Pune,India, Nov. 27, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Analytics as a Service Market Size was valued at USD 6.68 billion in 2022 and is projected to grow from USD 8.07 billion in 2023 to USD 39.91 billion by 2030, exhibiting a CAGR of 25.7% during the forecast period.
Analytics as a Service provides access to software and data analysis tools via cloud and helps in data organization, analysis, and visualization. The market growth is being driven by the surging deployment of cloud-based technology by several enterprises.
Key Industry Development-
September 2023 – Cloudera inked a strategic collaboration agreement with AWS (Amazon Web Services). The deal would allow Cloudera to leverage the latter’s services for providing consistent innovation and reduced costs to customers.
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Key Takeaways-
- Analytics as a Service Market is expected to flourish & reach USD 39.91 Billion in 2030.
- With data breaches and cyberattacks on the rise, there are growing concerns about the privacy and security of sensitive data.
- The emergence of social media applications and advanced technology is one of the major factors impacting analytics services.
- Analytics as a Service Market Size in North America was USD 1.56 Billion 2022.
Discover the Leading Players Featured in the Report-
“Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Atos (France), Google (U.S.), Msys Technologies (U.S.), Cloudera (U.S.), Thoughtspot (U.S.), Qlik (France), Domo (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 25.7% |
| 2030 Value Projection | USD 39.91 Billion |
| Base Year | 2022 |
| Analytics as a Service Market Size in 2022 | USD 6.68 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Analytics, Enterprise Type, Industry, |
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Drivers and Restraints-
Rising Adoption of Social Media Applications to Boost Industry Expansion
The analytics as a service market growth is being driven by the increasing adoption of advanced technology and social media applications. This is due to the huge amount of data generated by these platforms per second, which businesses deploy for achieving their goals.
However, rising concerns associated with data privacy may hinder industry expansion to a considerable extent.
Leading Segments Covered in this Report-
By Component
- Solution
- Services
By Analytics Type
- Predictive
- Diagnostic
- Descriptive
- Prescriptive
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Industry
- BFSI
- IT & Telecommunication
- Retail & E-commerce
- Manufacturing
- Transportation & Logistics
- Government & Public Sector
- Others (Education)
Regional Insights:
North America Dominates Owing to Surging Adoption of Big Data
North America holds the largest analytics as a service market share globally. The region was valued at USD 1.56 billion in 2022. This is due to the surging adoption of IoT devices and big data in the region.
Europe is set to exhibit steady growth over the estimated period. The growth is being driven by the presence of numerous startups and service providers in the region.
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Competitive Landscape:
Leading Companies Focus on Mergers and Acquisitions to Increase Global Presence
Prominent industry players adopt various strategies to expand their global presence in analytics as a service sector. Some of these steps include acquisitions, product developments, mergers, and partnerships. Besides, companies are devising effective marketing strategies for consolidating their market share.
FAQs
How big is the Analytics as a Service Market?
Analytics as a Service Market size was USD 6.68 Billion in 2022. It is expected to reach USD 39.91 Billion by 2030.
How fast is the Analytics as a Service Market growing?
The Analytics as a Service Market will exhibit a CAGR of 25.7% during the forecast period, 2023-2030
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