Analytics as a Service Market to Reach $29.7B by 2027, Growing at 29.7% CAGR

Strategic Insights -

The Analytics as a Service Market is expected to experience significant growth over the next five years, driven by increasing demand for cloud-based analytics solutions and services. A recent report by ResearchAndMarkets.com forecasts the market to reach $29.7 billion by 2027, growing at a compound annual growth rate (CAGR) of 29.7% from 2021 to 2027.

As the report highlights, the market is segmented into various components, including solutions and services, analytics types, deployment types, and verticals. The solutions segment is expected to dominate the market, accounting for the largest share, followed by the services segment. Predictive analytics is expected to be the leading analytics type, driven by the increasing demand for data-driven decision-making in various industries.

The report also identifies key driving factors, opportunities, and challenges in the market, including the growing adoption of cloud-based analytics solutions, increasing demand for big data analytics, and the need for efficient and cost-effective data management. The report further analyzes the market dynamics, including the impact of the COVID-19 pandemic on the market.

Key Takeaways:

  • The Analytics as a Service Market is expected to reach $29.7 billion by 2027, growing at a CAGR of 29.7% from 2021 to 2027.
  • Solutions segment is expected to dominate the market, accounting for the largest share, followed by the services segment.
  • Predictive analytics is expected to be the leading analytics type, driven by the increasing demand for data-driven decision-making in various industries.
  • Cloud-based analytics solutions are driving the market growth, with companies like Amazon Web Services (AWS), Google Inc, and Microsoft Corporation leading the way.
  • The market is expected to be driven by increasing demand for big data analytics in various industries, including BFSI, government & public sector, retail, IT & telecommunication, and manufacturing.
  • The report identifies key challenges, including data security concerns, lack of skilled professionals, and high infrastructure costs.

Statistics:

  • The Analytics as a Service Market is expected to grow at a CAGR of 29.7% from 2021 to 2027.
  • The market is expected to reach $29.7 billion by 2027.
  • Solutions segment is expected to account for 60% of the market share in 2027.
  • Predictive analytics is expected to account for 40% of the analytics type market share in 2027.
  • Cloud-based analytics solutions are expected to dominate the deployment type market, accounting for 70% of the market share in 2027.

Sources:

  • ResearchAndMarkets.com, "Analytics as a Service Market, By Component (Solutions and Services), Analytics Type (Predictive Analytics, Prescriptive Analytics, Diagnostic Analytics and Descriptive Analytics) Deployment Type, Vertical - Global Forecast to 2027"
  • https://www.researchandmarkets.com/r/1qhy4s