The current climate around COVID-19 has created challenges for every single industry and function by impacting customer traction, delivery models, production priorities, and budgets. Businesses are in unprecedented flux, and the only real way to assess and examine the impact of this situation is with data-driven insights. Analytics helps assess the impact of a business' environment and how mature or equipped it is to handle it. Analytics delivers accuracy with measurable outcomes, which helps gauge current state versus future state-with all of the variables in play.
SMEs are largely adopting cloud computing services due to their major benefits, such as no initial infrastructure setup costs and the on-demand availability of computing services. These factors are contributing to the growth of hybrid cloud services in enterprises. Moreover, the hybrid cloud offers the benefit of enhanced workload management, increased security and compliance, and efficient integration within DevOps teams.
Internet of Things (IoT) has been generating a huge amount of data daily, therefore there is a huge demand among the businesses to introduce a cost-effective delivery model to collect data in a streamlined way and to have a better insight into the data they own. The use of a cloud analytics platform helps businesses to gain valuable insights from the data that they have produced.
The cloud analytics market is expected to reach $104 billion by 2028, at a CAGR of 20.7% during the forecast period of 2021 to 2028. This can be ascribed to the increasing data connectivity through hybrid and multi-cloud environments and cost benefits of cloud-based analytics solutions. It offers new opportunities for key players operating in the global cloud analytics market. Besides, growing trend of digitalization and massive rise in big data and ease of access offered by cloud and online services during COVID-19 is affecting the market in a positive manner.
However, security and privacy concerns for confidential data is hampering the market growth. Furthermore, insufficient in-house IT expertise and equipment and growing use of mobile apps due to the COVID-19 pandemic is likely to provide lucrative development opportunities for the cloud analytics market in the forthcoming years.
Cloud Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD $104 billion|
|Growth Rate||CAGR of 20.7% during 2021-2028|
|Segment Covered||Deployment, Product Mode, Enterprise Size, End Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, LLC, SAP SE, TIBCO Software, Inc., Salesforce.Com, SAS Institute, Inc., AWS, MicroStrategy, Cloudera, Alteryx, Inc., Sisense, and Atos.|
Key Segments of the Global Cloud Analytics Market
Deployment Overview, 2021-2028 (USD Million)
Product Mode Overview, 2021-2028 (USD Million)
Enterprise Size Overview, 2021-2028 (USD Million)
- Large Enterprise
End Use Overview, 2021-2028 (USD Million)
- IT & Telecom
- Retail & Consumer Goods
- Government & Utilities
Regional Overview, 2021-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global cloud analytics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global cloud analytics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Cloud Analytics market industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Deployment, Product, Enterprise Size, and End User. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global cloud analytics market. The report will benefit every stakeholder involved in the cloud analytics market.
- Managers within the cloud analytics market industry looking to publish recent and forecasted statistics about the global cloud analytics market.
- Government, regulatory authorities, policymakers, and organizations looking for investments in trends of the global cloud analytics market.
- Analysts, researchers, educators, strategy managers, and Government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Cloud analytics is used to analyze data on cloud to get useful information and better insights. Cloud analytics help to streamline business processes by gathering, integrating, analyzing, and presenting insights, which help the businesses to take better decision for better outcomes. In addition, cloud analytics helps to provide a single and secure access point to data by improving data governance and giving more granular access control for those who have access to data. With rise in cloud adoption by enterprises across the globe and enormous amount of data generated in enterprises, the demand for cloud analytics solutions is on the rise, which drives the growth of the cloud analytics market.
There has been an increase in the demand among businesses for cloud analytics to gain actionable insights from unstructured data to boost the market. With growing digitalization huge amount of data is generated and major companies use this data for strategic decision making. Furthermore, cloud analytics not only helps organizations in making strategic decisions but also in improving customer satisfaction, provides high operational efficiency, and vigorous profit and revenue levels.
The growing adoption of Artificial Intelligence and Machine Learning will help in growing the market of cloud analytics. The use of AI and ML enhances the visualization capacity of business and it helps make complex data understandable. The use of Artificial Intelligence provides real-time insights.
However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Based on deployment, the cloud computing market has been segmented into the public cloud and private cloud. Each deployment model is defined according to where the infrastructure for the environment is located.
In terms of product, the global cloud computing market is segmented as SaaS, IaaS, and PaaS. SaaS, PaaS, and IaaS are simply three ways to describe how a user can use the cloud for their business The software as a Service (SaaS) segment dominated the cloud computing market in 2019 owing to its flexible costs, easy maintenance, and deployment.
Enterprise Size Segment
Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Cloud computing and other technologies in its peripheral such as IoT, AI, blockchain is advancing in leaps and bounds, in turn, rapidly transforming every aspect of business and life. The cloud platforms are leading to a paradigm shift from conventional computing technologies, which is positively influencing businesses of all sizes.
End User Segment
Based on the end use, the market is segmented into government, IT & Telecom, healthcare, BFSI, transportation and logistics, energy & utilities, retail & e-commerce, and others. The BFSI is expected to lead in terms of revenue in the forecast period due to the rising adoption of cloud analytics system for various Enterprise Size such as risk management & fraud detection, predictive analysis, sales & marketing in BFSI sector.
North America is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the cloud analytics market in this region is high adoption of cloud computing services by numerous organizations from all the industry verticals, and extensive usage of social media are supporting the regional growth in the cloud analytics market in the country in this region. However, the growth in Asia Pacific region is likely due to the growing number of start-ups demanding and seeking cloud computing services to manage their business effectively in countries in this region.
The major players of the global Cloud Analytics Market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, LLC, SAP SE, TIBCO Software, Inc., Salesforce.Com, SAS Institute, Inc., AWS, MicroStrategy, Cloudera, Alteryx, Inc., Sisense, and Atos. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic Deployments and to remain competitive in the global market.