Analytics as a Service Market

Analytics as a Service Market by Enterprises (Small & Medium Enterprise and Large Enterprise), Types (Diagnostic Analytics, Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), End-users (IT & Telecom, Healthcare, Manufacturing, BFSI, Retail, Government, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-3444
  • Author: Growth Market Reports
  • Rating: 4.8
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  • No. Of Pages: 165
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The global analytics as a service market size was valued at USD 4.90 billion in 2020 and is expected to expand at a CAGR of 25.4% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand among enterprises to examine consistency in data patterns and greater focus on improving computational and statistical abilities of various organizations.

Analytics as a Service Market key takeaways

Analytics as a service (AaaS) is a cloud-based deployment strategy in which a third-party provider delivers analytical solutions. Enterprises are prioritizing analytics tools for data-driven decision-making to improve the performance of many business areas such as sales, demand forecasting, and raw material procurement. The increasing popularity of cloud-based solutions is likely to boost demand for AaaS. Several firms such as Google LLC, IBM, and Oracle Corporation are offering analytical solutions through their flagship cloud platform, which has had a big impact on growth. Virtual Reality (VR) and Augmented Reality (AR) are highly immersion technologies that necessitate a high bandwidth for operation, resulting in the creation of massive amounts of data. Analytical solutions are used to categorize, process, and display massive amounts of unstructured data as a result of its generation. There has been a fast increase in the volume of business data collected across a variety of industries including transportation, manufacturing, healthcare, and retail. As a result, businesses are focused on gathering data from many departments and transforming raw data into relevant insights.

The COVID-19 pandemic had resulted in a decrease in enterprise revenue, affecting their long-term spending budgets. Therefore, some businesses are rethinking their investment in analytical solutions. Governments throughout the world are employing analytical systems to collect travel data and hospital information to forecast the spread of coronavirus sickness and its hazards. IBM announced the availability of tools that enable IBM Watson to access and analyses data from the World Health Organization and a variety of national, state, and local governments. These features, which have been integrated into The Weather Channel app, include Artificial Intelligence (AI) enhanced interactive Incidents Map with COVID-19 data as well as statistics such as the number of confirmed instances by cities, states, and nations.

Market Trends, Drivers, Restraints, and Opportunities

  • Rapid transition of organizations from old systems to digital solutions is playing an important role in the centralization of data across all departments and activities of an organization. This is a key factor driving demand for AaaS market.
  • Growing demand for analytical solutions in a variety of applications such as estimating power consumption, trade market, and traffic trends has fueled the market expansion.
  • Another key factor driving market expansion is the increasing use of analytical solutions in product demand sensing in the e-commerce and retail sectors.
  • Issues concerning around data security violation and rise in cybercrime are two significant factors that can hamper the market growth.
  • Rising demand for Internet of Things (IoT)-enabled devices and increasing requirement for advanced digital platforms for companies are key factors creating immense opportunities for the market players during the forecast period.

Scope of the Report

The report on the global analytics as a service market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Analytics as a Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Enterprises (Small & Medium Enterprise and Large Enterprise), Types (Diagnostic Analytics, Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), End-users (IT & Telecom, Healthcare, Manufacturing, BFSI, Retail, Government, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Google LLC; IBM; Microsoft Corporation; Oracle Corporation; SAS Institute Inc.; and Amazon Web Services, Inc.

 

Market Segment Insights

Large enterprise segment is expected to grow at a rapid pace

Based on enterprises, the analytics as a service market is bifurcated into small & medium enterprise and large enterprise. The large enterprise segment is expected to grow at a rapid pace during the forecast period due to the wide use of the cloud-platforms among big enterprises. Such deployment of platforms allows to store massive amount of data collected, which has resulted in increasing demand for solutions such as big data analytics and predictive analytics. Furthermore, large retailers are implementing analytical solutions to increase the accuracy of their sales forecasting models and reduce inventories. However, the small & medium enterprise segment is anticipated to hold a key share of the market in the coming years as the cheaper costs of AaaS compared to software have allowed small and medium-sized businesses to use these services, which is boosting demand even higher.

