CHICAGO, May 27, 2024
/PRNewswire/ -- The market for cloud analytics has a promising
future because of the acceptance of real-time analytics, the
expansion of big data and IoT, and the integration of AI and
machine learning. Its adoption across multiple industries will be
further accelerated by improved security, edge computing
integration, and user-friendly platforms that prioritise
data-driven decision-making and customised customer
experiences.
The Cloud Analytics Market is estimated to grow from
USD 35.7 billion in 2024 to
USD 118.5 billion in 2029, at a CAGR
of 27.1% during the forecast period, according to a new report by
MarketsandMarkets™. Cloud analytics revolutionizes data storage and
analysis by harnessing the power of the cloud. By storing and
analyzing data in the cloud, businesses can extract actionable
insights crucial for both SMEs and large enterprises. This approach
facilitates identifying patterns, predicting future outcomes, and
gaining valuable insights. Cloud analytics offers an opportunity to
consolidate data and convert it into actionable intelligence while
reducing procurement and maintenance costs. It involves utilizing
both cloud-stored data and the rapid computing power of the cloud
for faster analytics. However, with cloud infrastructure,
organizations gain access to scalable, secure, and efficient data
storage and processing solutions, enabling them to meet the demands
of big data and drive innovation.
Browse in-depth TOC on "Cloud Analytics
Market"
333 – Tables
66 - Figures
342 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD Billion
|
Segments
Covered
|
Offering, Data Type,
Data Processing, Vertical, and Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
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)
|
By offering the services segment to account for higher CAGR
during the forecast period
Services segment in the Cloud Analytics Market have experienced
remarkable growth in the Cloud Analytics Market, fueled by the
increasing adoption of data-driven decision-making across
industries. These services offer businesses the capability to
analyze vast amounts of data stored in the cloud swiftly and
efficiently, enabling them to extract valuable insights for
strategic planning, optimization, and innovation. With the
scalability and flexibility of cloud infrastructure, analytics
services can accommodate diverse data types and analytical
workloads, empowering organizations to derive actionable
intelligence from their data in real time. As businesses continue
to prioritize agility and competitiveness, the demand for cloud
analytics services is expected to soar, driving further innovation
and expansion in the Cloud Analytics Market landscape.
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By Type, advanced analytics solution is expected to hold the
largest market size for the year 2024
The surge in advanced analytics adoption within the Cloud
Analytics Market is reshaping the landscape of data-driven
decision-making. Organizations across diverse sectors are
increasingly turning to advanced analytics solutions hosted on
cloud platforms to extract deeper insights from their data. This
trend stems from the growing realization that traditional analytics
methods are no longer sufficient to cope with the complexities of
modern data ecosystems. Advanced analytics, powered by machine
learning algorithms, predictive modeling, and AI, offer
unparalleled capabilities to uncover hidden patterns, forecast
trends, and optimize business processes. By leveraging the
scalability, flexibility, and cost-effectiveness of cloud
infrastructure, businesses can access powerful analytics tools
without the burden of hefty upfront investments in hardware and
software. As a result, the Cloud Analytics Market is witnessing
rapid expansion, fueled by the transformative potential of advanced
analytics in driving innovation, enhancing operational efficiency,
and gaining a competitive edge in today's data-driven economy.
By Vertical, Healthcare & Life Sciences is projected to
grow at the highest CAGR during the forecast period
The healthcare and life sciences sector is experiencing a
transformative shift with the emergence of cloud analytics. This
technology integrates vast amounts of data from various sources,
including electronic health records, wearable devices, and genomic
information, to derive meaningful insights and drive informed
decision-making. Cloud analytics offers scalability, flexibility,
and cost-effectiveness, enabling organizations to efficiently
manage and analyze massive datasets that were previously
challenging to handle. By leveraging advanced analytics techniques
such as machine learning and predictive modeling, healthcare
providers and life sciences companies can enhance patient care,
optimize clinical workflows, and accelerate drug discovery
processes. Moreover, cloud-based analytics facilitates
collaboration among researchers, clinicians, and stakeholders,
fostering innovation and driving advancements in personalized
medicine and population health management. As the industry
continues to embrace digital transformation, cloud analytics stands
as a cornerstone for unlocking the full potential of data-driven
healthcare and life sciences initiatives.
