$118.5 Billion Cloud Analytics Market by Offering, Data Type, Data Processing, Vertical and Region

Global Cloud Analytics Market

Dublin, June 11, 2024 (GLOBE NEWSWIRE) — The “Global Cloud Analytics Market by Offering, Data Type, Data Processing, Vertical and Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.

The global cloud analytics market is valued at USD 35.7 billion in 2024 and is estimated to reach USD 118.5 billion in 2029, registering a CAGR of 27.1% during the forecast period.

The exponential increase in unstructured data and the rise in digitalization trends are significant drivers in the current data landscape. However, there are notable restraints, such as discrepancies among data sources and concerns over data security and privacy. Despite these challenges, there are opportunities to be seized, particularly in the focus on SDN-enabled network integration and the growing integration of advanced analytical functionalities. Nonetheless, the sector faces challenges that need to be addressed, including the need for training and upskilling to close the knowledge gap, and issues related to the complexity and diversity of the data collected.

By offering, the Solutions segment is projected to hold the largest market size during the forecast period

Cloud analytics solutions are set to lead the market due to their scalability, which enables businesses to adjust resources as needed. At the same time, their subscription-based pricing ensures cost-effectiveness, particularly for smaller enterprises. Swift deployment allows for rapid implementation, yielding quicker returns on investment. Accessibility from anywhere encourages team collaboration, enhancing decision-making. Integration with other cloud services streamlines workflows and ongoing updates ensure access to cutting-edge analytics tools. These factors position cloud analytics solutions as a strategic choice for businesses harnessing data for growth and competitive advantage.

By type, Cloud BI tools are registered to grow at the highest CAGR during the forecast period

The widespread adoption of cloud Business Intelligence (BI) tools is catalyzing the rapid growth of cloud analytics, boasting a high CAGR. These tools offer scalability, cost efficiency, and accessibility, empowering organizations to handle large data volumes seamlessly and make data-driven decisions. Cloud BI tools facilitate team collaboration and integrate smoothly with other cloud services, streamlining the analytics workflow. Moreover, they incorporate advanced analytics capabilities like machine learning and predictive analytics, enabling businesses to derive deeper insights from their data. This trend reshapes the analytics landscape, driving businesses towards cloud-based solutions for enhanced efficiency and competitiveness.

Story continues

Asia-Pacific is projected to witness the highest CAGR during the forecast period

The Asia-Pacific (APAC) region is witnessing a significant surge in the adoption of cloud analytics driven by factors such as rapid economic growth, digital transformation initiatives, technological advancements, diverse industry landscapes, and government support. This trend is fueled by the region’s need for scalable and cost-effective analytics solutions to manage costs, drive innovation, and enhance operational efficiency. With improved internet infrastructure and government initiatives promoting cloud technologies, businesses across various sectors in APAC are leveraging cloud analytics to gain strategic insights, optimize operations, and stay competitive in the global market, positioning cloud analytics as a key driver of business growth and innovation in the region.

Research Coverage

The market study covers cloud analytics across segments. It aims to estimate the market size and the growth potential across different segments, such as offering, data type, data processing, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Major vendors offering cloud analytics solution and services across the globe are IBM (US), SAS Institute (US), Oracle (US), Google (US), Microsoft (US), Teradata (US), Salesforce (US), AWS (US), NetApp (US), Qilk (US), Sisense (US), SAP (Germany), Atos (France), Altair (US), Microstrategy (US), Tibco Software (US), Hexaware Technologies (India), Zoho (India), Rackspace Technology (US), Splunk (US), Cloudera (US), Domo (US), Hewlett Packard Enterprise (US), Incorta (US), Tellius (US), Rapyder (US), Hitachi Vantara (US), Board International (Switzerland), Ridge (Israel), Jaspersoft (US), Yellowfin (Australia), Deonodo (US), GoodData (US), Thoughtspot (US), and Infogain (US).

Key Attributes

Premium Insights

• Growing Adoption of Advanced Technologies to Maximize Potential of Cloud Analytics to Propel Market

• Cloud Analytics Market to Witness Minor Decline in Y-O-Y Growth in 2024

• Advanced Analytics Segment to Account for Largest Market in 2024

• Unstructured Data and Real-Time Analytics Segments to Account for Significant Market Shares in 2024

• North America to Dominate Cloud Analytics Market in 2024

Market Dynamics

• Drivers

• Restraints

• Opportunities

• Challenges

Case Study Analysis

• Marriott Enhanced Internet Security in Collaboration with Cisco

• Indian Pharmaceutical Firm Maximized Pharma Analytics Efficiency Using AWS Data Lakes

• Cloudera and AWS Propelled iForte’s Data Transformation and Operational Efficiency

• Atos and AWS Empowered Siemens’ SAP Migration to Cloud

• PRG Streamlined Data with Hybrid Approach on Cloud

Technology Analysis

Patent Analysis

• Methodology

• Patents Filed, by Document Type

• Innovation and Patent Applications

• Top Ten Applicants in Cloud Analytics Market

Companies Featured

For more information about this report visit https://www.researchandmarkets.com/r/x1fgpi

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