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In the last few years, the market for analytics as a service (AaaS) has grown and changed a lot. This has changed how businesses use data to make strategic decisions." Businesses need AaaS more and more as they learn how important data analytics is for staying ahead of the competition. Moving data tools to the cloud is a market trend that stands out. Because cloud platforms are scalable, flexible, and affordable, businesses can use powerful analytics tools without having to spend a lot of money on equipment. For analytics as a service, the focus on real-time analytics is another trend that stands out.
In today's fast-paced business world, it's important to get real-time information from data. In response, AaaS providers offer services that let companies quickly examine and act on data. The coming together of machine learning and artificial intelligence (AI) is a big step forward in the AaaS business. Analytics solutions can make more accurate estimates, find trends, and simplify boring jobs with the help of these technologies. An increasing number of businesses are using machine learning systems to find secret trends in data and help them make better decisions.
In the market for Analytics as a Service, personalization and customization are becoming big trends. Companies are looking for custom data tools that meet the needs of their business and operations. To make it easier for businesses to pick and choose the features and functions that work best for them, AaaS companies are making analytics systems that are movable and adaptable. Safety and privacy are the most important things in Analytics as a Service. When businesses give private data to outside analytics companies, they need strong security steps. As a service (IaaS) providers put a lot of money into improving data security, access controls, and legal compliance with data protection rules. It is important to address these security issues to build trust and get more people to use analytics solutions, especially in fields with strict legal requirements. Collaboration and integrating with existing IT platforms are changing the AaaS business. Businesses want their data tools to work well with their current systems so that work gets done quickly and correctly.
In response, companies that offer cloud-based application services (AaaS) are making it easy for databases, workplace apps, and popular business intelligence tools to work together with their services. The trend shows how important statistics are to the business plan as a whole."Analytics as a Service (AaaS) is in high demand because more and more US industries are relying on real-time data-driven insights.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing demand for internet of things devices. |
| Market Dynamics | Cost-Effectiveness offered by analytics as a service solution. |
Analytics as a service Market Highlights:
Analytics as a Service Market Overview
Analytics as a Service Market Size was valued at USD 7.2 billion in 2022. The Analytics as a Service market industry is projected to grow from USD 9.2 Billion in 2023 to USD 40.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.82% during the forecast period (2024 - 2032).
The increased need for organizations to assess the consistency of data schema has led to an increasing focus on enhancing their computational and statistical capabilities, which heralds market growth. These are the key market drivers enhancing market growth.
Figure 1: Analytics as a Service Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Analytics as a Service Market Trends
The surge in data security concerns boosting the market growth
Surging data security concerns due to the rising number of cybercrimes is a significant factor negatively impacting the market growth. Since data is always stored on remote servers, data and applications can be vulnerable to cyber-attacks when end users access the data while it is in transit over the internet. As a result, public safety organizations have enforced strict regulations that service providers must adhere to. For example, the General Data Protection Regulation (GDPR), which requires companies to protect data processed through any system or software, applies to organizations operating in the European Union.
The transformation of enterprises from legacy systems to digital solutions plays a major role in the centralization of data across all departments and functions of an organization, thus increasing the need for AaaS. Increasing demand for analytical solutions in a range of applications such as forecasting electricity consumption, trade markets, and forecasting traffic trends is driving the market growth. Several companies, including Google LLC; IBM; Oracle Corporation; offer analytics solutions through their flagship cloud platforms, which have significantly impacted growth. For example, IBM offers its analytics solution, Watson Analytics, through Watson Cloud, which helps the company's clients analyze structured data.
The rising use of analytics solutions for product demand perception in e-commerce and retail is another major factor driving the market growth. Demand sensing is widely used in the retail industry to identify potential consumers of a product, helping retailers understand consumer behavior and its impact on the entire supply chain. Moreover, increasing the adoption of analytical solutions to translate data generated using RFID tags is heralding market growth.
For example, in August 2019, Nike, Inc. acquired Celect, Inc., a cloud-based predictive analytics platform developer. Following the acquisition, Nike, Inc. began using RFID technology and Celect, Inc.'s predictive analytics solution to optimize inventory performance. In addition, technologies such as virtual reality (VR) and augmented reality (AR) are data-immersive technologies that require high bandwidth to operate, resulting in large amounts of data. As large amounts of unstructured data are generated, analytics solutions are used to classify, process, and present it into meaningful insights. Therefore, the Analytics as a Service market CAGR has increased ly in recent years. These are important factors driving the growth of the Analytics as a Service market revenue.