Predictive analytics segment to expand at a considerable CAGR

On the basis of types, the market is segregated into diagnostic analytics, descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment is projected to expand at a considerable CAGR during the forecast period as such various retail organizations are leveraging these technologies in demand forecasting their overall business processes. Using the tools, companies allow to make more informed decisions and increase their profitability, so contributing to the growth of the industry. On the other hand, the prescriptive analytics segment is anticipated to account for a major market share during the forecast period due to the ability of prescriptive analytics to effectively prescribe decision making by combining tools and techniques such as Artificial Intelligence (AI), computer modeling procedures, and mathematical sciences.

End-users segment to account for a major market share

In terms of end-users, the analytics as a service market is segmented into IT & telecom, healthcare, manufacturing, BFSI, retail, government, and others. The demand for AaaS in the banking sector for various services applications such as financial crime control, revenue management, billing management, compliance management, and lending and leasing services present key driver for the expansion of AaaS in the BFSI segment. Network service providers are collecting and analyzing network-related data to assist businesses to provide proactive support, predicting service disruptions, improving customer experience, and developing significant product roadmaps. The convergence of cellular networks and analytical solutions has enabled IoT to improve organizational efficiency, which boost well for the segment growth.

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the presence of various regional associations and organizations, such as the Cloud Native Computing Foundation and the National Cloud Technologists Association. Moreover, rising promotion regarding the use of cloud computing for the deployment of various high-tech solutions such as advanced analytics, big data analytics, and predictive analytics among business organization in the region present another key factor for growth of the market in the region. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period on account of investing in the region's growing analytics firms.

Analytics as a Service Market by regions

Segments

Segments Covered in the Report
The global analytics as a service market has been segmented on the basis of

Enterprises

  • Small & Medium Enterprise
  • Large Enterprise
Types
  • Diagnostic Analytics
  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics
End-users
  • IT & Telecom
  • Healthcare
  • Manufacturing
  • BFSI
  • Retail
  • Government
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Google LLC
  • IBM
  • Microsoft Corporation
  • Oracle Corporation
  • SAS Institute Inc.
  • Amazon Web Services, Inc

Competitive Landscape

Key players competing in the global analytics as a service market are Google LLC; IBM; Microsoft Corporation; Oracle Corporation; SAS Institute Inc.; and Amazon Web Services, Inc. To increase their market share, major firms are pursuing techniques such as mergers, acquisitions, and alliances. For example, Amazon Web Services, Inc. finalized the acquisition of Data Row in February 2020, which used to deliver analytics as a service to enterprises in areas such as IT, telecom, and BFSI. Amazon Web Services, Inc. increased its market share as a result of the acquisition.

