Northbrook, IL 60062 -- (SBWIRE) -- 06/01/2023 -- The global Analytics as a Service 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, according to research report by MarketsandMarkets™.

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.

Browse in-depth TOC on "Analytics as a Service Market"

132 - Tables
61 - Figures
212 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=159638048

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.

North America to hold the largest market size 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. AaaS solutions are gaining traction in the BFSI industry vertical in North America. These solutions offer more flexible, scalable, and cost-effective storage solutions, along with offering improved analytics capacity. Several AaaS solution providers in North America are experimenting in the market by integrating advanced AI and ML technologies with their existing AaaS solutions. The increasing adoption of IoT devices by various businesses in the region are leading to the growth of the AaaS market. Major North American vendors in the AaaS market are Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), AWS (US), HPE (US), 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), and Looker (US).

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=159638048

Key Players

The report includes the study of the key players offering AaaS solutions and services. The major vendors 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). It also includes an in-depth competitive analysis of the key players in the AaaS market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Browse Other Reports:

Simulation Software Market - Global Forecast to 2027

Digital Signature Market - Global Forecast to 2027

Healthcare Cybersecurity Market - Global Forecast to 2028

Metaverse Market - Global Forecast to 2027

Green Technology and Sustainability Market - Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/analytics-as-a-service-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/analytics-as-a-service.asp