Cloud Analytics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cloud Analytics Market
The global cloud analytics market size was valued at USD 33.05 billion in 2023, and the market is now projected to grow from USD 39.88 billion in 2024 to USD 147.19 billion by 2032, exhibiting a CAGR of 17.7% during the forecast period (2024-2032).
The COVID 19 pandemic positively impacted the global cloud analytics industry. The worldwide effect of COVID-19 outbreak has been remarkable and extraordinary, with cloud analytics mechanics witnessing a tremendous demand for across the globe amid the lockdown. The restrictions caused all the office work to be done remotely where the cloud analytics came handy thus helping with the global cloud analytics market growth.
Cloud analytics is a is an online model that covers enterprise intelligence or records analytics performed on a public, private or hybrid cloud. This helps in minimizing expensed based off data storage in premises. The rising availability of information connectivity thru multicloud and hybrid environments, numerous cloud analytical solutions integrated into the cloud, and surge of information technology industry are the major driving factors of the global cloud analytics market share.
Easy access along with rapid connectivity offered by artificial intelligence (AI) and business intelligence (BI) tools are the recent industry trends. Entities of all sizes are putting more recognition on implementing BI solutions on the way to advantage competitive advantage over other corporations. Cloud analytics have made it easier and simpler to analyze data and thus make decisions quickly.
Comprehensive Analysis of Cloud analytics Market
The cloud analytics market is rising at a swift rate owing to its market segmentation. These market segmentations are strategically bifurcated into solution analysis, deployment analysis, organization size analysis, end-user analysis, and region. Based on the solution analysis, the analytics solution segment takes lead. In terms of deployment analysis, public cloud segment holds the largest marketplace share. As per end-user analysis, the BFSI segment dominates the industry and is expected to give the highest CAGR. Whereas, based off organization size analysis, large enterprises’ segment had the largest industry share in 2023.
Based on geographical analysis, the North American region dominates the global cloud analytics marketplace. The region’s industry held the largest market share in 2023, and is also expected to give the highest CAGR during the forecast period (2024-2032). The rising shift in the direction of the subscription based services, inclination towards smartphones and other similar devices, and surging technological advancements ongoing in the region are a few reasons contributing to marketplace growth.
The key industry players of cloud analytics market are continuously developing to offer advanced cloud solutions. The marketplace competition is fierce and to tackle it, the companies are adapting to mergers and acquisitions. These companies include, IBM Corporation (U.S.), Hexaware Technologies Limited (India), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Alphabet Inc. (Google LLC) (U.S.), Salesforce.com, Inc. (U.S.), TIBCO Software Inc. (U.S.), SAS Institute Inc. (U.S.), Teradata Corporation (U.S.), MicroStrategy Incorporated (U.S.), The Hewlett Packard Enterprise Company (U.S.), SAP SE (Germany) Sisense (U.S.), Atos (France), Cloudera, Inc. (U.S.), Hitachi Vantara Corporation (U.S.).
In December 2023, Salesforce globally announced some significant updates to their Einstein 1 platform along with the addition of the Einstein Copilot Search and Data Cloud Vector Database. The said database unites all the business information in order to facilitate AI prompts.
Segmentation Table
Cloud Analytics Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.30% from 2024-2032
Unit Value (USD Billion)
Segmentation By Solution, By Deployment, By Organization, by End-User, By Region
By SolutionCloud Business Intelligence (BI) Tools
Enterprise Information Management
Governance, Risk, and Compliance
Enterprise Performance Management
Analytics Solutions
Others
By Deployment Public
Private
Hybrid
By Organization Size Small & Medium Enterprises
Large Enterprises
By End-User Banking, Financial Services and Insurance (BFSI)
IT and Telecommunications
Retail and Consumer Goods
Healthcare and Life Sciences
Manufacturing
Research & Education
Others (Energy, Media & Entertainment, Etc.)
By Region North America (By Solution, By Deployment, By Organization Size, By End-User, and By Country)
- U.S.
- Canada
Europe (By Solution, By Deployment, By Organization Size, By End-User, and By Country)
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific (By Solution, By Deployment, By Organization Size, By End-User, and By Country)
- China
- India
- Japan
- Southeast Asia
- Rest of Asia Pacific
Middle East & Africa (By Solution, By Deployment, By Organization Size, By End-User, and By Country)
- GCC
- South Africa
- Rest of the Middle East & Africa
Latin America (By Solution, By Deployment, By Organization Size, By End-User, and By Country)
- Brazil
- Mexico
- Rest of Latin America
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