The global analytics as a service market size is expected to reach around USD 29.7 billion by 2027, registering a CAGR of 25.9% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growth is driven by the rising need among enterprises to adopt advanced analytical capabilities with minimum investments on infrastructure. Moreover, business-centric organizations are particularly emphasizing on efficient and strategic decision-making. They are hence opting for analytics as a service (AaaS), which is apt for reducing the time required to manage various business functions, thereby influencing the market growth positively. Enterprises are leveraging analytics to gain valuable insights on customer preference, customer behavior, and the effectiveness of their marketing campaigns that bodes well for the growth of the market.
Incumbents in the transportation and logistics sector deal with large amounts of customer data from trucking management and on-board sensors, including Global Positioning System (GPS) sensors or engine sensors such as throttle position sensors and mass air flow sensors, among others. As a result, these companies are focusing on adopting the solutions to aggregate and manage the data and to collect valuable insights which is anticipated to provide lucrative opportunities to market players.
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The rapid rise in the number of connected devices through IoT has increased the amount of data generated by these devices. The expanding scope of big data analytics for interpretation and compounding of social media activities is expected to significantly fuel the market growth. The use of AaaS is enabling the examination of social media activities and quantifying results so that resources such as memory can be allocated to a particular social media application/platform accordingly. These factors are expected to boost market growth further. Currently, organizations in the healthcare sector are adopting analytical solutions to track the spread of the coronavirus, monitor the usage of resources, and identification of individuals particularly vulnerable to the effects of COVID-19.
The growing popularity of insights as a service, which is a cloud-based service that provides insights to business corporations by collecting and aggregating data from internal and third-party sources, is anticipated to provide lucrative opportunities to market players. To capitalize on these opportunities, various market players such as Capgemini, Google LLC, and IBM are focusing on the development of insights as a service. For instance, in August 2019, Capgemini launched their insights as a service platform that uses analytical tools that collects data from various sources and provides valuable insights on customers and suppliers.
Analytics as a Service Market Report Highlights
• The growth of the predictive analytics segment is attributed to the increasing demand for analytical solutions from the BFSI sector for activities such as capital planning, credit risk management, and insurance risk management
• The SME segment is anticipated to grow on account of the significant roles of governments in the provision of funds to SMEs for the adoption of analytical solutions under programs such as Startup SG program (Singapore)
• Organizations in the healthcare sector are emphasizing on the adoption of analytics for managing electronic health records (EHRs), which is anticipated to drive the growth of the healthcare segment over the forecast period
• The Asia Pacific region is projected to expand at the highest CAGR over the forecast period on account of increasing demand of analytics for enterprise content management and web content management tools by e-commerce sector
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Analytics as a Service Market Market Segmentation
Grand View Research has segmented the global analytics as a service market based on type, enterprise size, end use, and region.
Analytics as a Service (AaaS) Type Outlook (Revenue, USD Million, 2016 - 2027)
• Predictive
• Prescriptive
• Diagnostic
• Descriptive
Analytics as a Service (AaaS) Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprise
• Small & Medium Enterprise (SME)
Analytics as a Service (AaaS) End Use Outlook (Revenue, USD Million, 2016 - 2027)
• BFSI
• Retail
• Government
• IT & Telecom
• Healthcare
• Manufacturing
• Others
Analytics as a Service (AaaS) Regional Outlook (Revenue, USD Million; 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
• Middle East & Africa (MEA)
List of Key Players Operating in Analytics as a Service Market:
• Amazon Web Services, Inc.
• GoodData Corporation
• Google LLC
• Hewlett Packard Enterprise Development LP
• IBM
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.