The global Analytics as a Service market size is expected to be worth around US$ 29.6 billion by 2028, according to a new report by Vision Research Reports.
The global Analytics as a Service market size was valued at US$ 4.97 billion in 2020 and is anticipated to grow at a CAGR of 25.8% during forecast period 2021 to 2028.
Growth Factors
The growth is driven by the rising need among enterprises to adopt advanced analytical capabilities with minimum investments on infrastructure. Moreover, business-centric organizations are particularly emphasizing on efficient and strategic decision-making. They are hence opting for analytics as a service (AaaS), which is apt for reducing the time required to manage various business functions, thereby influencing the market growth positively. Enterprises are leveraging analytics to gain valuable insights on customer preference, customer behavior, and the effectiveness of their marketing campaigns that bodes well for the growth of the market.
Incumbents in the transportation and logistics sector deal with large amounts of customer data from trucking management and on-board sensors, including Global Positioning System (GPS) sensors or engine sensors such as throttle position sensors and mass air flow sensors, among others. As a result, these companies are focusing on adopting the solutions to aggregate and manage the data and to collect valuable insights which is anticipated to provide lucrative opportunities to market players.
The rapid rise in the number of connected devices through IoT has increased the amount of data generated by these devices. The expanding scope of big data analytics for interpretation and compounding of social media activities is expected to significantly fuel the market growth. The use of AaaS is enabling the examination of social media activities and quantifying results so that resources such as memory can be allocated to a particular social media application/platform accordingly. These factors are expected to boost market growth further. Currently, organizations in the healthcare sector are adopting analytical solutions to track the spread of the coronavirus, monitor the usage of resources, and identification of individuals particularly vulnerable to the effects of COVID-19.
Report Highlights
In terms of revenue, the large enterprise segment held more than 60% of the market share in 2019. In large enterprises, the amount of data generated is huge that has resulted in a rising demand for solutions such as big data analytics and predictive analytics, which is a major factor boosting the adoption of AaaS. Furthermore, large enterprises in the energy and utility sector are using analytical solutions to implement protective measures for equipment maintenance, real-time customer billing, and management of field services.
In terms of revenue, the predictive analytics segment accounted for more than 25% of the market share in 2019. Various organizations in the retail sector are leveraging on these solutions in demand forecasting, helping them make informed decisions and augment their profitability, thereby contributing to the growth. Moreover, companies developing the automated driver assistance system (ADAS) technology and autonomous vehicles are extensively using predictive analytics to analyze sensor data from connected cars and to build driver assistance algorithms.
The prescriptive analytics segment is anticipated to expand at a significantly high CAGR over the next eight years. This can be attributed to the ability of prescriptive analytics to combine tools and techniques such as Artificial Intelligence (AI), computational modeling procedures, and mathematical sciences to prescribe decision making effectively. The segment growth is further fueled by increasing demand in the manufacturing sector for prescriptive maintenance.
The increasing demand for AaaS in banking for services such as revenue management, financial crime control, compliance management, billing management, and lending and leasing services has propelled the growth of AaaS in the BFSI segment. The rising usage of analytical solutions from banks for monitoring and tracking various transactions performed by their customers is a major factor influencing the segment growth. Furthermore, increased usage of AaaS for applications such as stock market predictions and Bitcoin prediction bodes well for the growth of the segment. Stock exchanges such as the New York Stock Exchange (NYSE) and the National Stock Exchange of India have implemented analytical solutions enabling investors to make predictions on the increase or decrease in the stock prices.
North America dominated the AaaS market with a share of over 41% in 2019. This is attributed to various associations and organizations in the region such as the Cloud Native Computing Foundation and the National Cloud Technologists Association promoting the use of cloud computing for the deployment of various high-tech solutions such as advanced analytics, big data analytics, and predictive analytics. Furthermore, various healthcare organizations and government agencies are collaborating for the development of analytical solutions for the healthcare sector, which bodes well for the growth of the regional market.
Key Players
Amazon Web Services, Inc.
GoodData Corporation
Google LLC
Hewlett Packard Enterprise Development LP
IBM
Microsoft Corporation
Oracle Corporation
SAP SE
SAS Institute Inc.
Market Segmentation
Type Outlook
Predictive
Prescriptive
Diagnostic
Descriptive
Enterprise Size Outlook
Large Enterprise
Small & Medium Enterprise (SME)
End-Use Outlook
BFSI
Retail
Government
IT & Telecom
Healthcare
Manufacturing
Others
Regional Outlook
North America
The U.S.
Canada
Europe
The U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa
The Analytics as a Service market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Analytics as a Service market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Analytics as a Service market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Analytics as a Service market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Analytics as a Service market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Analytics as a Service capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Analytics as a Service by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Analytics as a Service market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Analytics as a Service market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Analytics as a Service market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Analytics as a Service industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Analytics as a Service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Analytics as a Service market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Analytics as a Service market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Analytics as a Service market. These factors have benefited the growth of the global market for Analytics as a Service. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Analytics as a Service. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Analytics as a Service are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers