Fort Collins, Colorado, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The Analytics as a Service Market was valued at USD 10.3 Billion in 2023 and is anticipated to attain a CAGR of 26.4% to reach USD 85.1 Billion by 2032.
Analytics as a service is a crucial tool for businesses seeking deeper insights into their available data. By analyzing the outcomes, companies can make informed, data-driven decisions that help drive business growth. Moreover, AaaS isn't restricted to one industry but can be effectively installed in various industries, making it an increasingly in-demand service.
As technology becomes increasingly integrated into every aspect of our lives, from shopping to education and beyond, service providers are generating more and more data. This has led to a growing appreciation of the value of studying this data to gain meaningful insights and leverage changing data patterns to expand businesses. This need for accurate data comprehension has given rise to a surge in demand for analytics as a service provider.
Business organizations often struggle to extract the desired outcomes from datasets, which is where analytics service providers come in. By effectively studying this data, they can help clients understand patterns, gain helpful information, and make informed decisions about their products and services. Such analysis can help companies develop products that meet changing client requirements, avoid risks by being prepared for changing forces, and provide customized services.
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Segmentation Overview:
The global analytics as a service market has been segmented into type, enterprise size, end-user, and region. The type segment of analytics as a service market is predominantly occupied by predictive analytics. The demand for predictive analytics continues to grow across various industries as it enables professionals to better understand customer trends, preferences, and demands. Predictive analytics can analyze current and historical data, providing insights into future trends and patterns. Large enterprises dominate the analytics as a service market. They invest heavily in understanding and expanding their businesses by leveraging the vast amounts of data they generate and store. This data helps them predict future changes, cut unnecessary expenses, prepare for risks, plan actions, and develop products and services that align with changing customer preferences.
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Analytics as a Service Market Report Highlights:
- The global analytics as a service market growth is anticipated at a CAGR of 26.4% by 2032.
- Analytics as a service (AaaS) is a valuable tool for businesses to gain insights from their data and make data-driven decisions for growth. AaaS is in high demand across various industries as technology generates more data. AaaS providers help clients analyze data to understand patterns, gain insights, and make informed decisions about products and services. This analysis can help businesses meet changing client needs, prepare for risks, and provide customized services.
- North America holds a significant share in the analytics as a service market due to its quick adoption of these tools and the availability of the required infrastructure, enabling faster implementation. Over 75% of companies in the country already use these tools and plan to increase their investments. Significant companies like Uber, Amazon, and Netflix use these tools to gain insights into customer data for better recommendations and services.
- Some prominent players in the analytics as a service market report include Microsoft Corporation, Google LLC, IBM, Oracle Corporation, SAP SE, HP Inc., GoodData Corporation, Atos, Cloudera Inc., ThoughtSpot Inc., and others
Industry Trends and Insights:
- Cloudera, a leading data company for trusted enterprise artificial intelligence (AI), and Pinecone, a vector database company providing long-term memory for AI, have formed a strategic partnership. The partnership aims to integrate Pinecone’s AI vector database expertise into Cloudera’s open data platform. This integration will transform how organizations leverage AI's power to streamline operations and enhance customer experiences. We are thrilled with this collaboration and look forward to delivering innovative solutions that meet the evolving needs of our customers.
- Arvind Krishna, CEO of IBM, has been appointed to the Board of Directors of the US India Strategic and Partnership Forum (USISPF). In addition to his recent appointment, Mr. Krishna, a 62-year-old Indian-American, serves on the Board of Directors of the New York Federal Reserve Bank and Northrop Grumman.
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Analytics as a Service Market Segmentation:
By Type: Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics, and Descriptive Analytics
By Enterprise Size: Large Enterprise and Small & Medium Enterprise
By End-use: BFSI, Retail, Government, IT & Telecom, Healthcare, Manufacturing, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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