According to a research report "Analytics as a Service Market major factors driving the 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 - Global Forecast to 2024" published by MarketsandMarkets. 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). The 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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Large enterprises segment to hold a larger
market size during the forecast period
The AaaS market is
segmented by organization size into large enterprises and Small and
Medium-sized Enterprises (SMEs). The large enterprises segment is expected to
have a larger market size during the forecast period, due to the inclination of
large enterprises to adopt AI and ML technologies for processing large volumes
of data being generated from multiple data sources. Large enterprises have a
huge corporate network and organize a large number of events. AaaS solutions
enable large enterprises to gain customer experience and have better analytical
capabilities for business decisions. However, the SMEs segment is expected to
grow at a higher CAGR during the forecast period. SMEs are growing at a rapid
rate and are keen to implement big data on the cloud that will help them
analyze huge volumes of data and make faster business decisions.
By vertical, the healthcare and life sciences
vertical to grow at the highest CAGR during the forecast period
The AaaS market by industry vertical
is segmented into 7 categories: Banking, Financial Services and Insurance
(BFSI); telecommunication and IT; retail and eCommerce; healthcare and life
sciences; manufacturing; media and entertainment; government and defense;
and others (energy and utilities,
transportation and logistics, travel and hospitality, and education). The
healthcare and life sciences industry vertical is expected to grow at the
highest CAGR during the forecast period. The healthcare and life sciences
organizations are adopting AaaS solutions to enhance the patient experience and
enable data-driven, actionable analytics. These solutions offer healthcare and
life sciences organizations with cost-effective and scalable architecture for
the collection and processing of large volumes of disparate data types. AaaS
solutions enable healthcare organizations to offer remote assistance based on
centralized data repository and analytics.
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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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