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 highest market share during the forecast period
North America is expected to hold the highest share in the
global analytics as a service market, while Asia Pacific (APAC) is expected to
grow at the highest CAGR 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. In North America, the
high growth rate can be attributed to the increasing adoption of big data, the
large base of AaaS vendors in the region, and the rising adoption of IoT
devices.
Key
market players
Major vendors in the global AaaS market include 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). These
vendors have adopted various organic and inorganic growth strategies, such as
new product launches, partnerships and collaborations, and mergers and
acquisitions, to expand their presence in the global AaaS market.
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