Feb 22, 2023

English - UK

Pramod Pawar

Cloud Analytics Market is slated to be worth USD 247.60 billion by 2033

Report Overview:

Greatest market share  - North America, The global cloud analytics market size was valued at USD 33.02 billion in 2023 and is to exceed USD 247.60 billion by 2033, expanding at a compound annual growth rate (CAGR) of 22.32% from 2022 to 2033.

Figure: 

The cloud analytics market is poised to experience exponential growth in the coming years as businesses increasingly turn towards software-as-a-service (SaaS) for their data analysis needs. Cloud analytics refers to the use of software, applications and services that are hosted on remote servers and used for analyzing data. This market has been driven by a number of factors such as improved scalability, cost savings, reliability, flexibility, self-service capabilities and improved performance.

Cloud Analytics Definition:

Cloud analytics is the process of analyzing data stored and managed in a cloud computing environment. It uses a variety of tools and services to examine large volumes of data, both structured and unstructured, to uncover trends, patterns, correlations, and anomalies. Cloud analytics can help businesses make better decisions by providing insights into customer behavior, product sales performance, and other business operations.

Cloud analytics platforms offer scalability that allows companies to store larger amounts of data in the cloud for analysis purposes. It helps them avoid the high cost associated with traditional on-premise hardware solutions for data storage and analysis. By leveraging the power of cloud-based tools such as Amazon Simple Storage Service (S3) or Google BigQuery, organizations can quickly analyze large datasets without having to deploy costly infrastructure resources.

Key Takeaways:

  • North America was 51% in revenue share for 2022.
  • Asia Pacific is on track to achieve a CAGR in excess of 13% between 2023-2032.
  • Component-based, the Solutions segment held a 72% revenue share in 2022.
  • The private segment had a revenue share of 30% by deployment in 2022.
  • In 2022, the SME market accounted for over 45% of revenue, based on the organization size.
  • BFSI accounted for 35% of the revenue share by industry vertical in 2022.
  • According to the industry vertical, healthcare and the life sciences have accounted for 10% of the total revenue share for 2022.
  • In 2022, sales and marketing accounted for 38% of the total revenue.
  • Applicable, the customer services segment has accounted for a 13% of revenue share in 2022.

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Market Growth:

The growth of the cloud analytics market is being driven by several factors, including:

  1. Increasing demand for real-time data analysis: The need for real-time data analysis is growing rapidly in various industries such as finance, healthcare, retail, and manufacturing. Cloud analytics solutions provide businesses with the ability to analyze vast amounts of data in real time, enabling them to make better decisions and respond more quickly to changing market conditions.

  2. Increasing adoption of cloud technology: Cloud technology is becoming increasingly popular among businesses of all sizes. Cloud analytics solutions offer several advantages over traditional on-premise solutions, including lower upfront costs, greater scalability, and increased flexibility.

  3. The rising popularity of mobile analytics: With the growing use of mobile devices, businesses are looking for ways to analyze data on the go. Cloud analytics solutions provide businesses with the ability to access data from anywhere, at any time, using any device.

  4. Increasing demand for predictive analytics and big data analytics: With the increasing availability of data, businesses are looking for ways to gain insights from their data. Predictive analytics and big data analytics are becoming increasingly popular, as businesses seek to uncover hidden patterns and trends in their data.

Regional Snapshot

In 2022, North America will be the most important market for cloud analytics globally. Cloud analytics market growth is being driven by the widespread use of social networking, the high adoption of cloud computing technology by organizations of all industries, and the present industry leaders who offer a range of solutions related to cloud analytics technology at affordable prices.

For the forecast period, the Asia-Pacific region will see the highest CAGR growth.The rising demand for cloud analytics solutions for the Asia-Pacific region will drive up the demand. This is due to the increasing number of start-ups that require and seek cloud computing services to manage businesses effectively and the increased use of social media.

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Market Dynamics

1. Drivers:

  • Growing demand for real-time data analysis
  • Increasing adoption of cloud technology
  • Rising popularity of mobile analytics
  • Increasing demand for predictive analytics and big data analytics

2. Restraints:

  • Concerns about data security and privacy
  • Lack of skilled professionals
  • High implementation costs

3. Opportunities:

  • Growing adoption of artificial intelligence and machine learning in cloud analytics
  • Increasing demand for cloud-based analytics solutions in small and medium-sized enterprises
  • Growing adoption of analytics in healthcare and life sciences industries

4. Challenges:

  • Intense competition among cloud analytics providers
  • Rapidly evolving technology and changing customer preferences
  • Integration issues with existing legacy systems

Recent Developments

  • In February 2021, Microsoft announced the acquisition of The Marsden Group, a provider of big data and analytics services.
  • In March 2021, SAP announced the acquisition of Signavio, a provider of cloud-based business process management software.
  • In May 2021, Oracle announced the launch of a new cloud analytics platform, Oracle Analytics Cloud.

Market Segmentation

Type

  • Public cloud
  • Private cloud
  • Hybrid cloud
  • Community cloud

Application

  • BFSI
  • Retail and consumer goods
  • Telecommunication
  • Healthcare and life sciences
  • Media and entertainment
  • Government
  • Business and consulting services
  • Research and education
  • Energy
  • Manufacturing

Key Market Players included in the report:

  • SAP SE
  • Oracle Corporation
  • Microsoft Corporation
  • IBM Corporation
  • Teradata Corporation
  • Google Incorporation
  • Hewlett-Packard
  • SAS Institute
  • Tableau Software
  • Microstrategy

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Report Scope

Report Attribute

Details

The market size value in 2023

USD 33.02 billion

Revenue forecast by 2033

USD 247.60 billion

Growth Rate

CAGR Of 22.32%

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World

Historical Years

2017-2022

Base Year

2022

Estimated Year

2023

Short-Term Projection Year

2028

Long-Term Projected Year

2032

Frequently Asked Questions

Q1. What is cloud analytics?

Cloud analytics is the process of analyzing data using cloud-based tools and technologies. It involves storing data in the cloud, and then using cloud-based software to analyze and visualize the data.

Q2. What are the benefits of cloud analytics?

Cloud analytics offers several benefits over traditional on-premise analytics solutions, including lower upfront costs, greater scalability, increased flexibility, and the ability to access data from anywhere, at any time, using any device.

Q2. What industries are using cloud analytics?

Cloud analytics is being used in a wide range of industries, including finance, healthcare, retail, manufacturing, and more. Any business that needs to analyze data can benefit from cloud analytics.

Q4. What types of analytics are available with cloud analytics?

Cloud analytics solutions offer a wide range of analytics capabilities, including descriptive analytics, predictive analytics, prescriptive analytics, and big data analytics.

Q5. How can businesses ensure the security of their data with cloud analytics?

Businesses can ensure the security of their data with cloud analytics by working with a reputable cloud analytics provider that has strong security protocols in place. They can also implement additional security measures such as encryption and multi-factor authentication. It's important to thoroughly vet any cloud analytics provider before signing on to ensure that they have adequate security measures in place.

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