MarketsandMarkets forecasts the global Analytics as a Service (AaaS) market size to grow from USD 4.3 billion in 2019 to USD 12.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period, 2019–2024. The major growth factors of the AaaS market include the increasing awareness of IoT devices among organizations, the ability to manage huge workloads on the cloud, and the adoption of big data analytics solutions for analyzing data, which helps make faster business decisions.
Large enterprises segment to hold a larger market size during the forecast period
The AaaS market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to the inclination of large enterprises to adopt AI and ML technologies for processing large volumes of data being generated from multiple data sources. Large enterprises have a huge corporate network and organize a large number of events. AaaS solutions enable large enterprises to gain customer experience and have better analytical capabilities for business decisions. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement big data on the cloud that will help them analyze huge volumes of data and make faster business decisions.
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By vertical, the healthcare and life sciences vertical to grow at the highest CAGR during the forecast period
The AaaS market by industry vertical is segmented into 7 categories: Banking, Financial Services and Insurance (BFSI); telecommunication and IT; retail and eCommerce; healthcare and life sciences; manufacturing; media and entertainment; government and defense; and others (energy and utilities, transportation and logistics, travel and hospitality, and education). The healthcare and life sciences industry vertical is expected to grow at the highest CAGR during the forecast period. The healthcare and life sciences organizations are adopting AaaS solutions to enhance the patient experience and enable data-driven, actionable analytics. These solutions offer healthcare and life sciences organizations with cost-effective and scalable architecture for the collection and processing of large volumes of disparate data types. AaaS solutions enable healthcare organizations to offer remote assistance based on centralized data repository and analytics.
The major analytics as a service vendors include Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Atos (France), Google (US), AWS (US), HPE (US), Hitachi Vantara (Japan), Salesforce (US), Cloudera (US), MicroStrategy (US), SAP (Germany), ThoughtSpot (US), Qlik (US), Domo (US), TIBCO Software (US), Sisense (US), GoodData (US), Birst (US), Yellowfin (Australia), Guavus (US), Absolutdata (US), Alteryx(US), Looker (US), Pyramid Analytics (Europe), and Board International (Switzerland). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global analytics as a service market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2017 to 2019, which has helped them innovate on their offerings and broaden their customer base.
Microsoft (US) develops and supports software, services, devices, and solutions. Its product offerings include operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company offers analytical platforms and provides production services for AI-infused intelligent cloud. It offers a range of services, which includes solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. In the AaaS market, the company offers Azure Analytics platform, which comprises offerings, such as Azure Synapse Analytics, Azure Stream Analytics, Azure Data Share, Data Factory, Data Lake Analytics, Event Hubs, Azure Databricks, Azure Analytics Service, Azure Machine Learning, HDInsight, and Azure Data Explorer. Azure Stream Analytics is real-time analytics that uses Structured Query Language (SQL) to build the hybrid infrastructure for delivering data insights that run on the cloud.
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SAS Institute (US) offers data management and analytics solutions. The company offers a wide range of products and services to various industry verticals, such as banking, manufacturing, healthcare and life sciences, retail, and education. SAS offers a cost-effective cloud-based platform for its clients, which helps them fulfill business needs and achieve business goals. The company has various offerings, which include cloud analytics, Business Intelligence (BI), in-memory analytics, data management, decision management, and risk and compliance management solutions. The company offers cloud computing solutions under its SAS analytics cloud segment. It enables users to transform their business into digital world and offers them with cloud and deployment patterns for faster decisions. In the AaaS market, SAS offers services on the cloud that includes Software-as-a-Service (SaaS), which provides customized solutions to meet the changing requirements of business and Result-as-a-Service (RaaS), which provides cloud-based platforms to get true analytical data insights.
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