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Market Research Future Highlights:
The Analytics as a Service (AaaS) market refers to the provision of analytics services through the cloud, where companies can analyze their data to gain insights and make informed decisions. The AaaS market includes various types of services, such as business intelligence, predictive analytics, and data visualization.
The AaaS market has been growing rapidly in recent years, fueled by the increasing adoption of cloud computing and the need for businesses to derive insights from their data to stay competitive. The global AaaS market size is expected to grow from USD 9.2 Billion in 2023 to USD 40.1 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 27.82% during the forecast period.
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There are other key players in this industry. They are:
Regional Analysis:
The Analytics as a Service (AaaS) market is a global market, with companies providing services and solutions to customers across different regions. Here is a regional analysis of the AaaS market:
North America: North America is one of the largest markets for AaaS, with the United States being the major contributor to the market growth. The region has a highly developed cloud infrastructure, and companies in various industries are adopting AaaS solutions to analyze their data and gain insights. The presence of major AaaS providers such as Microsoft Corporation, IBM Corporation, and Oracle Corporation is also driving the growth of the market in this region.
Europe: Europe is another significant market for AaaS, with countries such as the United Kingdom, Germany, and France leading the market growth. The increasing adoption of cloud-based solutions and the need for businesses to derive insights from their data are the major factors driving the growth of the market in this region. Additionally, the increasing investment by AaaS providers in the region is also contributing to the growth of the market.
Asia Pacific: The Asia Pacific region is expected to see the highest growth rate in the AaaS market during the forecast period. Countries such as China, India, and Japan are witnessing a significant adoption of AaaS solutions, driven by the growing awareness of the benefits of analytics and the increasing availability of cloud infrastructure. The emergence of several startups and small players providing AaaS solutions is also contributing to the growth of the market in the region.
Rest of the World: The Rest of the World region, which includes the Middle East, Africa, and Latin America, is also witnessing a growing adoption of AaaS solutions. The increasing investment in cloud infrastructure and the need for businesses to make informed decisions are the major drivers of the market growth in this region. Additionally, the presence of several emerging economies in the region is also creating opportunities for AaaS providers to expand their market presence.
Market Segmentation:
By Component:
By Analytics Type:
By Deployment Type:
By Industry Vertical:
By Region:
The Analytics as a Service (AaaS) market can be segmented based on various factors such as deployment model, organization size, application, industry vertical, and geography. Here is a breakdown of the market segmentation:
The segmentation of the AaaS market based on deployment model helps in identifying the type of cloud infrastructure used to provide AaaS solutions to customers. The organization size segmentation helps in identifying the target customers for AaaS providers, whether they are small and medium-sized enterprises or large enterprises. The application segmentation helps in identifying the specific use cases where AaaS solutions can be applied, such as customer analytics or financial analytics. The industry vertical segmentation helps in identifying the specific industries where AaaS solutions are in demand, such as BFSI or healthcare. Finally, the geography segmentation helps in identifying the regional markets where AaaS providers can target their solutions based on the demand and competition in the region.
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Analytics as a Service Industry Developments:
January (2023): Gartner publishes its top 10 data and analytics trends for 2023, which includes trends such as emergent AI, converged and composable ecosystems, and consumers become creators.
February (2023): Amazon Web Services (AWS) announces the general availability of Amazon SageMaker Canvas, a no-code machine learning service that makes it easy for businesses to build and deploy machine learning models.
March (2023): Google Cloud Platform (GCP) announces the general availability of Cloud Data Fusion, a fully managed, cloud-native data integration service that helps businesses unify their data from a variety of sources.
April (2023): Microsoft Azure announces the general availability of Azure Synapse Analytics, a unified analytics service that combines the power of Azure SQL Data Warehouse and Azure Data Lake Storage.
May (2023): IBM announces the general availability of IBM Watson AIOps, a cloud-based platform that helps businesses automate and optimize their IT operations.
June (2023): SAS Institute announces the general availability of SAS Viya 3.6, a cloud-native analytics platform that offers a variety of new features and capabilities.
These are just a few of the many AaaS industry developments that have taken place in 2023. As the year progresses, we can expect to see even more innovation in this rapidly growing field.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
