Northrook, IL -- (SBWIRE) -- 03/02/2020 -- According to a new market research report "Analytics as a Service Market by Component, Deployment Mode, Organization Size, Industry Vertical (BFSI, Telecommunications and IT, Healthcare and Life Sciences, and Retail and eCommerce), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Analytics as a Service Market size expected to grow from $4.3 billion in 2019 to $12.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period.

The major growth factors of the Analytics as a Service Market include the increasing need to extract in-depth insights from the growing volumes of data to gain a competitive advantage. The increasing demand for cloud-based dashboards for data visualization to enhance decision-making, the benefit of cost-effectiveness offered by Analytics as a Service solutions, and fulfilling the enterprise need to adopt advanced analytical capabilities with the minimal infrastructure are expected to drive the adoption of Analytics as a Service solutions.

Browse in-depth TOC on "Analytics as a Service Market"
132- Tables
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212- Pages

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Large enterprises segment to hold a larger market size during the forecast period

The Analytics as a Service 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. Analytics as a Service 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.

By vertical, the healthcare and life sciences vertical to grow at the highest CAGR during the forecast period

The Analytics as a Service 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 Analytics as a Service 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. Analytics as a Service solutions enable healthcare organizations to offer remote assistance based on centralized data repository and analytics.

North America to hold the largest market size during the forecast period

North America is the most significant revenue contributor to the global Analytics as a Service Market. The region is witnessing significant developments in the Analytics as a Service Market. Analytics as a Service solutions are gaining traction in the BFSI industry vertical in North America. These solutions offer more flexible, scalable, and cost-effective storage solutions, along with offering improved analytics capacity. Several Analytics as a Service solution providers in North America are experimenting in the market by integrating advanced AI and ML technologies with their existing Analytics as a Service solutions. The increasing adoption of IoT devices by various businesses in the region are leading to the growth of the Analytics as a Service Market. Major North American vendors in the Analytics as a Service Market are Microsoft (US), Teradata (US), IBM (US), Oracle (US), SAS Institute (US), Google (US), AWS (US), HPE (US), 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), and Looker (US).

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The report includes the study of the key players offering Analytics as a Service solutions and services. The major vendors 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). It also includes an in-depth competitive analysis of the key players in the Analytics as a Service Market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

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