Cloud Analytics Market to be Worth $135.4 Billion by 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Cloud Analytics Market by Offering (Solutions, Services), Type (Predictive Analytics, Diagnostic Analytics, Prescriptive Analytics), Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare & Life Sciences) and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the cloud analytics market is projected to reach $135.4 billion by 2031, at a CAGR of 19.8% from 2024–2031.The growth of this market can be attributed to several factors: the growing digitalization and the rise of big data technology, increasing connectivity through multi-cloud platforms, and the economic benefits of cloud-based solutions. However, security and privacy concerns may restrain the growth of this market.
Furthermore, the growing need for cloud analytics solutions among SMEs and increasing focus on customized and managed cloud services are expected to offer growth opportunities for the players operating in this market. However, the high adoption of traditional data warehouses is a major challenge impacting the growth of the cloud analytics market. Additionally, wearable medical devices and serverless computing are the prominent trends in this market.
The cloud analytics market is segmented by offering (solutions {sales & marketing analytics, business intelligence, customer analytics, enterprise performance management, miscellaneous analytics, supply chain analytics, governance, risk, and compliance, data warehouse modernization}, services {professional services, managed services}), type (descriptive analytics, predictive analytics, diagnostic analytics, prescriptive analytics), deployment mode (public cloud, private cloud, hybrid cloud), sector (BFSI, healthcare & life sciences, media & entertainment, IT & telecommunication, government & defense, retail & e-commerce, manufacturing, energy &utilities, education, and other sectors) and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on Offering, the cloud analytics market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of above 73.0% of the cloud analytics market. The segment’s large share is attributed to the growing adoption of customer analytics and sales & marketing analytics solutions, increasing R&D investment, rising focus on solution-centric capabilities, and economic benefits of cloud-based solutions. In addition, the benefits offered by the solutions segment, such as scalability, security & compliance, increased productivity, cost-efficiency, and improved customer insights, contribute to this segment's growth. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.
Based on Type, the cloud analytics market is segmented into descriptive analytics, predictive analytics, diagnostic analytics, and prescriptive analytics. In 2024, the descriptive analytics segment is expected to account for the largest share of above 57.0% of the cloud analytics market. The segment’s large share is attributed to the rising need for organizations to extract insights from historical data to make sustainable business decisions related to investments in new product launches, companies’ growing focus on data-driven technologies, and advancements in data science and analytics.
However, the predictive analytics segment is expected to register the highest CAGR during the forecast period of 2024–2031. This is due to the rising adoption of big data technologies, the advent of AI and ML technologies, the increasing demand for real-time analytic solutions, and the rising adoption of predictive analytics in the manufacturing sector.
Based on Deployment Mode, the cloud analytics market is segmented into public cloud, private cloud, and hybrid cloud. In 2024, the public cloud deployments segment is expected to account for the larger share of above 59.0% of the cloud analytics market. The segment’s large share is attributed to the rising shift of businesses towards a work-from-home culture and growing reliance on public cloud services among SMEs for effective management. In addition, the benefits offered by the public cloud, such as cost efficiency, agility, and flexibility, further augment the growth of this segment.
However, the hybrid cloud segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rapid evolution of new avenues for cloud-based deployments, growing demand for scalability, the rising need for agile and cost-effective computing, and the rising demand for computational power are expected to support the growth of this segment.
Based on Sector, the cloud analytics market is segmented into the BFSI, healthcare & life sciences, media & entertainment, IT & telecommunication, government & defense, retail & e-commerce, manufacturing, energy &utilities, education, and other sectors. In 2024, the BFSI segment is expected to account for the largest share of above 14.0% of the cloud analytics market. The large market share of this segment is attributed to the rising need among banks and other BFSI organizations to deploy cloud-based solutions to efficiently manage regulatory compliance, growing digitalization and rise in big data analytics, growing number of fin-tech start-ups demanding cloud-based solutions, and integration of advanced AI/ML algorithm. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.
Based on Geography, the cloud analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of above 43.0% of the cloud analytics market. North America’s major market share is attributed to the presence of prominent players offering advanced cloud analytics solutions to various sectors. Furthermore, the strong government support for the implementation and research & development of cloud computing technologies, significant advancements & innovation in analytics technologies, and the high acceptance & extensive adoption of cutting-edge technologies in the region. In addition, the presence of prominent players offering advanced cloud analytics solutions to support market growth.
However, the Asia-Pacific region is projected to register the highest CAGR of 23.5% during the forecast period of 2024–2031. The rapid growth of this region is mainly driven by factors such as exerting efforts by market players to launch cloud analytics solutions, government initiatives and policies that support the adoption of cloud analytics solutions, and the growing adoption of cloud-managed services by small and medium-sized enterprises. Furthermore, rising government initiatives and market players’ efforts to launch advanced cloud analytics solutions are also supporting the growth of this regional market. For instance, in December 2023, NCS (Singapore) partnered with Google Cloud (U.S.) to accelerate the seamless integration of AI capabilities with cloud infrastructure that will be offered across Australia, Singapore, and the wider APAC region.
Key Players
The key players operating in the cloud analytics market are Microsoft Corporation (U.S.) IBM Corporation (U.S.), Oracle Corporation (U.S.), Google, LLC (U.S.), SAP SE (Germany), TIBCO Software, Inc. (U.S.), Salesforce.Com (U.S.), SAS Institute, Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy (U.S.), Alteryx, Inc. (U.S.), Atos SE (France), Sisense (U.S.), and Cloudera, Inc. (U.S.).
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Key Questions Answered in the Report:
Which are the high-growth market segments in terms of offering, type, deployment mode, and sector?
What is the historical market size for the cloud analytics market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the cloud analytics market?
Who are the major players in the cloud analytics market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the cloud analytics market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the cloud analytics market, and how do they compete with other players?
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