Analytics as a Service Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global analytics as a service market provides qualitative and quantitative analysis for the period from 2021-2030. 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. The study on analytics as a service market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.
"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 Findings

1) Drivers

• Increasing usage of social media.
• Increase in usage of machine generated data.

2) Restraints

• A surge in cybercrime is negatively impacting the market.

3) Opportunities

• Growing business need to better understand the actions and behavior of the customer and to manage generated data will provide huge opportunities for analytics as a service market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents.

The primary respondents approached include:

1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include:

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include:

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segments Covered

The global analytics as a service market is segmented on the basis of type, enterprise size, and end-use.

The Global Analytics as a Service Market by Type

• Predictive
• Prescriptive
• Diagnostic
• Descriptive

The Global Analytics as a Service Market by Enterprise Size

• Large Enterprise
• Small and Medium-sized Enterprises (SME)

The Global Analytics as a Service Market by End-use

• BFSI
• Retail
• Government
• IT Telecom
• Healthcare
• Manufacturing
• Others

Company Profiles

The companies covered in the report include:

• IBM Corporation
• Microsoft
• Oracle
• SAP SE
• Hewlett Packard Enterprise Development LP
• SAS Institute Inc.
• Accenture
• Google LLC
• Amazon Web Services, Inc.
• OPERA Solutions Inc.

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the analytics as a service market.

2. Complete coverage of all the segments in the analytics as a service market to analyze the trends, developments in the global market and forecast of market size up to 2030.

3. Comprehensive analysis of the companies operating in the global analytics as a service market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.

4. The Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.