USD 22.07 billion
Report ID: SQMIG45B2044 | Region: Global | Published Date: February, 2024 | Pages: 274 | Tables: 125 | Figures: 77
Cloud Analytics Market size was valued at USD 22.07 billion in 2021 and is poised to grow from USD 25.71 billion in 2022 to USD 128.89 billion by 2030, growing at a CAGR of 22.32% in the forecast period (2023-2030).
Data on the cloud is analyzed using cloud analytics to get helpful data and deeper insights. By obtaining, integrating, analyzing, and presenting insights, cloud analytics aid in streamlining business processes and enabling organizations to make better decisions for better results. Additionally, by enhancing data governance and granting more granular access control for individuals who need access to data, cloud analytics contributes to the provision of a solitary and secure entry point to data. The need for cloud analytics solutions is increasing, which fuels the expansion of the cloud analytics market. This is due to an increase in cloud adoption by businesses around the world and the massive amount of data generated in businesses.
Some of the key factors propelling the growth of the global cloud analytics market include the expanding availability of data connectivity through multi-cloud and hybrid settings, numerous advantages of analytics solutions integrated on the cloud, and the advancement of big data technology. Key market players are currently pursuing strategies to provide distinctive and tailored solutions that will help businesses navigate the multi-cloud landscape more easily.
US Cloud Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 22.07 billion
Largest Segment
Public
Fastest Growth
Public
Growth Rate
22.32% CAGR
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Global Cloud Analytics market is segmented based on deployment, solution, organization size, end user, and region. Based on the deployment, the market is segmented into public, private, and hybrid. Based on the solution, the market is segmented into Cloud Business Intelligence (BI) tools, enterprise information management, governance, risk, and compliance, enterprise performance management, analytics solutions, and others. Based on the organization size, the market is segmented into small & medium enterprises, and large enterprises. Based on the end user, the market is segmented into BFSI, IT and telecommunications, retail and consumer goods, healthcare and life sciences, manufacturing, research & education, others. Based on the region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Cloud Analytics Market Analysis by Deployment
Based on the deployment, the cloud analytics market is segmented into public, private, and hybrid. Among these, the public cloud segment of the market is projected to hold the most substantial share in the market. The low prices and excellent bandwidth efficiency provided by public cloud servers are responsible for the expansion of the public cloud market. A cloud service provider can manage the public cloud infrastructure across the internet and the web, providing organizations with enormous value in terms of cost savings, communication agility, and network access. With the flexibility to consume resources on a pay-per-use basis, the public cloud model helps businesses fulfil their collaborative needs for business operations and offers quick control over corporate infrastructure and communications channels. Public cloud installations are being used by businesses to manage streaming and real-time business applications.
Over the forecast period, the hybrid cloud segment is anticipated to experience a considerable CAGR. The high level of protection and control it provides is the major factor fueling the segment's growth. In order to solve privacy concerns and regain control over their business data, organizations are creating a hybrid cloud infrastructure.
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In 2021, North America is expected to have the biggest share of the global cloud analytics market share. Key players in the region are adopting cloud-based analytics solutions to fulfill user demand for better data quality, better integration, and data visualization. The promotion of Cross-Border Privacy Rules (CBPR) by the U.S. and increasing investment in cloud services by major players are anticipated to create attractive growth prospects for this industry in the region. The regional market has also been strengthened by the expanding trend toward subscription-based services, increased smartphone penetration, and technological improvements.
Other factors that drive the market growth in the Asia Pacific region is the construction of data centers by major providers like Amazon Web Services (AWS) and Google Cloud, which eliminated worries about data offshore and security breaches. The region's market has grown thanks to key players' improved bandwidth connectivity, which has made it simpler to offer cloud services. Businesses in the area are attempting to take use of cutting-edge technology to grow their data platforms, which is anticipated to have a positive impact on the local market.
In 2021, Europe gained a sizable market share. Germany and the United Kingdom are important markets because of rising investments and a growth in businesses looking into the usage of AI and NLP technology for a variety of applications. The regional markets have adopted AI and NLP technology broadly in their commercial institutions and other industries, enhancing customer service and business productivity. The regions have the advanced activities, technologies, and infrastructure needed to turn analytics into reliable solutions with fresh benefits.
The exponential use of data analytics solutions across numerous industry verticals, including BFSI and retail, among others, to manage and process enormous data sets and acquire useful business insights, is the key driver of this market's growth in the Middle East, Africa, and Latin American region.
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Cloud Analytics Market Driver
Cloud Analytics Market Restraint
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Global Cloud Analytics Market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Cloud Analytics Market Top Player’s Company Profiles
Amazon Web Services (AWS)
SAP
Salesforce
Snowflake
Domo
Tableau
Qlik
SAS Institute
Teradata
MicroStrategy
Alteryx
Cloudera
Informatica
TIBCO Software
Talend
GoodData
Cloud Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Cloud Analytics Market research is done based on deployment, solution, organization size, end user, and region. Based on the deployment, the public segment is projected to hold the most substantial share in the market. Based on the solution, the Cloud Business Intelligence (BI) tools, segment is projected to hold the most substantial share in the market. Based on the organization size, large enterprises segment is projected to hold the most substantial share in the market. Based on the end user, the BFSI and IT and telecommunications segments are projected to hold the most substantial share in the market.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 22.07 billion |
Market size value in 2030 | USD 128.89 billion |
Growth Rate | 22.32% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered | |
Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cloud Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cloud Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cloud Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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