Global Cloud Analytics Market Size To Exceed USD 186.9
New York, United States , June 07, 2024 (GLOBE NEWSWIRE) — The Global Cloud Analytics Market Size is to Grow from USD 27.5 Billion in 2023 to USD 186.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.12% during the projected period.
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Cloud analytics refers to a type of data analysis that shifts elements of data analytics, such as data processing and storage operations, to a public or private cloud. Processing and analyzing large datasets to inform decision-making processes. The use of the cloud for analytics offers several key advantages, including scalability, flexibility, and cost-efficiency. Cloud analytics works similarly to other types of cloud computing, providing scalable cloud resources and powerful analytical tools in a public or private cloud the biggest advantage of cloud analytics is real-time data integration. Leverages AI technologies, including machine learning and deep learning, within cloud environments automates the analysis of large datasets, uncover insights, predict trends, and inform decision-making. The rising inclination towards digital platforms has fueled the market demand for cloud analytics. The integration of cloud services for the improvement of healthcare, BFSI, and the media & entertainment sector has bolstered the market expansion of cloud analytics. Further, the increased use of cloud computing by most significant organizations to offer their goods to enterprises is driving the global cloud analytics market. On the contrary, the growing concerns about the data security risks by corporate organizations are restraining the global cloud analytics market.
Browse key industry insights spread across 234 pages with 120 Market data tables and figures & charts from the report on the “Global Cloud Analytics Market Size, Share, and COVID-19 Impact Analysis, By Data Processing (Real-Time Analytics and Batch Analytics), By Organization Size (Small & Medium Enterprises and Large Enterprises), By Solution (Cloud Business Intelligence (BI) Tools, Enterprise Information Management, Governance, Risk, & Compliance, Enterprise Performance Management, Analytics Solutions, and Others), By Deployment (Public, Private, and Hybrid), By End-User (Banking, Financial Services and Insurance (BFSI), IT & Telecommunications, Retail & Consumer Goods, Healthcare & Life Sciences, Manufacturing, Research & Education, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The batch analytics segment is anticipated to grow at the fastest CAGR during the forecast period.
Based on the data processing, the global cloud analytics market is categorized into real-time analytics and batch analytics. Among these, the batch analytics segment is anticipated to grow at the fastest CAGR during the forecast period. The large volumes of data are processed effectively by batch analytics in planned batches that take use of the flexibility and scalability of cloud infrastructure. Many analytics systems like Hadoop and data warehouses were designed for batch analytics.
The large enterprises segment is anticipated to hold the largest market share through the forecast period.
Based on the organization size, the global cloud analytics market is segmented into small & medium enterprises and large enterprises. Among these, the large enterprises segment is anticipated to hold the largest market share through the forecast period. Large company IT leaders are making significant investments in cloud-based analytics systems due to several clear benefits, including data gravity, flexibility, time to value, and access to innovation. The increasing use of data storage platforms and digital transformation are driving the market.
The analytics solution segment dominated the market with the largest revenue share through the forecast period.
Based on solution, the global cloud analytics market is segmented into cloud business intelligence (BI) tools, enterprise information management, governance, risk, and compliance, enterprise performance management, analytics solutions, and others. Among these, the analytics solution segment dominated the market with the largest revenue share through the forecast period. Predictive, speech, text, and video analytics are empowering businesses to retain customers via dashboards and identify new business opportunities. It acts as a mediator in the usage, administration, and achievement of data-driven goals.
The public cloud segment held the largest revenue share of the global cloud analytics market in 2023.
Based on the deployment, the global cloud analytics market is categorized into public, private, and hybrid. Among these, the public cloud segment held the largest revenue share of the global cloud analytics market in 2023. Analytics on public clouds are highly efficient in terms of bandwidth at a reasonable cost. Organizations are implementing business apps and real-time streaming into practice by deploying public clouds.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The growing investments in cloud services are anticipated to propel market growth. For instance, the promotion of Cross-Border Privacy Rules (CBPR) by the US is considered a market growth opportunity for cloud analytics in the region. The adoption of cloud analytics by the key market players in the region is contributing to driving the market. Furthermore, the development of technologically advanced solutions has propelled the regional market growth for cloud analytics.
Asia-Pacific region is expected to grow the fastest during the forecast period. The cloud services offered by key market players owing to the better bandwidth connectivity in the region are expanding the cloud analytics market. Amazon Web Services and Google Cloud are the providers of data centers in the region contributing to driving the market. The expansion of data platforms for the development of new and innovative technologies is significantly driving the regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cloud Analytics Market are IBM Corporation, Oracle Corporation, Microsoft Corporation, Atos, Microstrategy Incorporated, Hewlett Packard Enterprise, Hitachi Vantara Corporation, Hexaware Technologies Limited, Sisense, Hitachi Vantara Corporation, Cloudera, Inc., TIBCO Software Inc., Microsoft Corporation, MicroStrategy Incorporated, and Other Key Players.
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Recent Developments
- In February 2024, Wipro and IBM expanded their partnership to offer new AI services and support to clients. Wipro launched an Enterprise AI-Ready Platform, leveraging IBM Watsonx, to advance enterprise adoption of Generative AI.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cloud analytics market based on the below-mentioned segments:
Global Cloud Analytics Market, Data Processing Analysis
- Real-Time Analytics
- Batch Analytics
Global Cloud Analytics Market, Organization Size Analysis
- Small & Medium Enterprises
- Large Enterprises
Global Cloud Analytics Market, Solution Analysis
- Cloud Business Intelligence (BI) Tools
- Enterprise Information Management
- Governance, Risk, & Compliance
- Enterprise Performance Management
- Analytics Solutions
- Others
Global Cloud Analytics Market, Deployment Analysis
Global Cloud Analytics Market, End-User Analysis
- Banking, Financial Services and Insurance (BFSI)
- IT & Telecommunications
- Retail & Consumer Goods
- Healthcare & Life Sciences
- Manufacturing
- Research & Education
- Others
Global Cloud Analytics Market, Regional Analysis
- North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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