The worldwide analytics as a service (AaaS) industry is projected to reach a valuation of US$ 9.5 billion by 2023. By 2024, this market should be valued $11.8 billion. Over the course of the projection period, the analytics as a service (AaaS) market is expected to grow at a compound annual growth rate (CAGR) of 25.30%, reaching US$ 111.9 billion by 2034.
One new potential in the analytics as a service sector is the seamless integration of edge analytics. Businesses who develop and market analytics solutions that efficiently process and analyze data at the edge, reducing latency and enhancing decision-making in decentralized situations, may profit from the rising need for real-time insights.
This provides a one of a kind opportunity for firms to deliver creative, flexible, and responsive analytics services that correspond with the changing demands of businesses across several industries.
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Key Takeaways from the Market Analysis
- The market for analytics as a service (AaaS) is likely to experience a 70% CAGR throughout the historical period.
- The analytics as a service (AaaS) market in the United States is anticipated to expand at a 10% CAGR over the projected period.
- The analytics as a service (AaaS) market in Japan is projected to develop at a 70% CAGR between 2024 and 2034.
- During the projection period, the analytics as a service (AaaS) market in Germany will advance at a 50% CAGR.
- The China analytics as a service (AaaS) market is expected to rise at a 80% CAGR from 2024 to 2034.
- The analytics as a service (AaaS) market in Australia is anticipated to advance at a 80% CAGR over the projected period.
- In 2024, predictive analytics by type is expected to account for 33% of the market.
- By 2024, the public cloud sector is expected to command 37% of the global market by deployment type.
“The global analytics as a service market is being accelerated by the combined pressures of the need for data driven decision making across sectors. The ongoing cloud advances in this market, which enables scalable, accessible, and flexible analytics solutions for enterprises globally are also accelerating the global demand,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Competitive Landscape
In the global analytics as a service market, companies as well as startups are innovating by leveraging advanced technologies such as artificial intelligence and machine learning to provide prescriptive and predictive analytics solutions.
They cater to different industry demands with an emphasis on customization, delivering scalable and affordable services using cloud based platforms. Strategic alliances and partnerships improve products by assuring strong data security and easy to use interfaces.
To remain competitive, these companies pursue ongoing technology improvements while tackling issues like data security concerns as well as integration complications. Startups, in particular, play a critical role in encouraging agility and contributing to the dynamic growth of the analytics as a service ecosystem.
Key Developments
- In 2023, Deloitte and IBM declared a collaboration that would harness the two the premier sustainability solutions of both the companies to assist customers accelerate emissions reduction goals and incorporate sustainability programs into their core business. Clients may access numerous IBM products and combine data from the IBM Envizi ESG Suite with Deloitte’s GreenLight Solution as a result of the agreement.
- In 2023, FlexQuery Analytics Lake, an innovative data platform from GoodData, features generative AI and unites a slew of previously independent capabilities in a one spot to simplify and accelerate AI, BI, and machine learning creation and analysis. FlexQuery Analytics Lake aggregates the many data assets that enterprises create in a single location in order that they can be discovered and operationalized to power AI, machine learning, and classic business intelligence workflows.
Key companies profiled
- IBM
- Oracle
- SAS Institute
- Amazon Web Services (AWS)
- Computer Science Corporation (CSC)
- Hewlett Packard Enterprise (HPE)
- EMC
- GoodData
- Microsoft
Segmentation Analysis of the Analytics as a Service (AaaS) Market
By Type:
- Predictive
- Prescriptive
- Diagnostic
- Descriptive
By Deployment:
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Component:
- Solutions
- Services
By Application:
- BFSI
- Retail and Wholesale
- Telecommunication and IT
- Government
- Healthcare and Life Sciences
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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