The Global Analytics As A Service Market is expected to grow from $9 billion in 2019 to $42.85 billion by the end of 2025, at a Compound Annual Growth Rate (CAGR) of 29.67%, according to new market research.
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward.
The automation across all the industry verticals is producing an impressive amount of data every second. Organizations all around the world are now relying heavily on collecting such data and analyzing the patterns to predict future occurrences.
Moreover, with the increased use of data analytics, organizations are enhancing the performance of their internal assets, which further help increase their revenues.
In addition, with predictive analytics and historical data analysis, manufacturers can plan predictive maintenance for their assets or machines, which further allows them to save costs by avoiding any unexpected breakdown or downtime, according to the market study.
The BFSI segment (banking, financial services, and insurance) is expected to contribute the highest analytics as a service market share in the coming years.
In terms of regions, North America is expected to experience the most accelerated growth in the global market. Companies that provide Analytics as a Service in North America are widely expected by researches to significantly boost their businesses, considering the surge in demand for analytics platforms and the need for digital transformation.
Opportunities For Analytics as a Service Companies
The primary driving factors impacting the Analytics as a Service (AaaS) market opportunities are the rise in adoption and continuous increase in demand for advanced technologies to process high workload through cloud.
Also, during these strenuous times, companies realized the amazing impact data has on their operations. All businesses are trying to adapt to the new normal, which means they are investing in digital transformation and data analytics solutions, to build data-driven business processes.
In addition, the lower cost of ownership associated with analytics services is also one of the major factors that drive the growth of the analytics as a service market. Also, the surge in data security and privacy concerns are expected to hamper the market growth. Moreover, the increased adoption of machine learning across numerous industries is expected to provide numerous opportunities for the growth of the analytics as a service market in the upcoming years.