Cloud Analytics Market By Solution Cloud BI Tools, Hosted Data Warehouse Solutions, Complex Event Processing, Enterprise Information Management, Enterprise Performance Management, Governance, Risk, and Compliance, Analytics Solutions); By Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud, Community cloud); By Organization Type (SME’s, Large); By Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics); By End-Use Industry (BFSI, Retail and Consumer Goods, Healthcare and Life Sciences, Media and Entertainment, Government, Telecom and IT, Research and Education, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Cloud Analytics Market Overview and Definition
The global cloud Analytics market size was valued at around USD 29.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 16.4% from 2022 to 2032.The market size is projected to succeed in USD 135.1 billion by 2032.
Cloud analytics refers to the use of cloud computing technologies to perform data analysis and business intelligence tasks. It involves leveraging the power of the cloud to store and process large volumes of data, and using analytics tools and applications to extract insights from that data. Cloud analytics allows organizations to perform complex data analysis without investing in expensive on-premise infrastructure and software, making it a cost-effective and scalable solution for managing and analyzing data.
The cloud analytics market includes different types of solutions, including cloud-based business intelligence (BI) tools, predictive analytics tools, data visualization tools, and data warehousing solutions. These solutions are designed to provide businesses with real-time insights into their operations, helping them to make data-driven decisions and optimize their performance.
The cloud analytics market is driven by the increasing demand for big data analytics and the need for real-time insights in today's fast-paced business environment. Businesses generate vast amounts of data from a variety of sources, including customer interactions, sales transactions, and social media, among others. Cloud analytics allows businesses to collect, store, and analyze this data in real-time, providing valuable insights into their operations and customers.
The cloud analytics market is expected to continue to grow significantly in the coming years, driven by the increasing adoption of cloud technologies and the growing need for real-time analytics. The market is also influenced by the increasing use of artificial intelligence and machine learning, which are being integrated into cloud analytics solutions to provide even more powerful insights and predictions.
Overall, the cloud analytics market plays a critical role in helping businesses to manage and analyze their data, providing valuable insights into their operations and customers. As businesses continue to generate more data and demand real-time insights, the market for cloud analytics is expected to remain a key component of the analytics and business intelligence landscape.
The traditional business intelligence and analytics are not capable enough to adapt and take inventory of factors such as changing employee mobility, numerous data access points, and data compliance, security, and safety concerns that come with digitization. Cloud computing on the other hand has established itself as one of the most reliable, flexible, economical, and efficient of the emerging technologies in response to these requirements. In addition, the cloud is affordable, as it is supported by a subscription-based pricing structure and doesn’t require a huge infrastructural expense.
Cloud analytics, a diffusion of data analytics and cloud computing, is software as a service solution used to analyze massive sets of structured as well as unstructured data on cloud to get useful information and better business insights. Cloud analytics by using a range of analytical tools and techniques help to streamline business processes by gathering, integrating, analyzing, and presenting insights, that is easily categorized and readily available via a web browser and which help the businesses to make faster and better strategic decisions.
The benefits associated with cloud analytics such as increasing accessibility, highly affordability, and data consolidation helps create a real-time mode for efficient data management. This makes them highly desirable in large, medium as well as small enterprises.
The global cloud analytics market is expected to grow at a tremendously flourishing CAGR over the next few years.
Cloud Analytics Market Drivers
The growth of this market is attributed towards major pertaining factors including; the rise in cloud adoption and business analytics software by enterprises across the globe as a result of enormous amount of data generation, the increasing data connectivity through hybrid and multi-cloud environments, the increasing demand for cloud analytics solution, the growing trend of digitalization, the increasing number of product launches by major companies and the cost benefits of cloud-based analytics solutions etc.
Additionally, the increasing use of the product in fraud detection activities and the use of concepts such as the IoT and AI will contribute to the growth of the market. Also, cloud analytics help companies obtain detailed information of the users and consequently eliminate the need for complex processes.
