DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The analytics as a service market size is projected to grow from USD 4.3 Billion in 2019 to USD 12.1 Billion by 2024, at a CAGR of 23.2%.
The major growth factors of the analytics as a service market include the increasing awareness of IoT devices among organizations, the need to manage huge workloads, and the growing adoption of big data analytics solutions for analyzing data, which helps make faster business decisions. The increasing concerns related to data privacy and security and lack of analytical skills are the factors restraining the growth of the AaaS market.
Services segment to grow at a higher CAGR during the forecast period
The AaaS market, by component, is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed and professional services. The growth of this segment can be attributed to the increasing need for business to focus on core operations and streamline automated processes for data management and analytics, which leads to the increasing demand for pre- and post-deployment services.
Healthcare and life sciences industry vertical to grow at the highest CAGR during the forecast period
The AaaS market by 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 a rapid pace during the forecast period. Organizations are adopting AaaS solutions to enhance patient experience and enable data-driven, actionable analytics. These solutions offer healthcare and life sciences organizations with a cost-effective and scalable architecture for the collection and processing of large volumes of disparate data types.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing investments by the technology companies in major APAC countries, such as China, Japan, and India, growing digitalization, increasing adoption of advanced AI and ML technologies, and government regulations and initiatives are expected to drive the growth of the market in APAC.
- Increasing Demand for Dashboards for Data Visualization to Enhance the Ability in Taking Business Decisions
- Cost-Effectiveness Offered By Analytics as a Service Solution
- Enterprise Need to Adopt Advanced Analytical Capabilities With the Minimal Infrastructure
- Increasing Concerns Related to Data Privacy and Security
- Lack of Analytical Skills
- Increasing Demand for Internet of Things Devices
- Resiliency, Cloud Availability, and Information Lifecycle Management
- TIBCO Software
- SAS Institute
- Hitachi Vantara
- Board International
- Pyramid Analytics
For more information about this report visit https://www.researchandmarkets.com/r/uequ3v