services to evaluate their internal processes and enhance operations. AaaS solutions’ implementation assists the companies in striking the right balance between operational cost, speed, flexibility, and quality. The financial analytics segment is expected to hold the largest market size during the forecast period. AaaS solutions enable data experts understand various trends, such as identifying financial growth opportunities, financial benchmarking against industry standards, and identifying financial implications.
Public cloud segment to grow at a rapid pace during the forecast period
Most vendors in the analytics as a service market offer cloud-based AaaS solutions to maximize profits and automate the equipment maintenance process, effectively. The adoption of public cloud-based AaaS solutions is expected to grow, due to the benefits such as easy maintenance of generated data, cost-effectiveness, agility, flexibility, scalability, and effective management of these solutions. Companies prefer to adopt public cloud-based AaaS solutions, as these support their regional, cross-regional or cross-country data recovery strategies. This enables them to ensure resiliency in case of a disaster.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global AaaS market. The region is witnessing significant developments in the AaaS market. AaaS solutions are gaining traction in the BFSI industry vertical in North America. These solutions offer more flexible, scalable, and cost-effective storage solutions, along with offering improved analytics capacity. Several AaaS solution providers in North America are experimenting in the market by integrating advanced AI and ML technologies with their existing AaaS solutions. The increasing adoption of IoT devices by various businesses in the region are leading to the growth of the AaaS market. Major North American vendors in the AaaS market are Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), AWS (US), HPE (US), Salesforce (US), Cloudera (US), MicroStrategy (US), SAP (Germany), ThoughtSpot (US), Qlik (US), Domo (US), TIBCO Software (US), Sisense (US), GoodData (US), Birst (US), Yellowfin (Australia), Guavus (US), Absolutdata (US), Alteryx(US), and Looker (US).
The report includes the study of the key players offering AaaS solutions and services. The major vendors Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Atos (France), Google (US), AWS (US), HPE (US), Hitachi Vantara (Japan), Salesforce (US), Cloudera (US), MicroStrategy (US), SAP (Germany), ThoughtSpot (US), Qlik (US), Domo (US), TIBCO Software (US), Sisense (US), GoodData (US), Birst (US), Yellowfin (Australia), Guavus (US), Absolutdata (US), Alteryx(US), Looker (US), Pyramid Analytics (Europe), and Board International (Switzerland). It also includes an in-depth competitive analysis of the key players in the AaaS market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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