Analytics-as-a-Service (AaaS) Market Segmentation By Deployment (Private Cloud, Public Cloud and Hybrid); By Component (Solutions and Services); By Type (Predictive, Prescriptive, and Others); By Software Type (Open Source Software and Closed Source Software); By Organization Size (Small, Medium & Large); and By End-User (IT & Telecommunication, BFSI, Healthcare, Retail, Manufacturing) – Global Demand Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
May 2017: Pythian Services Inc. has launched “Kick Analytics As A Service” (Kick AaaS), which is a customized analytics solution that integrates data from multiple sources for empowering businesses to access insights and derive value from their data.
Analytics-as-a-Service (AaaS) is referred to as an alternative means of business solution to organizations in order to perform tasks related to business analytics, using an analytics software through web-delivered technologies.
In-context, AaaS is a part of much wider range of services, and are similar to software-as-a-service (SaaS), platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) in terms of its service model, where all the three models replaces internal systems with web-delivered services. AaaS service providers offers access to its clients in the form of a remote analytics platform for analysis of data either via a self-service tool or by a third party managed service of machine learning tools. The client is allowed to use the remote service preferably with a monthly fee and is permitted to use as long as it is needed by the organization. Enterprises are benefitted as they do not require to setup a physical work station at its premises, and is thus able to bypass the costs associated to the deployment of the overall project.
The analytics-as-a-service (AaaS) market is observing vibrant growth on account of the increased ability of AaaS solutions to process huge workload through the cloud with lower cost of ownership, and business intelligence maturation. Furthermore, analytics-as-a-service (AaaS) aids enterprises by providing personalized access for managing information data groups centrally, which also helps to eliminate several delays faced by business analysts, data scientists, and other information users. The resulting action also leads to the discovery of informative data sets with greater interactive methods and explore richer insights more quickly.
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2019-2027. The analytics-as-a-service (AaaS) market is segmented by deployment into private cloud, public cloud and hybrid cloud, out of which, the hybrid cloud segment is anticipated to have largest market share on account of numerous advantages reaped by organizations based on the available services. In a hybrid cloud, data and applications can flow between private and public clouds at ease and also provides greater control on data, improved flexibility on resources and better cost-effectiveness.
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In 2018, annual revenue from the global big data market was expected to reach around 40 billion USD. Rising adoption of social media applications amongst consumers is contributing to the generation of huge amount of structured and unstructured data. Global IP traffic from cloud data centers in the year 2018 itself scattered to around 10 zettabytes. These data are so much powerful and beneficial in its own way as it can provide enterprises with numerous key insights which are required for making valuable business decisions.
Enterprises around the globe are accepting multiple methods in order to reduce their operational costs and generate more business profits. One such method is the utilization of cloud services instead of the deployment of equipment’s on-premises. Deployment of equipment’s is leading to increased cost of infrastructure, operational costs, server downtime costs, and greater manpower deployment, thereby affecting business profits.
There is a growing need amongst enterprises for the analysis of business data owing to greater focus on customer retention and finding relationships between various business parameters to increase their business revenue. Furthermore, constantly rising demand for advanced technologies to process high workload through the cloud is anticipated to support the growth of the analytics-as-a-service market throughout the forecast period.
Growing concerns for data security owing to rise in the number of cyber-attacks, cyber threats and internet crimes, is anticipated to act as a barrier to the growth of the analytics-as-a-service (AaaS) market during the forecast period. According to the statistics provided by Federal Bureau of Investigation (FBI), the Internet Crime Complaint Center (IC3) in the year 2018 received a total of 351,936 numbers of complaints with losses exceeding $2.7 US billion.
Our in-depth analysis of the analytics-as-a-service (AaaS) market includes the following segments:
On the basis of regional analysis, the zero waste packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to hold largest market share on the back of presence of a large number of analysts and technical experts. The region is also flooded with numerous large enterprises, who are having the demand for analytics-as-a-service solutions and services for gaining better insights and drive business decisions.
However, Asia-Pacific is projected to gain significant market share on the back of surge in the volume of data generated through different channels, such as mobile computing, social media, and Internet of Things (IoT) among others.
The analytics-as-a-service (AaaS) market is further classified on the basis of region as follows:
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