According to a research report "Analytics as a Service Market growth include the increasing awareness of IoT devices among organizations, the need to manage huge workloads with minimal infrastructure investments, and the adoption of big data analytics solutions for analyzing data which helps make faster business decisions. Analytics as a Service Market provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges) - Global Forecast to 2024" published by MarketsandMarkets. The global analytics as a service 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.
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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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