Analytics as a Service Market to rise up to the USD 126.48 billion by 2026 and to grow at a CAGR of 38.1%

WILMINGTON, DE, UNITED STATES, April 26, 2024 /EINPresswire.com/ -- The global analytics as a service market size was valued at $9.62 billion in 2018, and is projected to reach $126.48 billion by 2026, registering a CAGR of 38.1% from 2019 to 2026.

According to the market analysis in North America, the market is projected to generate the highest revenue during the forecast period, owing to extensive demand for analytics platform and presence of major market players in this region.

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Analytics involves uncovering meaningful patterns by analyzing datasets or resources, often involving breaking down complex data into more manageable components. Originally known as Business Intelligence (BI), analytics has evolved over the past two decades, transforming companies into data-driven organizations.

The advent of Analytics as a Service (AaaS), offered by cloud service providers, has revolutionized analytical capabilities. AaaS enables users to access analytical solutions on-demand, paying only for the services they use. This flexible approach to analytics empowers organizations to meet their analytical needs without heavy upfront investments.

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Furthermore, advancements in technology have facilitated the delivery of analytics solutions as services. Platform as a Service (PaaS), Software as a Service (SaaS), and Data as a Service (DaaS) are now providing significant growth opportunities for analytics service providers.

PaaS offers a platform for developing, testing, and deploying analytics applications, streamlining the development process. SaaS delivers analytics software over the internet, allowing users to access powerful analytical tools without the need for complex installations. DaaS provides access to high-quality datasets, eliminating the need for organizations to maintain their own data repositories.

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Analytics as a Service and other cloud-based delivery models are driving growth in the analytics industry by providing organizations with flexible, cost-effective solutions for their analytical needs. As technology continues to evolve, analytics service providers will continue to innovate, delivering value-added services to their customers.

Some of the key enterprise analytics as a service industry players profiled in the report include Amazon Web Services (AWS), Atos SE, Google, Inc., Hewlett Packard Enterprise Development LP, Hitachi Solutions, Ltd., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc.

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