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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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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