Cloud Analytics Market: Global Industry Analysis and Forecast (2023-2029)

Cloud Analytics Market size was valued at US$ 35.21 Bn. in 2022 and the total revenue is expected to grow at 23.2 % through 2023 to 2029, reaching nearly US$ 151.68 Bn.
Cloud Analytics Market Overview:
Cloud analytics is the process of analysing data on the cloud in order to obtain usable information and gain new insights.Cloud analytics helps to streamline corporate operations by gathering, integrating, analysing, and presenting insights that allow firms to make better decisions for better outcomes. Furthermore, cloud analytics helps to provide a single, safe access point to data by increasing data governance and providing more granular access control for individuals who have access to data. With an increase in cloud adoption by organisations worldwide and a huge amount of data generated in enterprises, the demand for cloud analytics solutions is increasing, driving the growth of the cloud analytics market.

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Cloud Analytics Market Dynamics:
In recent years, the cloud analytics business has grown substantially. This increase can be ascribed to improved cloud analytics acceptability across all industries, progress in corporate demand for cloud analytics to acquire actionable insights from unstructured data, and the cost benefits of cloud-based analytics systems. Furthermore, with the increasing popularity of software-as-a-service (SaaS) among businesses, the Internet of Things (IoT) has created vast amounts of data on a regular basis, and the increased use of ML and AI is driving market growth. Cloud analytics, data analysis, and solutions for tough problems all contribute to market growth.

Cloud analytics is a retailing phrase for businesses that conduct analysis using cloud computing. There are four delivery options for cloud analytics solutions: public cloud, private cloud, hybrid cloud, and community cloud. It employs a variety of analytical techniques and tools to assist companies in collecting information from large amounts of data and presenting it in a style that is simply classified and accessible via a web browser.

As per recent surveys, the majority of corporate companies in a variety of industries other than IT and telecommunications lack the necessary IT employees to manage the intricacies involved in the cloud technological environment. Furthermore, due to the large capital investment required, they do not want to purchase expensive hardware equipment and other hardware-related instruments. The cloud is the greatest option for these businesses to manage enormous amounts of data without requiring a significant number of experienced IT people, hardware tools, or techniques.

The lack of dependability on web-based solutions and increased cyber security hazards are expected to stymie market growth during the projection period. The rising use of mobile apps as a result of the COVID-19 pandemic is likely to provide chances for market expansion over the forecast period. During the forecast period, the varied applications of analytics need for artificial intelligence are expected to provide obstacles to market growth.

Companies Workloads will be increased in the Cloud by 83% in 2022:

The major reason driving increasing public cloud computing interaction or adoption today is digitally changing organisations (63%). While 66% of IT professionals believe security is their top issue when it comes to implementing an organizational cloud computing approach.

Currently, 50% of IT professionals believe artificial intelligence and machine learning are playing a role in cloud computing adoption, with that number expected to rise to 67 percent by 2021. Furthermore, Artificial Intelligence (AI) and Machine Learning will be the primary drivers of increased cloud computing use by 2021.

COVID-19: Implementing Cloud Analytics during and after the epidemic:

The COVID-19 epidemic had little impact on the cloud analytics business. This can be ascribed to the increasing acceptability of mobile applications, a high reliance on work-from-home culture, and an increase in social media usage, the popularity of online education, and the emergence of big data technologies.

As COVID-19 emerged, healthcare institutions were forced to review their technology and accelerate preparations for digital transformation. One of the most important needs for healthcare businesses was to accelerate their implementation of cloud technologies in order to better handle the flood of patient data, assure simplified workplace processes, and facilitate information sharing. As organisations seek to just provide significant healthcare equipment such as PPE and ventilators to those in need, the cloud's predictive analytics can assist those in charge of the supply chain in better understanding where shortages exist and where they will quickly be to distribute before there is a problem. Matching algorithms may be easily integrated alongside predictive services to decrease waste in the supply chain, allowing both providers and purchasing agents real-time visibility.

Additionally, the media and entertainment industries witnessed the widespread adoption of various OTT services, such as Netflix, Disney+, and Amazon Prime Video. In Italy, for example, Amazon Prime Video app downloads increased by 60%, while in Spain, they increased by 30%. Similarly, as soon as the lockdown was enforced in the United States, video game usage increased by 75 percent in a week, according to Verizon Communications, Inc. Because this industry is primarily reliant on cloud resources, the cloud analytics market is expected to grow at a rapid pace over the forecast period.
Cloud Analytics Market Segment Analysis:
Based on the Deployment Mode, the global Cloud Analytics market is sub-segmented into Public Cloud, Private Cloud and Hybrid Cloud. The public cloud held the largest market share of 40.26% in 2022. The growing movement in company culture toward work-from-home culture, as well as SMEs' increasing reliance on public cloud services for effective management, are projected to support the growth of this market.

