Analytics as a Service Market to grow by USD 34.11 billion from 2022 to 2027, Growth Driven by Growing availability and complexity of data- Technavio

NEW YORK, Sept. 20, 2023 /PRNewswire/ -- The "analytics as a service market by type (predictive analytics, prescriptive analytics, diagnostic analytics, and descriptive analytics), end-user (BSFI, manufacturing, retail, healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the analytics as a service market between 2023 and 2027 is USD 34.11 billion. The growing availability and complexity of data is a key factor driving market growth. The availability of large amounts of data and the growing complexity of information in organizations are some major factors leading to the development of different types of intelligence Data Analytics. Moreover, the type of data that includes support for products, invoices, current contract regulations, and other unforeseen events can often be stored by companies in their own warehouses. Data formats also have different or complex natures due to these types of data being a combination of product support, invoices, recent contractual rules as well and other unexpected occurrences. Analyzing this data can be a complex and tedious task for a normal computer as well as a human. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

Data privacy and security concerns are one of the significant challenges restricting market growth.  

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The analytics as a service market has been segmented by type (predictive analytics, prescriptive analytics, diagnostic analytics, and descriptive analytics), end-user (BSFI, manufacturing, retail, healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The predictive analytics segment is estimated to witness significant growth during the forecast period. The branch of analytics that uses advanced artificial intelligence (AI) and machine learning algorithms to make future predictions and judgments based on historical data analysis is known as predictive analytics. Furthermore, predictive analytics is increasingly being applied in a variety of industries such as BFSI, retail, healthcare, manufacturing, and the public sector. Additionally, global deployment of advanced analytics is on the rise to improve business productivity, reduce cyber risks, enhance customer engagement, and reduce administrative errors to drive better business results. Hence, these factors are expected to drive segment growth during the forecast period.

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Key Companies in the analytics as a service market:

Accenture Plc, Alphabet Inc., Alteryx Inc., Amazon.com Inc., Atos SE, Cloudera Inc., Hewlett Packard Enterprise Co., Hitachi Ltd., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Oracle Corp., QlikTech International AB, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Thales Group, and TIBCO Software Inc.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio