Analytics as a Service Market (Type - Predictive, Prescriptive, Diagnostic, and Descriptive; Enterprise Size - Large Enterprise, and Small and medium-sized enterprises (SME); End-use - BFSI, Retail, Government, IT Telecom, Healthcare, Manufacturing, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on analytics as a service market provides 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, forecast and dollar values of global analytics as a service market.

Market Insight:

The global analytics as a service market was valued at USD 6.06 billion in 2022 and is expected to reach USD 37.06 billion in 2030, with a CAGR of 22.15% during the forecast period 2023-2030.

"Analytics as a Service" (AaaS) is a technology industry that provides analytical tools, solutions, and services to businesses and organizations through cloud-based platforms. AaaS enables companies to access and utilize advanced data analytics, machine learning, and artificial intelligence capabilities without the need for extensive in-house infrastructure or expertise. 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 Analytics as a Service market has experienced significant growth in recent years due to the increasing volume of data generated by businesses and the growing demand for data-driven insights to make informed decisions. The Analytics as a Service market is a dynamic and rapidly evolving sector of the technology industry, driven by the increasing importance of data-driven decision-making in businesses across various industries. The market is expected to continue growing as organizations seek to leverage data analytics for competitive advantage.

The growing acceptance of cloud-based solutions is expected to have a positive impact on the demand for Analytics as a Service (AaaS). Industries are increasingly seeking to enhance their services by gaining better insights into system operations and consumer behavior, driving the global AaaS market's growth. This trend is particularly evident among Small- and Medium-sized Businesses (SMEs) that are leveraging AaaS to make cost-effective data-driven decisions. The surge in the use of social media applications has led to a proliferation of structured and unstructured data across platforms, further fueling the demand for AaaS. Moreover, industrial facilities are increasingly turning to predictive and historical data analysis to proactively prevent unplanned downtime, which serves as an additional growth driver. The advent of the Internet of Things (IoT) and the widespread adoption of smartphones enable marketers to collect and store machine-generated data simultaneously. This empowers businesses to optimize the performance of their internal assets, reduce operating costs, offer proactive customer support, and improve profit margins, thus enhancing the overall market outlook. However, a surge in cybercrime is negatively impacting the market. The growing business needs to better understand the actions and behavior of the customer and managing generated data will provide huge opportunities for analytics as a service market.

North America is expected to maintain its position as the dominant region in the global analytics as a service market, with the Asia Pacific (APAC) region projected to hold the highest compound annual growth rate (CAGR) during the forecast period. North America currently generates the most substantial revenue for global analytics as a service market, and significant shifts are underway in this region. The robust market in North America can be attributed to several factors, including a large and established base of analytics as a service vendor, the increasing adoption of Internet of Things (IoT) devices, and the growing recognition of the importance of big data. Particularly in the United States, businesses have been actively embracing analytics as a service solution to gain valuable data insights for critical decision-making and to stay competitive in the market. To cater to the diverse needs of companies and their clients, vendors are introducing a variety of analytics-as-a-service solutions and services. These offerings often include dashboards with statistical data representations, addressing the evolving demands of businesses in North America and beyond.

Report Scope of the Analytics as a Service Market:

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 and medium-sized enterprises (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, Oracle, SAP SE, Hewlett Packard Enterprise Development LP, SAS Institute Inc., Accenture, Google LLC, Amazon Web Services, Inc., and OPERA Solutions Inc..

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 an 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 the analytics as a service market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. 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 an insight into the market share of the leading players.