Market Overview:
The Global Analytics as a Service Market size is expected to grow from USD 13.31 billion in 2022 to USD 70.18 billion by 2030, at a CAGR of 23.1 % during the forecast period (2023-2030).
Analytics as a service (AaaS) is a deployment model referring to the provision of analytics software and business operations via Eb-delivered technologies. In this service analytics solutions provides by a third-party vendor through cloud platforms. This type of service is a part of a wider range of services consisting of similar names with similar ideas such as Platform as a service (PaaS), Software as a service (SaaS), and Infrastructure as a service (IaaS). The internal system is replaced by a service model with web-delivered services is common thing in the PaaS, SaaS, and IaaS services. Analytics, as a service combines the sourced data and information in a centralized-managed platform, as a result of this, decreases manual labor and improves the efficiency of the operation.
Top Key Players for 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., and Other Major Players.
Market Dynamics and Factors for Analytics as a Service Market:
Drivers:
Growing the Adoption of Social Media Applications
The growing adoption of social media applications has emerged as a significant driver for the Analytics as a Service (AaaS) market. As social media platforms continue to gain widespread popularity and user engagement, they generate vast amounts of data. Organizations recognize the value of this data in understanding consumer behavior, market trends, and their own brand performance. However, analyzing and deriving insights from such massive datasets require advanced analytics capabilities that can be resource-intensive and complex to implement in-house.
Opportunities:
Growing Demand for Advanced Technologies to Process High Workloads through Cloud
The surge in demand for advanced technologies capable of efficiently processing substantial workloads through cloud platforms is reshaping how businesses operate. With the exponential growth of data and the emergence of resource-intensive technologies like AI, machine learning, and big data analytics, traditional computing infrastructures face limitations. Cloud solutions offer the scalability, computational power, and flexibility required to handle these demands seamlessly. This trend is driving organizations to embrace cloud-based approaches, enabling them to unlock the full potential of cutting-edge technologies and streamline their operations for enhanced efficiency and innovation.
Segmentation Analysis of the Analytics as a Service Market:
- By Type, Descriptive is the contemporary business landscape is undergoing a profound transformation, driven by an escalating need for advanced technologies adept at managing substantial workloads through cloud platforms.
- By Enterprise Size, Large enterprises play a pivotal role in shaping the modern business landscape. These organizations are characterized by their extensive resources, complex operations, and broad market reach.
Regional Analysis of the Analytics as a Service Market:
North America, particularly the United States, is witnessing a robust surge in the growth of the Analytics as a Service market. Fueled by a dynamic technology landscape, innovation hubs, data-intensive industries, well-established cloud infrastructure, and a proactive regulatory environment, businesses across various sectors are rapidly adopting AaaS solutions to harness data-driven insights for strategic decision-making, operational efficiency, and competitive advantage.
Key Industry Development:
- In April 2022, Kyndryl, an information technology company declared their expansion of the partnership with SAP. The aim of this acquisition helps to costumer by declining the digital transformation challenges. Kyndryl offers services that complement the RISE with an SAP solution, such as proven migration tools and scalable offerings, AI-driven business data management and analytics solutions, application modernization, and more, as part of the expanded collaboration.
