Report Ocean is a comprehensive analysis of the “Analytics as a Service Market” that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.
The Global Analytics as a Service Market, valued at approximately USD 34.99 billion in 2022, is set to experience robust growth, surpassing 38.1% over the forecast period from 2023 to 2030. Analytics as a Service (AaaS) empowers businesses with fully customizable and comprehensive business intelligence solutions, covering the entire data lifecycle, from organization to analysis and presentation. Designed to empower non-technical professionals, these solutions enable the extraction of valuable insights from data, facilitating well-informed decision-making.
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Market Dynamics:
According to Statista in 2023, the global market for cloud applications was valued at USD 133.6 billion in 2021, and it is projected to reach USD 168.6 billion by 2025. The cloud applications software market is expected to grow at a compound annual growth rate (CAGR) of 4.8 percent. The growing demand for Analytics as a Service (AaaS) is driven by the rising number of IoT devices and the requirement for cost-effective analytics solutions. Organizations are seeking analytics capabilities without significant investments, leading to an increased demand for AaaS. According to Statista in 2022, the global count of Internet of Things (IoT) devices is projected to nearly triple, going from 9.7 billion in 2020 to over 29 billion by 2030.
By 2030, China is expected to have the highest number of IoT devices, with approximately 5 billion consumer devices. In addition, technological advancements in analytics as a service and increasing demand for customized AaaS solutions would create a lucrative growth opportunity. However, data security concerns and a lack of skilled professionals stifle market growth throughout the forecast period of 2023-2030.
Key Regions:
During the forecast period, North America dominated the market due to rising adoption of cloud solutions, increased demand for advanced analytics capabilities, and the need for cost-effective analytics solutions. Asia Pacific is expected to witness significant growth, driven by the rising number of analytics firms and increased investments in emerging analytics companies within the region.
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Major Market Players:
Key market players contributing to the Analytics as a Service Market include Microsoft Corporation, Oracle Corporation, SAP Societas Europaea, Hewlett Packard Enterprise Development LP, TIBCO Software Inc., Amazon Web Services, Inc., GoodData Corporation, SAS Institute Inc., International Business Machines Corporation, and Google LLC.
Recent Developments News:
- In October 2021, Amazon launched the Search Analytics Dashboard, a tool assisting Brand Registry merchants in gathering insights from product search performance, providing access to anonymized data for better understanding consumer interests and preferences.
- In April 2022, Kyndryl expanded its partnership with SAP, offering services complementing the RISE with SAP solution to help customers overcome digital transformation challenges, including migration tools, scalable offerings, AI-driven business data management, analytics solutions, and application modernization.
Report Scope:
- Historical Data: 2020 – 2021
- Base Year for Estimation: 2022
- Forecast Period: 2023-2030
- Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
- Segments Covered: Component, Analytics Type, Deployment Type, Industry Vertical, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
Objective of the Study:
The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects, analyzing driving factors, challenges, potential opportunities, competitive landscape, and product offerings of key players.
Detailed Segments and Sub-segments:
By Component:
- Solutions
- Services
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By Analytics Type:
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Descriptive Analytics
By Deployment Type:
- Private Cloud
- Public Cloud
- Hybrid Cloud
By Industry Vertical:
- BFSI
- Retail
- Government & Public Sector
- IT & Telecommunication
- Transportation & Logistics
- Manufacturing
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Key Questions Answered by the Report:
- What are the driving factors for market growth?
- What challenges and limitations does the market face?
- What emerging opportunities exist in the market?
- What potential threats and risks could impact the market?
- What is the current market size and growth rate?
- What are the market segments and their sizes?
- Which regions are projected to experience the highest growth and market share?
- What variables affect different geographical areas?
- Who are the major players in the market and their rankings?
- What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
- What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
- What is the present market outlook, considering recent changes and growth possibilities?
- What are the drivers, obstacles, and restrictions in both developing and emerging regions?
- How does the market analysis utilize Porter’s five forces analysis?
- How does the Value Chain provide insights into market dynamics?
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About Report Ocean:
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