Analytics as a Service Market Size, Share, Trends, Industry Analysis Report – By Component (Solutions and Services), Offering, Data Type, Data Processing, Analytics Type, Enterprise Type, Vertical, and Region; Market Forecast, 2024–2032

Analytics as a Service Market Size, Share, Trends, Industry Analysis Report – By Component (Solutions and Services), Offering, Data Type, Data Processing, Analytics Type, Enterprise Type, Vertical, and Region; Market Forecast, 2024–2032

The global analytics as a service (AaaS) market size is expected to reach USD 80.07 billion by 2032, according to a new study by Polaris Market Research. The report “Analytics as a Service Market Size, Share, Trends, Industry Analysis Report – By Component (Solutions and Services), Offering, Data Type, Data Processing, Analytics Type, Enterprise Type, Vertical, and Region; Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future AaaS market growth.

Increasing use of multi-cloud and hybrid environments facilitates the growth of analytics as a service market. These environments are designed to help companies use multiple cloud platforms flexibly and easily grow their on-premises systems. Owing to such configuration between cloud service providers (CSP) and on-premises storage devices, organizations can control all data flows seamlessly through data policies while maintaining real-time analytics functions that are needed for different types of analysis. Thus, this integration of multi-cloud and hybrid environments has led to easy deployment of analytics as a service in premise, impacting the analytics as a service market growth positively.

In April 2024, Cadence launched True Hybrid Cloud service for businesses, where they could swap between hybrid cloud configurations easily while allowing them more choices in terms of what suits their needs.

Companies in the analytics as a service market are introducing new products with unique features to stay competitive. In November 2023, Qlik upgraded hybrid and multi-cloud data integration solutions with new features such as data lineage and impact analysis, expanded replication and cloud targets, broader native data type support, and data bricks unity catalog integration to enhance Qlik cloud for enterprise hybrid and multi-cloud data integration.

An increase in capital raising by new players in order to enhance their product portfolio with the integration of AI/ML facilitates analytics as a service market growth. In April 2024, Invent Analytics raised USD 17 million in funding from the LFX Venture Partners. The company will use this fund to enhance retail planning solutions with the integration of AI and expand its global reach.

Analytics as a Service Market Report Highlights

• Based on component, the solutions segment accounted for a larger share in 2023 due to an increase in demand for cost reduction and boosted operational efficiency in businesses.
• In terms of vertical, the healthcare & life sciences segment is expected to witness the highest growth during the forecast period, owing to the increasing demand for data analytics to facilitate patient care.
• The BFSI segment, by vertical, accounted for the largest revenue share in 2023, owing to the growing need for fraud detection and enhancing customer experience.
• Analytics as a service market in Asia Pacific is projected to register the highest growth during the forecast period because of the increasing investments in advanced analytics.
• Microsoft, Google, Oracle, SAP, Altair, TIBCO Software, Kellton, Sisense, and Qlik are a few of the global AaaS market players.

Polaris Market Research has segmented the analytics as a service market report on the basis of component, offering, data type, data processing, analytics type, enterprise type, vertical, and region:

By Component Outlook (Revenue – USD Billion, 2019–2032)

• Solution
• Services

By Offering Outlook (Revenue – USD Billion, 2019–2032)

• Software
• Software by Integration
• Cloud Type
• Services

By Data Type Outlook (Revenue – USD Billion, 2019–2032)

• Structured
• Unstructured

By Data Processing Outlook (Revenue – USD Billion, 2019–2032)

• Real-time Analytics
• Batch Processing

By Analytics Type Outlook (Revenue – USD Billion, 2019–2032)

• HR Analytics
• Marketing Analytics
• Sales Analytics
• Finance Analytics
• Operation Analytics

By Enterprise Type Outlook (Revenue – USD Billion, 2019–2032)

• Small Size Enterprise
• Medium Size Enterprise
• Large Size Enterprise

By Vertical Outlook (Revenue – USD Billion, 2019–2032)

• BFSI
• Telecommunications
• Retail & Consumer Goods
• Healthcare & Life Sciences
• Government & Defence
• Automotive
• Education
• Manufacturing
• Transportation & Logistics
• Other

By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Latin America
• Argentina
• Brazil
• Mexico
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa