The global cloud analytics market size was USD 25.70 Bn in 2022 and is likely to reach USD 232.1 Bn by 2031, expanding at a CAGR of 22.36% during 2023–2031. The market growth is attributed to the increasing availability of cloud-based solutions at affordable prices.
Cloud analytics refers to the process of analyzing and storing data in the cloud to further use it to extract actionable business insights. It is a term for technological & analytical tools and techniques designed to extract massive data which can be categorized for easy availability over the web browser.
Business data computation is done using cloud technologies. Data processing is done on public and private clouds to evade the expenses of on-premises computing and data storage. On-demand business intelligence and data warehouses are the most commonly offered services by cloud analytics.
Data analytics is a tool of cloud analytics that has become a valuable asset for many businesses across various industries. This tool is used to improve business performance and generate greater revenue through industry insights. Moreover, machine learning, artificial intelligence, and deep learning are connected with cloud analytics.
COVID-19 pandemic has increased the demand for cloud analytics solutions during the lockdown, businesses experienced a shift toward digital platforms. Cloud analytics helped companies and businesses to make decisions in real time by gathering, analyzing, and presenting insights for better outcomes.
Market Trends, Drivers, Restraints, and Opportunities
Increasing adoption of multi-cloud and hybrid deployment in various industries is driving the market. Rising demand for big data technology is boosting the global cloud analytics market. Growing usage of Business Intelligence (BI) solutions across various businesses for gaining a competitive edge is expected to drive the market in the forecast period.
Security and privacy concerns about the confidential data of consumers and businesses are anticipated to hamper the market in the coming year. Data is transferred from several cloud providers and their multi-tenancy infrastructure is shared by the end-number of business organizations. This process creates various data security and privacy issues, restraining the cloud analytics market.
Insufficient in-house IT expertise and equipment are creating opportunities for the cloud analytics market. The majority of business organizations from various industries excluding IT and Telecommunications do not require IT personnel to manage the cloud technology which in turn creates prospects for cloud analytics.
Cloud analytics does not require huge capital and expenses and can manage large quantity data, which in turn, is increasing the demand for cloud analytics solutions while creating ample opportunities during the projection period.
Scope of Cloud Analytics Market Report
The report on the global cloud analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Cloud Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2020 – 2021
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Forecast Period
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2023–2031
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Segmentation
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Solution (Analytics Solutions, Hosted Data Warehouse Solutions, and Cloud BI Tools), Deployment Mode (Public Cloud, Hybrid Cloud, and Private Cloud), Organization Size (SME and Large Organization), Type (Descriptive Analytics, Diagnostics Analytics, Prescriptive Analytics, and Predictive Analytics), Application (Sales & Marketing, Research & Development, Customer Service, Human Resource, and Accounts & Finance), and Industry Vertical (BFSI, IT & Telecommunication, Manufacturing, Healthcare & Life Science, Government, and Energy & Utilities)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Microsoft; Google; Oracle, IBM corporation, Salesforce, SAP, TIBCO Software, SAS Institute, Teradata, AWS, MicroStrategy; Hewlett-Packard Enterprise; Sisense; Atos Cloudera; Hitachi Vantara; ThoughtSpot; Qlik; Domo; GoodData; Alterryx; Absoultdata; Infor, Yellowfin, Guavus, Looker, Board International; Pyramid Analytics, Databricks; and Tableau Software, LLC.
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Cloud Analytics Market Segment Insights
Based on the solution, the market is divided into analytics solutions, hosted data warehouse solutions, and cloud BI tools. The analytics solution segment is expected to expand at a significant growth rate during the projection period. The high market share of analytics solutions is increasing the demand for dashboards which helps businesses retain customers. The demand for cloud analytics solutions is increasing globally, due to enhanced customer support across major verticals and the increasing use of cloud accounting software for various use across different industries.
