Feb 07, 2023, 11:10 ET
Ability of cloud analytics software to process large and massive data sets and produce understandable results, increased demand for analytics solutions, and integration of network infrastructures with software-defined networking drive the global cloud analytics market growth.
PORTLAND, Ore, Feb. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud Analytics Market by Solution (Analytics Solutions, Enterprise Information Management, Hosted Data Warehouse solutions, Enterprise Performance Management, Cloud BI Tools, Government, Risk, and Compliance, Others), by Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, IT and Telecom, Healthcare, Manufacturing, Retail and e commerce, Government and Public Sector, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global cloud analytics industry was valued at $25.4 billion in 2021 and is estimated to generate $174.5 billion by 2031, witnessing a CAGR of 21.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers, Restraints, and Opportunities
Ability of cloud analytics software to process large and massive data sets and produce easily understandable results, its easy access and connectivity by business intelligence, increased demand for analytics solutions, and integration of network infrastructures with software-defined networking (SDN) fuel the growth of the global cloud analytics market. However, privacy and data security issues with confidential data and lack of internal IT experience and resources are expected to hinder the global market growth. On the other hand, privacy and data security issues with confidential data and lack of internal IT experience and resources will present new growth opportunities for the global cloud analytics market in the coming years.
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- The outbreak of the Covid-19 pandemic impacted the global cloud analytics market moderately. The expansion of IT infrastructure slowed down due to a reduced supply and capacity, and the major hassle and inconvenience to upgrade all the hardware and software.
- Moreover, owing to the use of more technologies to carry out tasks, users faced issues such as poor connectivity, slow processing speeds, and complicated data storage. However, the use of collaborative apps, analytics, security solutions, and artificial intelligence (AI) rose in the second half of 2022.
- During the pandemic, enterprises and governments witnessed the need for solving analytical issues while executing main business decisions. Cloud-based analytics solutions and platforms enabled them to increase operational efficiency and reduce costs. Enterprises recognized the need for analytical solutions that can access huge amounts of data and allow data analysts to focus on data-driven goals to get insights from the data.
The large enterprises segment to dominate during the forecast period
Based on enterprise size, the large enterprises segment contributed to the largest share of nearly three-fifths of the global cloud analytics market in 2021, and is expected to maintain a progressive growth during the forecast period. This is owing to the increased use of cloud analytics in big industries where it is used in application development. However, the SMEs segment is projected to witness the fastest CAGR of 22.7% from 2022 to 2031, as SMEs are shifting towards cloud analytics to manage customer base and boost productivity.
The BFSI segment to maintain a prominent revenue growth in 2031
Based on industry vertical, the BFSI segment held the largest share of nearly one-fourth of the global cloud analytics market in 2021, and is expected to maintain a prominent growth during the forecast period, as cloud analytics platform helps BFSI firms to secure transactions and strengthen customer experience by ensuring data confidentiality. However, the healthcare segment is expected to exhibit the highest CAGR of 23.8% in 2031, as cloud-based solutions allow hospitals and healthcare companies to access a massive amount of data, get better diagnostic quality, and have greater access to patient's images and reports.
The analytics solutions segment to maintain dominance during the forecast period
Based on solution, the analytics solutions segment held the largest share of nearly one-fourth of the global cloud analytics market in 2021 and is expected to maintain a prominent growth during the forecast period, owing to use and manage large data sets and use data driven objectives to gain actionable insights. The government, risk, and compliance segment, however, is expected to exhibit the highest CAGR of 23.9% in 2031, owing to the growing need among enterprises to meet stringent compliance and security needs and get a holistic view of enterprise policy.
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Asia-Pacific to garner the fastest growth by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global cloud analytics market, owing to the high adoption of cloud-based analytics solutions in the region to fulfil user demand for better integration and data visualization. However, the market in Asia-Pacific is likely to dominate in terms of revenue and show the fastest CAGR of 26.3% during the forecast period, owing to the growing adoption of data analytics and cloud computing in the region.
Leading Market Players
- Amazon Web Services
- IBM CORPORATION
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- TIBCO Software Inc.
- Google LLC
- Hewlett Packard Enterprise
- GlobalSoft Private Limited
- Teradata Corporation
- SAS Institute Inc.
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