According to the latest report by IMARC Group, titled "Analytics as a Service (AaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global analytics as a service (AaaS) market reached a value of US$ 18.9 Billion in 2022. Analytics as a service (AaaS) is a software solution that is generally utilized by multiple businesses for collecting data from numerous sources for predicting future occurrences. It involves the usage of cloud computing technology for integrating the sourced data into a centralized-managed platform, thereby minimizing human interference and errors. It is a subscription-based analytics software that offers a customized data analytics platform for analyzing the trends that aid in improving the decision-making process while enhancing the overall operational efficiency of an organization. In comparison to the traditional analytical tools, it provides remote access to its clients for analyzing data via third-party managed machine learning (ML) tools or self-service.
Global Analytics as a Service (AaaS) Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Moreover, a substantial rise in data generation due to rapid digitization and penetration of high-speed internet connectivity across the globe are providing a boost to the demand for AaaS solutions. Along with this, continual technological advancements and the widespread integration of machine learning, artificial intelligence (AI) and big data with AaaS solutions are further propelling the market growth. In line with this, the increasing deployment of industry 4.0 across the corporate segment is positively influencing the product demand. Furthermore, the shifting preference towards online shopping due to the rapid outbreak of coronavirus disease (COVID-19) has encouraged leading players to heavily invest in the deployment of AaaS solutions that aid in a better understanding of purchasing behavior, which is providing an impetus to the market. Other factors, including the rising adoption of smartphones among the masses, the increasing popularity of social media marketing and extensive research and development (R&D) activities conducted by key players, are also contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 68.9 Billion by 2028, growing at a CAGR of 23.7% during 2023-2028.
- On the basis of the type, the market has been segmented into predictive, prescriptive, diagnostic and descriptive.
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the deployment type, the market has been segregated into private, public and hybrid clouds.
- Based on the enterprise size, the market has been classified into small and medium-sized and large enterprises.
- On the basis of the industry vertical, the market has been categorized into the BFSI, retail, government and public sector, IT and telecommunication, healthcare, manufacturing and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players operating in the market include Atos, Cloudera Inc., Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, ScienceSoft USA Corporation, Sisense, Teradata Corporation and Tibco Software Inc.
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