Cloud Analytics Market Growing at 21.5% CAGR Reach USD 174.5 Billion by 2031

Allied Market Research published a new report, titled, "Cloud Analytics Market Growing at 21.5% CAGR Reach USD 174.5 Billion by 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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.

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The global cloud analytics market was valued at USD 25.4 billion in 2021, and is projected to reach USD 174.5 billion by 2031, growing at a CAGR of 21.5% from 2022 to 2031.

The cloud analytics market is segmented on the basis of solution, deployment mode, enterprise size, industry vertical, and region. Based on solution, it is segmented into cloud BI tool, enterprise information management, hosted data warehouse solution, enterprise performance management, government, risk, and compliance, analytics solution, and others. As per deployment mode, it is divided into public cloud, private cloud, and hybrid cloud. As per enterprise size, the market is categorized into large enterprise and SME's. Depending on industry vertical, the market is categorized into BFSI, IT and telecom, government and public sector, retail and e commerce, manufacturing, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the cloud analytics market analysis are Amazon Web Service, IBM, Google, Hewlett Packard Enterprise, Oracle, Google, TIBCO Software Inc., Teradata Corporation, SAP SE, and Microsoft. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud analytics industry.

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Key Industry Developments

● February 2023: Google Cloud announced the expansion of its BigQuery platform with advanced AI and machine learning capabilities in Europe, helping organizations integrate predictive analytics into their cloud infrastructure. This development aims to boost the adoption of cloud analytics across European industries, particularly in finance and retail.

● April 2023: Microsoft Azure introduced its cloud analytics service in India, enabling enterprises to leverage real-time data insights for enhanced decision-making. The service is part of Microsoft's initiative to support India's digital transformation efforts and meet the growing demand for cloud-based analytics solutions in industries such as healthcare, retail, and manufacturing.

● June 2023: Salesforce launched its Tableau Cloud Analytics solution in Japan, targeting the region's growing need for advanced analytics in sectors like telecommunications, banking, and manufacturing. The new solution aims to help businesses derive actionable insights from big data using AI-powered cloud analytics.

● August 2023: Alibaba Cloud expanded its cloud analytics services across Southeast Asia, providing local businesses with advanced data analytics solutions to enhance decision-making and operational efficiency. This move is part of Alibaba's strategy to strengthen its cloud business in the Asia-Pacific region, with a focus on e-commerce and logistics industries.

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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.

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.

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.

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Covid-19 Scenario:

● 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.

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