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.

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333 – Tables
66 - Figures
342 – Pages

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Scope of the Report

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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