Moreover, majority of business organizations working in a number of industries, other than IT and telecommunications, don’t generally have the required IT personnel to manage the complexities involved within the cloud technological environment. The cloud has been emerging as the best possible solution for these enterprises to manage large quantities of data, without the extensive requirement of expert IT staff, hardware tools, or techniques and huge capital deployment, thereby, contributing to the expansion of the market.
Furthermore, easy installation features and cost effectiveness of cloud analytics services, the emergence of big data, the exponential growth of unstructured and structured data, surge in demand for cloud-based business analytics software among SMEs are factors that will further propel the growth of this market.
However, global economic slowdown, insufficient volume of meaningful data among SME’s, difficulties in running input/output-intensive applications, traditional data warehouses and security and privacy concerns for confidential data are major factors restraining the growth of this market.
Moreover, the outbreak of COVID-19 this year opened new doors for the cloud analytics market globally. With businesses all around the world coming to a halt and working people being locked indoors, the IT sector saw a steep decline in various fields but eventually boomed with the functions and offerings it provided in the form of collaborative applications, analytics, security solutions, and AI. From people working in homes by leveraging the use of real-time screen reporting to businesses wanting to analyze the scope of the impact of their losses because of shutdowns by calling Analytics professionals, business intelligence professionals, and professionals providing expertise in more advanced analytics such as AI and ML for their expertise to make business decisions on how to respond to the new business challenges caused by the COVID-19 outbreak, this market emerged like never before. And, this trend is most likely to continue even after the post COVID-19 scenario.
Cloud Analytics Market Segmentation
- Cloud BI Tools
- Hosted Data Warehouse Solutions
- Complex Event Processing
- Enterprise Information Management
- Enterprise Performance Management
- Governance, Risk, and Compliance
- Analytics Solutions
By Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Community cloud
By Organization Type
- Customer Analytics
- Supply Chain Analytics
- Marketing Analytics
- Pricing Analytics
By End-Use Industry
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Media and Entertainment
- Telecom and IT
- Research and Education
- Infrastructure Management
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Cloud Analytics Market Regional Insight
The North American region is the largest regional market for cloud analytics holding a substantial market share and is also expected to witness robust expansion in the coming years. This can be attributed to the growing presence of key players in the region and them exploring the use of AI and NLP technologies for various applications in different verticals in the region, the rapidly growing infrastructure, innovations, and initiatives, the early adoption of the cloud, the high degree of industrialization and growing use of software solutions in business activities in the region, etc. The U.S. is the major contributor in the region.
The Asia Pacific region holds a significant market share in the cloud analytics market and is expected to thrive in the upcoming years owing to the rise in the technological advancements in countries like China, Japan and India, the rapidly growing industrial sectors and the flourishing economies of emerging countries in the region along side several other related factors etc.
Cloud Analytics Market Key Players
- Pyramid Analytics
- Oracle corporation
- Microsoft corporation
- IBM corporation
- Hewlett Packard Enterprise
- SAS Institute Inc.
- Google Inc.
- Teradata Corporation
- Microstrategy Inc.
- Salesforce Inc.
- Vmware, Inc.
- Tableau Software
- Qlik Tchnologies Inc.
- Panorama Software
- Information Builders
- Infor Global Solutions Inc.
- Indicee, Inc.
- Host Analytics
- TIBCO Software
- Adaptive Planning
- Actuate Corporation
- Hitachi Vantara
- Board International
- Gooddata Corporation
- Cloud9 Analytics
- Other Players
- In December 2020, Innovyze, the global leader in water infrastructure data analytics, announced a new Software-as-a-Service (SaaS) platform, Info360.com, which is said to enable water and wastewater utilities to monitor, analyze, and optimize their operations using the power and convenience of the cloud. The new platform is said to be released with Info360 Insight, the first of multiple solutions to be developed for real-time water lifecycle management.
- In December 2020, Firebolt launched a new class of cloud data warehouse as a service and announced $37 million of financing. The funding included participation from Zeev Ventures, TLV Partners, Bessemer Venture Partners and Angular Ventures.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global cloud analytics market by the following segments:
- Deployment Mode
- Organization Type
- End-Use Industry
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Cloud Analytics Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?