Asia Pacific is expected to grow at the highest CAGR
during the forecast period
The Asia Pacific region is
experiencing a significant surge in the adoption of cloud
analytics, reshaping how businesses make data-driven decisions.
Companies spanning various industries are embracing cloud-based
analytics platforms to optimize operations, foster innovation, and
gain actionable insights. Additionally, the ubiquitous nature of
mobile devices and internet connectivity has heightened the demand
for real-time analytics accessible from anywhere. Governments and
enterprises recognize the strategic value of harnessing analytics
to maintain competitiveness in the global marketplace.
Consequently, investments in cloud analytics technologies and
talent development are escalating, positioning the Asia Pacific region as a pivotal player in the
global cloud analytics landscape.
Top Key Companies in Cloud Analytics Market:
The significant cloud analytics software and service providers
include 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).
These companies have used organic and inorganic growth strategies
such as product launches, acquisitions, and partnerships to
strengthen their position in the Cloud Analytics Market.
Recent Developments:
- In January 2024, Salesforce
unveiled fresh Commerce Cloud tools leveraging generative AI and
data-driven insights, enhancing every customer interaction for
heightened loyalty and revenue growth.
- In February 2024, IBM and Wipro
strengthened their collaboration to offer clients expanded AI
services and support. This collaboration aims to utilize AI
technologies to tackle various business challenges and foster
innovation across industries.
- In June 2023, Salesforce and
Google formed a partnership. The partnership between Salesforce and
Google focuses on integrating Google's AI capabilities into
Salesforce's products, enhancing their analytics offerings.
- In May 2023, Microsoft launched
Microsoft Fabric Data Analytics which is a cutting-edge platform
tailored for the AI era, facilitating seamless integration of
analytics and AI capabilities into data processing workflows. It
streamlines data ingestion, preparation, and analysis, enabling
organizations to derive actionable insights efficiently.
- In August 2022, Teradata
introduced VantageCloud Lake, a cloud-native service designed to
simplify data lakes for businesses, enabling seamless management
and analytics of vast data sets.
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Cloud Analytics Market Advantages:
- Platforms for cloud analytics offer scalable resources, making
it simple for companies to modify their requirements for storage
and processing power in response to demand. Because of its
adaptability, businesses may manage different data volumes without
having to make costly infrastructure investments.
- Businesses can lower their capital hardware and software costs
by utilising cloud analytics. Pay-as-you-go cloud service pricing
allows businesses to optimise their total IT expenditure by only
paying for the resources they really utilise.
- Compared to on-premises systems, cloud analytics solutions may
be implemented and deployed far more quickly. This speedy
deployment shortens the time to insight, allowing companies to
begin data analysis and value extraction right away.
- Platforms for cloud-based analytics enable remote access to
analytics tools and data from any location with an internet
connection. Team members can collaborate on data projects
regardless of location thanks to this accessibility, which fosters
teamwork.
- Advanced analytics features like machine learning, artificial
intelligence, and predictive analytics are frequently included in
cloud analytics solutions. Organisations can gain deeper insights
and make better decisions with the aid of these technologies.
- Businesses can analyse data as it is generated with the use of
cloud analytics solutions, which provide real-time data processing
and analytics. Applications that need instant insights, like
fraud detection, operational monitoring, and customer
engagement, depend on this real-time capacity.
- Platforms for cloud analytics can easily interface with a range
of data sources, such as databases, data lakes, outside apps, and
Internet of Things gadgets. A unified perspective of corporate
operations and thorough data analysis are guaranteed by this
integration capabilities.
Report Objectives
- To define, describe, and predict the Cloud Analytics Market by
offering, data type, data processing, vertical, and region
- To describe and forecast the Cloud Analytics Market, in terms
of value, by region—North America, Europe, Asia
Pacific, Middle East &
Africa, and Latin America
- To provide detailed information regarding major factors
influencing the market growth (drivers, restraints, opportunities,
and challenges)
- To strategically analyze micro markets with respect to
individual growth trends, prospects, and contributions to the
overall Cloud Analytics Market
- To profile key players and comprehensively analyze their market
positions in terms of ranking and core competencies, along with
detailing the competitive landscape for market leaders
- To analyze competitive developments such as joint ventures,
mergers and acquisitions, product developments, and ongoing
research and development (R&D) in the Cloud Analytics
Market
- To provide the illustrative segmentation, analysis, and
projection of the main regional markets
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