Analytics as a Service Market Overview:
The Analytics as a Service market is projected to grow from USD 9.2 Billion in 2023 to USD 40.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 27.82% during the forecast period (2023 – 2030).
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Key Companies in the Analytics as a Service market include,
- Accenture – USA
- Atos SE – USA
- Hewlett Packard Enterprise Development Lp – USA
- Hitachi Solutions – Japan
- IBM – USA
- Microsoft – USA
- Oracle – USA
- SAS Institutes – USA
The cloud is the foundation for analytics as a service industry. It enables individuals to employ a variety of business analytical techniques required to extract facts and information from data. However, analytics as a service sector allows consumers to archive this information. The information can then be retrieved at a later time for extrapolation and analysis. To make well-informed and crucial business decisions, data analysis is frequently required. Artificial intelligence is the only source of revenue for analytics as a service (AI). It makes use of “smart” algorithms that harvest and store data under certain patterns and methods. In this way, the AI “learns” what data will be crucial for the user in the future and adapts its behavior. Governments have recently been obliged to establish regulations and implement legislation in support of analytics as a service because of the pandemic. This industry encourages conducting business with an as little personal touch as possible, which is the reason. Once the global populace has achieved herd immunity to the COVID virus, there may be even more room for expansion in the analytics as a service market.
The North American area has seen the market for services analytics develop the fastest. The large concentration of solution providers that require the kind of complicated data and data models that analytics as a service can produce is the cause. The Asia-Pacific market is growing at the fastest rate. In this market, India, China, South Korea, and Japan are the major players. The key factor is also India’s rapid economic growth.
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The Global Analytics as a Service market has been segmented into Components, Analytics Types, and Verticals.
Based on the Component, the market has been segmented into Solutions, Services.
Based on the Analytics Type, the market has been segmented into Predictive, Prescriptive.
Based on the Vertical, the market has been segmented into BFSI, e-commerce, retail, government, and healthcare.
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