However, The Hybrid Cloud segment held the 2nd largest market share of xx% in 2022. Data is a key resource for developing company strategies. Organizations are becoming increasingly reliant on data to achieve a competitive advantage. Corporations are actively concentrating their efforts on channelling and harmonising essential reference data. Enterprises have begun to invest in keeping a central repository of data for simple access and improved data analysis. Enterprises pick the deployment strategy based on their sustainability and data security concerns.

Based on vertical, the global Cloud Analytics market is sub-segmented into BFSI, Retail and Consumer Goods, Healthcare and Life Sciences, Media and Entertainment, Government, Telecom and IT, Research and Education, Energy, Manufacturing and Others. The BFSI segment held the largest market share of 20.12% in 2022. Fintech firms use cloud-based technologies to boost operational efficiency and to give a better customer experience. The usage of cloud analytics allows the BFSI sector to provide a secure payment service, CRM and ERP system, secure storage of sensitive data, and regulatory compliance.
Regional Insights:
North America held the largest market share of xx% in 2022. Due to increased expenditures and a growing presence of companies researching the use of AI and NLP technologies for diverse applications, the United States has emerged as the largest market. The US market has widely adopted AI and NLP technologies in its commercial institutions and other sectors, allowing it to better cater to clients and continuously improve corporate efficiencies. The country possesses the advanced infrastructure, technologies, and activities required to transform cloud analytics into powerful solutions with novel benefits.

Asia Pacific is expected to grow at a highest CAGR of xx% during the forecast period. The increasing number of start-ups requiring and seeking cloud computing services to efficiently manage their businesses, as well as the development and use of social media, are likely to drive demand for cloud analytics solutions in the Asia-Pacific region.

The objective of the report is to present a comprehensive analysis of the global Cloud Analytics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Cloud Analytics Market dynamic, structure by analyzing the market segments and project the global Cloud Analytics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Cloud Analytics Market make the report investor’s guide.
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Cloud Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 35.21 Bn.


Forecast Period 2023 to 2029 CAGR:
23.2 %
Market Size in 2029:
US $ 151.68 Bn.


 Segments Covered:
by Solution
Cloud BI Tools
Data Integration Tools
Reporting and OLAP Tools
CRM Software
Hosted Data Warehouse Solutions
Complex Event Processing
Enterprise Information Management
Enterprise Performance Management
Governance, Risk, and Compliance
Analytics Solutions
Predictive Analytics
Spatial Analytics
Video Analytics
Text Analytics
Speech Analytics
Web Analytics
Machine Analytics


by Deployment Mode
Public Cloud
Private Cloud
Hybrid Cloud


by Organization Size
SMEs
Large Enterprises


by Vertical
BFSI
Retail and Consumer Goods
Healthcare and Life Sciences
Media and Entertainment
Government
Telecom and IT
Research and Education
Energy
Manufacturing
Others



Cloud Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. SAP SE
2. Oracle Corporation
3. Microsoft Corporation
4. IBM Corporation
5. Teradata Corporation
6. Google Incorporation
7. Hewlett-Packard
8. SAS Institute Inc.
9. Tableau Software
10. Microstrategy
11. Vmware, Inc.
12. Tibco Software
13. Teradata
14. Rackspace
15. Qlik Technologies Inc.
16. Pivotlink, Panorama Software
17. Oracle Corp.
18. Newvem
19. Microstrategy
20. Kognitio, Jaspersoft
21. Information Builders
22. Informatica
23. Infor Global Solutions Inc.
24. AWS
25. Sisense
26. Atos
27. Cloudera
Frequently Asked Questions:
1] What segments are covered in Cloud Analytics Market report?
Ans. The segments covered in Cloud Analytics Market report are based on Solution, Deployment Mode, Organization Size, and Vertical.

2] Which region is expected to hold the highest share in the global Cloud Analytics Market?
Ans. North America is expected to hold the highest share in the global Cloud Analytics Market.

3] What is the market size of global Cloud Analytics Market by 2029?
Ans. The market size of global Cloud Analytics Market by 2029 is US $ 151.68Bn.

4] Who are the top key players in the global Cloud Analytics Market?
Ans. SAP SE, Oracle Corporation, Microsoft Corporation, IBM Corporation, Teradata Corporation and Google Incorporation are the top key players in the global Cloud Analytics Market.

5] What was the market size of global Cloud Analytics Market in 2022?
Ans. The market size of global Cloud Analytics Market in 2022 was US $ 35.21 Bn.