Analytics as a Service Market (Type - Predictive, Prescriptive, Diagnostic, and Descriptive; Enterprise Size - Large Enterprise, and Small & Medium Enterprise (SME); End Use - BFSI, Retail, Government, IT & Telecom, Healthcare, Manufacturing, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on analytics as a service market provides an in-depth analysis of segments and sub-segments in the global as well as regional analytics as a service market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional analytics as a service market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of global analytics as a service market. According to the report, the global analytics as a service market is projected to grow at a CAGR of about 20% over the forecast period of 2022-2028, growing from over USD 8 billion in 2022 to more than USD 26 billion in 2028. 

Market Insight

In the deployment paradigm known as "analytics as a service," a third-party vendor offers analytical solutions via a cloud platform. The increased need for enterprises to assess the consistency of data patterns has led to a growing emphasis on improving computational and statistical skills, which is good news for the market's expansion. Businesses that prioritize analytics for data-driven decision-making to enhance the performance of many business areas, such as sales, demand forecasting, and raw material procurement, are responsible for the growth. The demand for AAAS is anticipated to be positively impacted by the increasing acceptance of cloud-based solutions. 

The rising demand from industries to upgrade their services by better understanding system operations and consumer behavior is one of the major reasons fueling the growth of the global AAAS market. This is supported by the fact that small- and medium-sized businesses (SMEs) are widely utilizing the technology to make data-driven decisions at cheaper costs. The rising use of social media applications has increased the amount of structured and unstructured data across platforms, which has enhanced the demand for AAAS. Along with this, industrial facilities are using predictive and historic data analysis more and more to prevent unplanned downtime. These developments are operating as additional growth-inducing elements. In addition, marketers are now able to collect and store machine-generated data at the same time thanks to the Internet of Things (IoT) and the widespread use of smartphones. As a result, businesses are able to improve the performance of their internal assets, cut operating expenses, offer proactive customer assistance, and boost profit margins, which in turn improves the market outlook. 

While Asia Pacific (APAC) is anticipated to rise at the fastest CAGR over the course of the forecast period, North America is anticipated to hold the largest share of the worldwide analytics as a service market. The largest source of revenue for the worldwide analytics as a service market in North America. Significant market changes are taking place in this region. The strong market in North America can be attributed to the region's vast base of analytics as a service vendor, the growing use of IoT devices, and the growing acceptance of big data. Businesses have been utilizing analytics as a service solution, particularly in the US, to generate data insights for critical business decisions and to maintain market competitiveness. Vendors are launching a variety of analytics-as-a-service solutions and services in response to the growing need for dashboards that include statistical representations of data in order to meet the diverse needs of companies and their clients. 

Segment Covered

The report on global analytics as a service market covers segments such as type, enterprise size, and end use. On the basis of type, the sub-markets include predictive, prescriptive, diagnostic, and descriptive. On the basis of enterprise size, the sub-markets include large enterprise, and small & medium enterprise (SME). On the basis of end use, the sub-markets include BFSI, retail, government, IT & telecom, healthcare, manufacturing, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Hewlett-Packard Enterprise Company, SAS Institute, Accenture PLC, Google Inc., Amazon Web Services Inc., and Opera Solutions LLC. 

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of analytics as a service market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.