Cloud Analytics Market by Component, Type (Predictive, Prescriptive, Descriptive, Diagnostic), Deployment Mode, Industry Vertical (BFSI, Healthcare, IT, Manufacturing, Media, Retail, Education, Utilities), and Region – Global Forecast to 2028

Cloud Analytics Market by Component, Type (Predictive, Prescriptive, Descriptive, Diagnostic), Deployment Mode, Industry Vertical (BFSI, Healthcare, IT, Manufacturing, Media, Retail, Education, Utilities), and Geography – Global Forecast to 2028

The research report titled “Cloud Analytics Market by Component, Type (Predictive, Prescriptive, Descriptive, Diagnostic), Deployment Mode, Industry Vertical (BFSI, Healthcare, IT, Manufacturing, Media, Retail, Education, Utilities), and Geography – Global Forecast to 2028” provides in-depth analysis of the cloud analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2028. The global cloud analytics market is expected to reach $104.0 billion by 2028, growing at a CAGR of 20.7% during the forecast period of 2021 to 2028.

The growth of this market is attributed to the increasing data connectivity through multiple cloud platforms, increasing availability of cloud-based solutions at affordable prices, and growing digitalization and rise in Big Data. The lack of in-house IT expertise offers significant growth opportunities for the cloud analytics market. However, security & privacy concerns and lack of reliability on web-based solutions obstruct the growth of this market up to some extent.

Based on component, the cloud analytics market is classified into solutions and services. In 2021, the solutions segment commanded the largest share of the overall cloud analytics market. Growth in adoption of customer analytics and sales & marketing analytics solutions and rising advertising and marketing campaigns through social media platforms are driving the growth of this segment.

Based on type, the cloud analytics market is classified into predictive analytics, prescriptive analytics, descriptive analytics, and diagnostic analytics. In 2021, the descriptive analytics segment commanded the largest share of the overall cloud analytics market. The growing need for businesses to retrieve insights from historical data to make effective business decisions related to investments in new product launches is expected to drive market growth. However, an upsurge in tech-savvy businesses and the growing significance of precise data forecasting and validation to maximize revenue are expected to drive the predictive analytics segment.

Based on deployment mode, the cloud analytics market is classified into public, private, and hybrid. In 2021, the public segment commanded the largest share of the overall cloud analytics market. The surge in the implementation of public cloud services, particularly by start-ups, and the growing shift of enterprises towards work-from-home culture are expected to drive the segment's growth. However, the hybrid segment is expected to grow at the highest CAGR during the forecast period.

Based on industry vertical, the cloud analytics market is broadly classified into BFSI, government & defense, healthcare & life sciences, information technology, manufacturing, media & entertainment, retail & consumer goods, telecommunication, education, utilities, and other industry verticals. In 2021, the BFSI industry commanded the largest share of the overall cloud analytics market. An increase in reliability on web-based solutions of enterprises and a growing number of fin-tech start-ups demanding cloud-based solutions are expected to drive the growth of this market in the BFSI industry. Additionally, increasing developments in technology giving rise to smart devices, software, and newer social media platforms which are further expected to be used extensively in the BFSI industry for numerous applications, is expected to drive the growth of the cloud analytics market in the BFSI industry with fastest CAGR over the forecasted period.

Geographically, North America commanded the largest share of the global cloud analytics market in 2021. The large share of North America is primarily attributed to the large investments for modernization and up-gradation of cloud-based software solutions, increased usage of innovative connected devices, a strong network of cloud computing technology providers, and high acceptance of cloud analytics services across numerous industries verticals.

Moreover, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growing number of companies demanding cloud services, increasing adoption of social media platforms, and growing awareness amongst businesses regarding the cost benefits of cloud computing services are rising demand for cloud analytics solutions in the Asia-Pacific region.

The key players operating in the global 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.), AWS (U.S.), MicroStrategy (U.S.), Cloudera (U.S.), Alteryx, Inc. (U.S.), Sisense (U.S.), Atos (France), Qlik (U.S.), and among others.

Key questions answered in the report

Which are the high growth market segments in terms of component, type, deployment mode, industry vertical, and countries?
What is the historical market for cloud analytics across the globe?
What are the market forecasts and estimates from the period of 2021–2028?
What are the major drivers, restraints, and opportunities in the global cloud analytics market?
Who are the major players in the global cloud analytics market, and what share do they hold?
What are the recent developments in the global cloud analytics market?
What are the different strategies adopted by the major players in the global cloud analytics market?
What are the geographical trends and high growth countries?
How is the competitive landscape?
Who are the local emerging players in the global cloud analytics market and how do they compete with the other players?

Scope of the report:

Cloud Analytics Market, by Component

Solutions
Customer Analytics
BI Tools
Data Warehouse Modernization
Enterprise Performance Management
Governance, Risk, & Compliance
Sales & Marketing Analytics
Supply Chain Analytics
Analytics Tools
Spatial Analytics Tools
Video Analytics Tools
Text Analytics Tools
Speech Analytics Tools
Other Analytics Tools
Services
Support & Maintenance
Advisory Services
Integration Services

Cloud Analytics Market, by Type

Descriptive Analytics
Predictive Analytics
Diagnostic Analytics
Prescriptive Analytics

Cloud Analytics Market, by Deployment Mode

Public Cloud
Private Cloud
Hybrid Cloud

Cloud Analytics Market, by Industry Vertical

BFSI
Government & Defense
Healthcare & Life Sciences
Information Technology
Manufacturing
Media & Entertainment
Retail & Consumer Goods
Telecommunication
Education
Utilities
Other Industry Verticals

Cloud Analytics Market, by Region

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Sweden
Denmark
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
The Middle East and Africa
UAE
South Africa
Rest of MEA