Analytics as a Service Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Analytics as a Service Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Analytics as a Service Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Analytics as a Service Market - Supply Chain
  4.5. Global Analytics as a Service Market Forecast
     4.5.1. Analytics as a Service Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Analytics as a Service Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Analytics as a Service Market Absolute $ Opportunity
5. Global Analytics as a Service Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Analytics as a Service Market Size and Volume Forecast by Types
     5.3.1. Diagnostic Analytics
     5.3.2. Descriptive Analytics
     5.3.3. Predictive Analytics
     5.3.4. Prescriptive Analytics
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Analytics as a Service Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Analytics as a Service Market Size and Volume Forecast by End Users
     6.3.1. IT & Telecom
     6.3.2. Healthcare
     6.3.3. Manufacturing
     6.3.4. BFSI
     6.3.5. Retail
     6.3.6. Government
     6.3.7. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Analytics as a Service Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Analytics as a Service Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Analytics as a Service Demand Share Forecast, 2019-2026
8. North America Analytics as a Service Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Analytics as a Service Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Analytics as a Service Market Size and Volume Forecast by Types
     8.4.1. Diagnostic Analytics
     8.4.2. Descriptive Analytics
     8.4.3. Predictive Analytics
     8.4.4. Prescriptive Analytics
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Analytics as a Service Market Size and Volume Forecast by End Users
     8.7.1. IT & Telecom
     8.7.2. Healthcare
     8.7.3. Manufacturing
     8.7.4. BFSI
     8.7.5. Retail
     8.7.6. Government
     8.7.7. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Analytics as a Service Demand Share Forecast, 2019-2026
9. Latin America Analytics as a Service Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Analytics as a Service Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Analytics as a Service Market Size and Volume Forecast by Types
     9.4.1. Diagnostic Analytics
     9.4.2. Descriptive Analytics
     9.4.3. Predictive Analytics
     9.4.4. Prescriptive Analytics
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Analytics as a Service Market Size and Volume Forecast by End Users
     9.7.1. IT & Telecom
     9.7.2. Healthcare
     9.7.3. Manufacturing
     9.7.4. BFSI
     9.7.5. Retail
     9.7.6. Government
     9.7.7. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Analytics as a Service Demand Share Forecast, 2019-2026
10. Europe Analytics as a Service Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Analytics as a Service Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Analytics as a Service Market Size and Volume Forecast by Types
     10.4.1. Diagnostic Analytics
     10.4.2. Descriptive Analytics
     10.4.3. Predictive Analytics
     10.4.4. Prescriptive Analytics
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Analytics as a Service Market Size and Volume Forecast by End Users
     10.7.1. IT & Telecom
     10.7.2. Healthcare
     10.7.3. Manufacturing
     10.7.4. BFSI
     10.7.5. Retail
     10.7.6. Government
     10.7.7. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Analytics as a Service Demand Share Forecast, 2019-2026
11. Asia Pacific Analytics as a Service Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Analytics as a Service Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Analytics as a Service Market Size and Volume Forecast by Types
     11.4.1. Diagnostic Analytics
     11.4.2. Descriptive Analytics
     11.4.3. Predictive Analytics
     11.4.4. Prescriptive Analytics
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Analytics as a Service Market Size and Volume Forecast by End Users
     11.7.1. IT & Telecom
     11.7.2. Healthcare
     11.7.3. Manufacturing
     11.7.4. BFSI
     11.7.5. Retail
     11.7.6. Government
     11.7.7. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Analytics as a Service Demand Share Forecast, 2019-2026
12. Middle East & Africa Analytics as a Service Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Analytics as a Service Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Analytics as a Service Market Size and Volume Forecast by Types
     12.4.1. Diagnostic Analytics
     12.4.2. Descriptive Analytics
     12.4.3. Predictive Analytics
     12.4.4. Prescriptive Analytics
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Analytics as a Service Market Size and Volume Forecast by End Users
     12.7.1. IT & Telecom
     12.7.2. Healthcare
     12.7.3. Manufacturing
     12.7.4. BFSI
     12.7.5. Retail
     12.7.6. Government
     12.7.7. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Analytics as a Service Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Analytics as a Service Market: Market Share Analysis
  13.2. Analytics as a Service Distributors and Customers
  13.3. Analytics as a Service Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Google LLC
     13.4.2. IBM
     13.4.3. Microsoft Corporation
     13.4.4. Oracle Corporation
     13.4.5. SAS Institute Inc.
     13.4.6. Amazon Web Services, Inc.

Segments Covered in the Report
The global analytics as a service market has been segmented on the basis of

Enterprises

  • Small & Medium Enterprise
  • Large Enterprise
Types
  • Diagnostic Analytics
  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics
End-users
  • IT & Telecom
  • Healthcare
  • Manufacturing
  • BFSI
  • Retail
  • Government
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Google LLC
  • IBM
  • Microsoft Corporation
  • Oracle Corporation
  • SAS Institute Inc.
  • Amazon Web Services, Inc

Key players competing in the global analytics as a service market are Google LLC; IBM; Microsoft Corporation; Oracle Corporation; SAS Institute Inc.; and Amazon Web Services, Inc. To increase their market share, major firms are pursuing techniques such as mergers, acquisitions, and alliances. For example, Amazon Web Services, Inc. finalized the acquisition of Data Row in February 2020, which used to deliver analytics as a service to enterprises in areas such as IT, telecom, and BFSI. Amazon Web Services, Inc. increased its market share as a result of the acquisition.

Analytics as a Service Market by key players

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