Monday, May 9, 2022

Analytics as a Service Market Business Overview, Size Estimation, Revenue, Upcoming Trends to Forecast 2024

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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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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