Global Analytics-as-a-Service (AaaS) Market – Industry Trends and Forecast to 2029

Global Analytics-as-a-Service (AaaS) Market, By Analytics Type (Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics, Descriptive Analytics), Component (Solutions, Services), Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Industry Vertical (Banking, Financial Services, and Insurance, Retail and E-commerce, Telecommunications and IT, Healthcare and Life Sciences, Manufacturing, Government and Defense, Media and Entertainment, Other Industry Verticals) – Industry Trends and Forecast to 2029.

Analytics-as-a-Service (AaaS) Market Analysis and Size

The analytics-as-a-service (AaaS) market is gaining traction as many organizations shift from on premise to cloud-based services to improve business growth. Insurance companies, banks, and many other industries are using analytics-as-a-service (AaaS) to better evaluate customer lifetime value and increase cross-selling, among other things. In contrast to telecoms, which focus on reducing churn, verticals such as e-commerce and retail strongly emphasize customer purchasing behavior.

Data Bridge Market Research analyses that the analytics-as-a-service (AaaS) market was valued at USD 15.63 billion in 2021 and is expected to reach the value of USD 154.04 billion by 2029, at a CAGR of 33.11% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Analytics-as-a-Service (AaaS) Market Scope and Segmentation

Market Definition

Analytics as a Service (AaaS) is a cloud-based business solution that provides customized, subscription-based data analytics software and procedures. It primarily integrates data and information from various sources into a centralized-managed platform, reducing manual labor and increasing operational efficiency. AaaS is classified into predictive, prescriptive, diagnostic, and descriptive analytics types based on the type. Compared to other data analytic tools, AaaS provides its clients with remote analytical tools for data analysis via self-service or third-party managed machine learning (ML) tools. Furthermore, this platform assists in the analysis of consumer behavior and trends, the collection of data, the provision of personalized access to centrally managed data groups, and the provision of advanced and interactive services.

Global Analytics-as-a-Service (AaaS) Market Dynamics

Drivers

• Growing focus on customer experience and satisfaction

Due to the rising demand for improved customer satisfaction, the global analytics-as-a-service (AaaS) market is growing at a faster rate. Analytics-as-a-service (AaaS) is widely used in the retail industry to create personalized communications and marketing campaigns. This may aid in improving customer experience and loyalty by determining which buyers are purchasing which products and personalizing marketing based on shopper data. According to Accenture, a good shopping experience increases customer satisfaction, repeat purchases, customer loyalty, customer referrals, revenues, and engagement.

• High prevalence of social media

Growth in social media concerns is a key driver for the market. Social media analytics combines monitoring, measurement, and analysis tools to uncover user sentiments and businesses with customers through social media platforms by associating their product list with e-commerce sites, which aids in monitoring people and developing relationships. Leading retailers, such as Amazon and Walmart, have successfully tapped into the benefits of various social media platforms, such as Facebook and Twitter.

Opportunities

• High investments on R&D activities

Rising spending on analytics-as-a-service (AaaS) research and development is creating lucrative growth opportunities for the market. Rising demand for streamlining business operations and making decisions based on consumer consumption and purchasing behavior will drive growth in the analytics-as-a-service (AaaS) market.

Restraints

• Lack of skilled labour

The shortage of skilled professionals or trained personnel will be a major impediment to the growth of the analytics market. Data security and privacy concerns will create additional roadblocks to market growth.

This analytics-as-a-service (AaaS) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the analytics-as-a-service (AaaS) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Analytics-as-a-Service (AaaS) Market

During the Covid-19 pandemic, companies allowed their employees to work from home, which increased the use of video conferencing platforms like Microsoft Teams and Zoom, significantly increasing the growth of the analytics-as-a-service industry. Furthermore, the growing demand for cloud computing technologies propels market growth. Cloud computing allows employees to work from any location by providing access. Employees can access required data and documents using specific credentials, ensuring security while allowing them to work from home. This situation is driving the AaaS industry forward.

Recent Development

• In April 2022  Kyndryl announced the expansion of its strategic partnership with SAP to assist customers in overcoming digital transformation challenges. As part of the expanded collaboration, Kyndryl will provide services that complement the RISE with a SAP solution, such as proven migration tools and scalable offerings, AI-driven business data management and analytics solutions, application modernization, and more.
• August 20, 2022 Morae Global Corporation, a global leader in digital and business transformation for the legal industry, has announced a global strategic partnership with Intelligent Voice Limited, a provider of secure speech and natural language processing eDiscovery solutions for regulated and privacy-sensitive organizations, to bring Intelligent Voice data analytics to Morae clients. Morae's Intelligent Voice, available as a RelativityOne and Relativity Server integrated solution, assist corporate legal and compliance departments in meeting their eDiscovery requirements for analyzing and producing unstructured audio and video evidence.

Global Analytics-as-a-Service (AaaS) Market Scope

The analytics-as-a-service (AaaS) market is segmented on the basis of analytics type, component, deployment mode, organization size and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Social Media Analytical Tools
• Web Analytical Tools
• Dashboard and Reporting Tools
• Voice of Customer (VOC)
• ETL (extract, transform, and load)
• Analytical Modules/Tools
• Others
• Services
• Consulting Services
• Support and Maintenance
• Education and Training
• Integration and Deployment

Analytics type

• Predictive Analytics
• Prescriptive Analytics
• Diagnostic Analytics
• Descriptive Analytics

Deployment Model

• Public Cloud
• Private Cloud
• Hybrid Cloud

Organization Size

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Industry Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Retail and E-commerce
• Telecommunications and IT
• Energy and Utilities
• Manufacturing
• Transportation and Logistics
• Government and Defence
• Healthcare and Life Sciences
• Media and Entertainment
• Travel and Hospitality
• Others

Analytics-as-a-Service (AaaS) Market Regional Analysis/Insights

The analytics-as-a-service (AaaS) market is analyzed and market size insights and trends are provided by country, analytics type, component, deployment mode, organization size and industry vertical as referenced above.

The countries covered in the analytics-as-a-service (AaaS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America has a significant share of the global analytics-as-a-service (AaaS) market because of its early adoption of advanced technological solutions such as artificial intelligence and machine learning. Furthermore, the dominance is due to the presence of major key players spread across countries in this region. The United States and Canada have emerged as the major contributors.

Asia-Pacific, is expected to grow at the fastest rate during the forecast period, owing to increased adoption of analytics-as-a-service (AaaS) solutions by various end user industries.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Analytics-as-a-Service (AaaS) Market Share Analysis

The analytics-as-a-service (AaaS) 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 (AaaS) market.

Some of the major players operating in the analytics-as-a-service (AaaS) market are:

• Dell Inc. (U.S.)
• Cognizant (U.S.)
• Google LLC (U.S.)
• Siemens (Germany)
• IBM Corporation (U.S.)
• Microsoft (U.S.)
• Hewlett Packard Enterprise Development LP (U.S.)
• SAP SE (Germany)
• Oracle (U.S.)
• Adobe. (U.S.)
• Axis Communications AB (Sweden)
• Cisco Systems, Inc. (U.S.)
• Honeywell International Inc. (U.S.)
• Intellivision (U.S.)
• Intuvision Inc., (U.S.)
• Puretech Systems (U.S.)
• Hangzhou Hikvision Digital Technology Co., Ltd. (China)
• NEC Corporation (Japan)
• Huawei Technologies Co., Ltd. (China)