On the basis of deployment mode, the market is segregated into public cloud, hybrid cloud, and private cloud. The hybrid cloud segment is projected to register a considerable CAGR during the forecast period, owing to the multiple benefits and the combined service of private and public cloud deployment. Low-risk exposure, cost efficiency, and scalability offered by hybrid cloud are expected to grow the cloud analytics market in the forecast period.
In terms of organization size, the market is bifurcated into SMEs and large organizations. The large organization segment is expected to register a robust growth rate during the forecast period, due to the increasing adoption of cloud analytics to increase profitability and identify the performance area and shape business strategies.
Based on type, the cloud analytics market is segmented into descriptive analytics, diagnostics analytics, prescriptive analytics, and predictive analytics. The descriptive analytics segment is anticipated to grow at a significant growth rate during the projection period, due to the growing need for business organizations to extract insights from historical data to make strategic business decisions.
On the basis of the application, the market is categorized as sales & marketing, research & development, customer service, human resource, and accounts & finance. The sales and marketing segment is expected to account for major market revenue in the coming years. Rising trends for social analytics, text analytics, and increasing demand to get better insights into business for strategic planning are fueling the growth of the cloud analytics market.
Based on industry vertical, the cloud analytics market is segmented into BFSI, IT & telecommunication, manufacturing, healthcare & life science, government, and energy & utilities. The BFSI segment is expected to expand at a substantial growth rate during the forecast period. Increasing usage of cloud analytics in the BFSI sector for improving user experience, customer engagement, and customer targeting is boosting the growth of the market.
In terms of region, the global cloud analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period. Increasing adoption of new technologies, labor shortage, and rising labor cost is fueling companies to use the latest cloud analytics technology, driving the market growth for cloud analytics.
Asia Pacific region is anticipated to expand at a significant growth rate over the coming years, owing to high growth in the e-commerce sector and increasing demand for new technological advancements in the countries such as China, Japan, and India.
Segments
The global cloud analytics market has been segmented on the basis of
Solution
- Analytics Solution
- Hosted Data Warehouse Solution
- Cloud BI Tools
Deployment Mode
- Public Cloud
- Hybrid Cloud
- Private Cloud
Organization Size
Type
- Descriptive Analytics
- Diagnostics Analytics
- Prescriptive Analytics
- Predictive Analytics
Application
- Sales & Marketing
- Research & Development
- Customer Service
- Human Resources
- Accounts & Finance
Industry Vertical
- BFSI
- IT & Telecommunication
- Manufacturing
- Healthcare & Life Science
- Government
- Energy & Utilities
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Microsoft
- Google
- Oracle
- IBM corporation
- Salesforce
- SAP
- TIBCO Software
- SAS Institute
- Teradata
- AWS
- MicroStrategy
- Hewlett-Packard Enterprise
- Sisense
- Atos Cloudera
- Hitachi Vantara
- ThoughtSpot
- Qlik
- Domo
- GoodData
- Alterryx
- Absoultdata
- Infor
- Yellowfin
- Guavus
- Looker
- Board International
- Pyramid Analytics
- Databricks
- Tableau Software, LLC.
Competitive Landscape
Key players in the global cloud analytics market are Microsoft; Google; Oracle, IBM corporation, Salesforce, SAP, TIBCO Software, SAS Institute, Teradata, AWS, MicroStrategy; Hewlett-Packard Enterprise; Sisense; Atos Cloudera; Hitachi Vantara; ThoughtSpot; Qlik; Domo; GoodData; Alterryx; Absoultdata; Infor, Yellowfin, Guavus, Looker, Board International; Pyramid Analytics, Databricks; and Tableau Software, LLC.
- In February 2022, Teradata announced a partnership with Microsoft to launch the platform of Teradata Vantage data with Microsoft Azure to streamline the workload of data analytics in businesses and to execute cloud strategies.
- In January 2022, IBM announced the offering of AI-driven weather analytics to AWS. It helped users to analyze weather and consumer patterns to make confident and insightful decisions.