Analytics as a Service Market Segment Insights
Analytics as a Service Component Insights
The Analytics as a Service market segmentation, based on Components, includes Solutions, and Services. The solution segment held the majority share 2022 of the Analytics as a Service market revenue. The growth of this segment is attributed to the fact that analytics-as-a-service solutions can enable organizations to increase operational efficiency and reduce costs. Companies are adopting solutions and services as it helps in managing and predicting data as well as analyzing data to make better decisions.
Figure 2: Analytics as a Service Market by Component, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Analytics as a Service Analytics Type Insights
Based on Analytics Type, the Analytics as a Service industry has been segmented into predictive and Prescriptive. The predictive segment is expected to hold a major market share. Various organizations in the retail industry are utilizing these solutions for demand forecasting, helping them to make informed decisions and improving profitability, thereby boosting growth. Additionally, companies developing autonomous driver assistance system (ADAS) technology and self-driving cars extensively use predictive analytics to analyze sensor data from connected cars and build driver assistance algorithms. Moreover, increasing demand for AaaS to manage factory operations and distribution networks through predictive analytics drives the segment's growth. Additionally, companies in the e-commerce space are utilizing predictive solutions to provide a tailored shopping experience to their customers.
Analytics as a Service Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Analytics as a Service market accounted for USD 3.29 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to various associations and organizations in the Region, such as the Cloud Native Computing Foundation and the National Association of Cloud Technologists, which promote using cloud computing to deploy various high-tech solutions, such as advanced analytics, big data analytics, and predictive analytics. Moreover, various healthcare organizations and government agencies are collaborating to develop analytics solutions for the healthcare industry, which heralds the regional market's growth.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Analytics As A Service Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Analytics as a Service market accounts for the second-largest market share. The Region is driven by the rising volume of data generated by organizations, the rising need for data-driven decision-making, and the rising demand for cost-effective analytics solutions—several recalls. Further, the Germany Analytics as a Service market held the largest market share, and the U.K. Analytics as a Service market was the fastest-growing market in the European Region.
The Asia-Pacific Analytics as a Service Market is expected to grow at the fastest CAGR from 2022 to 2030. The growth in APAC is attributed to the increase in the number of analytics firms, such as EXL, IDG Ventures Partners, and TA Associates, investing in emerging analytics firms in the Region. For example, in May 2018, EXL made a $240 million investment in SCIOInspire, Corp., which provides AaaS to the healthcare industry. Additionally, industry associations in the Region, such as the Asia Cloud Computing Association (ACCA) and the Asia Analytics Alliance, promote adopting AaaS solutions to boost market growth. Moreover, the China Analytics as a Service market held the largest market share, and the India Analytics as a Service market was the fastest-growing market in the Asia-Pacific region.
Analytics as a Service Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their Component lines, which will help the Analytics as a Service market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new Component launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Analytics as a Service industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the Analytics as a Service industry to benefit clients and expand the market sector. The Analytics as a Service industry has provided medicine with some of the most significant benefits in recent years. In the Analytics as a Service market, major players such as Accenture – USA, Atos SE – USA, Google, Hewlett Packard Enterprise Development Lp – USA, SAS Institutes - USA, and others are working on expanding the market demand by investing in research and development activities.
Accenture plc is an Irish-American professional services firm based in Dublin, specializing in information technology (IT) services and consulting. As a Fortune 500 company, it reported revenue of $61.6 billion in 2022. Accenture's clients include 91 of the Fortune 100 and more than three-quarters of the Fortune 500. [8] As of 2022, Accenture is considered the consulting firm with the largest number of employees ly.
Also, Google LLC is an American multinational technology company focused on online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence, and consumer electronics. Due to its market dominance in artificial intelligence, data collection, and technological superiority, it has been called "the world's most powerful company" and one of the world's most valuable brands. Its parent company, Alphabet, is considered one of the top five information technology companies in the United States, along with Amazon, Apple, Meta, and Microsoft.
Key Companies in the Analytics as a Service market include
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Accenture - USA
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Atos SE - USA
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Google
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Hewlett Packard Enterprise Development Lp - USA
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Hitachi Solutions - Japan
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Oracle - USA
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SAS Institutes - USA, among others
Analytics as a Service Industry Developments
May 2022: Wipro and Informatica partner to deliver cloud-based data and analytics to the market through the Wipro Fullstride Cloud Services Data Platform. By combining cloud hyperscaler offerings with Wipro's platform, IP, talent, and partner-led solutions, Informatica and Wipro create a one-stop marketplace for business value and customer outcomes. Wipro's well-known data, analytics, and artificial intelligence (AI) skills, combined with Informatica's complete AI data management solution, will enable the cloud-based transformation to scale.
Analytics as a Service Market Segmentation
Analytics as a Service Component Outlook
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Solutions
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Services
Analytics as a Service Analytics Type Outlook
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Predictive
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Prescriptive
Analytics as a Service Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
- Middle East
- Africa
- Latin America
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