Newark, NJ, Nov. 01, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global cloud analytics market is expected to grow from USD 21.50 billion in 2020 and to reach USD 94.64 billion by 2028, growing at a CAGR of 20.35% during the forecast period 2021-2028.
The cloud analytics market is witnessing significant growth in the past years. This growth is attributed to the higher adoption rate of cloud analytics over all industries, progress in demand among businesses for cloud analytics to gain actionable insights from unstructured data, cost benefits of cloud-based analytics solutions. Further, with the increasing penetration of software-as-a-service (SaaS) among businesses, the Internet of Things (IoT) has created a massive amount of data daily & the rising adoption of ML and AI is impelling the market growth. The data analysis & solutions for complicated problems among the combination of cloud analytics support the market growth.
Cloud analytics is a retailing term for companies to take out analysis utilizing cloud computing. Cloud analytics solutions are offered by four delivery models, public cloud, private cloud, hybrid cloud, and community cloud. It uses a range of analytical techniques and tools to aid organizations in extracting information from extensive data & present it in a way that is easily categorized & readily available through a web browser.
The global cloud analytics market is expected to witness significant growth, owing to the increasing availability of cloud-based solutions at affordable prices, improving data connectivity by multiple cloud platforms, increasing digitalization, and a rise in Big Data. Further, the enlargement of 5G connectivity & rapid adoption of the internet of things and security management by text analytics also promotes market growth during the projection period. An unexpected surge in demand for such technology to give precise data for crucial decisions propels the market growth. The shortage of reliability on web-based solutions & rising risks of cyber security are anticipated to hamper the market growth during the forecast period. The increasing use of mobile apps due to the COVID-19 pandemic is expected to give opportunities for market growth during the projection period. The various applications of analytics demand for artificial intelligence are anticipated for the challenges for the market growth during the forecast period.
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Key players operating in global cloud analytics market include Oracle Corporation, SAP SE, IBM Corporation, Microsoft Corporation, Google Incorporation, Teradata Corporation, Tableau Software, Hewlett-Packard, Microstrategy, Rackspace, SAS Institute Inc., Vmware, Inc., and Teradata.
- For example, in November 2020, IBM Corporation declared various data & mechanization updates to its Hybrid Cloud software portfolio to enable companies to propel creativity & stimulate digital conversion.
Public cloud dominated the market and held the largest market share of 40.25% in the year 2020
On the basis of deployment mode, the global cloud analytics market is segmented into hybrid cloud, private cloud, and public cloud. Public cloud segment dominated the market and held the largest market share of 40.25% in the year 2020. This growth is attributed to the growing shift of organizations towards a work from home (WFH) culture & increasing dependence on the public cloud services for efficient management.
Analytics solutions dominated the market and held the largest market share of 43.05% in the year 2020
On the basis of solution, the global cloud analytics market is segmented into hosted data warehouse solutions, cloud BI tools, and analytics solutions. Analytics solutions segment dominated the market and held the largest market share of 43.05% in the year 2020. This growth is attributed to the rising demand for offering enhanced consumer support over significant verticals. Also, these solutions are further able of building a detailed analysis of the data by the combination of different technologies
Large enterprises dominated the market and held the largest market share of 58.25% in the year 2020
On the basis of organization size, the global cloud analytics market is segmented into large enterprises and SMEs. Large enterprises segment dominated the market and held the largest market share of 58.25% in the year 2020. This growth is attributed to the increasing digital conversion with the ubiquitous adoption of data storage platforms.
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BFSI segment dominated the market and held the largest market share of 20.12% in the year 2020
On the basis of vertical, the global cloud analytics market is segmented into BFSI, healthcare, media and entertainment, research and education, government, manufacturing, retail, human resources and legal, and others. BFSI end-user segment dominated the market and held the largest market share of 20.12% in the year 2020. This growth is ascribed to the expanding number of fin-tech startups demanding on the basis of cloud solutions and the increase in business’ credibility on the basis of web solutions.
Regional Segment of Cloud Analytics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global cloud analytics market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share in the year 2020. This growth is attributed to the increase in investments by the key vendors in the cloud analytics market in North America. Furthermore, the demand created by the adoption of NLP and AI technologies for better data visualization & enhancing efficiency is promoting the growth of the industry in the region. The market in the Asia Pacific is expected to witness significant growth in the appearance of leading providers like the google cloud & amazon web services. Further, the better connection of digitalization & the internet with developing countries like China & India will hold a significant stake in the cloud analytics market.
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About the report:
The global cloud analytics market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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