Cloud Analytics Market: Global Industry Analysis and Forecast (2024-2030)

Cloud Analytics Market Overview

The main benefits of cloud computing services including minimum investment infrastructure setup costs and on-demand computing services availability, are driving their widespread adoption by SMEs. Enterprise hybrid cloud services are growing as a result of these causes. Improved workload management, heightened security, and compliance effective interaction with DevOps teams are further advantages of the hybrid cloud. Businesses are eager to implement a cost-effective delivery model to streamline data collection and gain a deeper understanding of their data as the Internet of Things (IoT) is producing huge amounts of data every day. Businesses extract useful insights from their generated data by utilizing a cloud analytics platform.

 

Cloud analytics is a kind of data analysis where certain aspects of the analysis are moved to a public or private cloud, including data processing and storage processes. Cloud analytics tools allow you to extract business intelligence (BI) insights, forecast results, and identify trends much like on-premises data analytics tools do. But it goes beyond the use of cloud computing and analytics to cope with enormous volumes of intricate business data. Especially, deep learning (DL) and machine learning (ML) models are frequently linked to this kind of study in the context of artificial intelligence (AI).

 

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Cloud Analytics Market Dynamics

The main driver of the global cloud analytics market's growth is the rise in cloud security applications. Security issues are a serious problem for hybrid setups. IT experts have countered that cloud solutions are more secure than on-premises data centers in recent years. Also, cloud backup and security are being prioritized by leading information officers in their prospective budgets. Cloud security has seen an increase in investment thanks to the requirement for better security measures for cloud analytics.

 

Start-ups are trying to make cloud security threat detection better. Software development that streamlines compliance, privacy, and visibility is expected to be a key priority as both new and established players handle IT-related issues. Cloud apps facilitate the effective management and archiving of data for enterprises. However using cloud computing requires the right technology for this reason, companies are looking for solutions that make cloud data management simple.

 

The global cloud analytics market is expected to grow throughout the forecast period.

• Growing usage: The scalability, flexibility, and affordability of cloud analytics have led to a steady increase in its usage. Businesses' desire for sophisticated analytics capabilities to extract insights from massive datasets is driving this trend.

 

• Technological Developments: The features of cloud analytics systems are being improved by ongoing developments in cloud technology. Real-time data processing, predictive analytics, and AI-driven analytics are becoming increasingly accessible features.

 

• Integration with Big Data and IoT: Cloud analytics integration with big data and the Internet of Things (IoT) is growing increasingly. Businesses are able to utilize this connectivity to get meaningful insights from a variety of data sources, which promotes innovation and operational efficiency.

Restraints in the Cloud Analytics Market

There are difficulties in the Cloud Analytics Market as cloud technology becomes more widely used, corporate organizations around the world operating in many industries are becoming increasingly concerned about data security concerns including data theft and loss of industry-specific knowledge. Instead of being utilized by a single line inside an enterprise, the cloud infrastructure servers are virtually accessible and shared by multiple lines. Several difficulties related to data security are raised during this process. For cloud-based environments, the primary issue is a breach of cyber security. Cyber-attacks cause brand extinction if customers choose to shop at other companies, resulting in customer turnover.

 

• Integration Difficulties: It is difficult and time-consuming to integrate cloud analytics tools with current IT infrastructure. Compatibility problems occur and prevent acceptance and seamless integration.                                                                                                      

 

• Cost of Implementation: Although cloud analytics save money over time, there is probably a significant upfront cost associated with their use. Smaller companies are discouraged from purchasing cloud analytics solutions as a result.

 

• Reliability Issues: Accessing cloud analytics solutions requires internet connectivity, which presents reliability issues. Network problems or outages interfere with operations and the availability of important analytics tools.

 

Challenges in the Cloud Analytics Market

The global cloud analytics market is facing several challenges, one of which is the growing concern over the privacy and security of personal data. Concerns over data security including data theft and loss of industry-specific information have been brought up by the development of cloud technology by businesses globally. Rather than being shared across a single circuit, cloud infrastructure servers are virtually accessed and shared across several circuits within an enterprise, which leads to several data security concerns. Moreover, cyber breaches are a major issue for cloud-based infrastructures.

 

Cyber breaches become market-making events, indicating the fall and eventual extinction of major brand names, if people switch to competitors. Similarly, following analysis, the data are not private, which puts companies' security in danger. Privacy and security concerns are therefore the main obstacles to the use of analytics. As organizations keep vast amounts of sensitive data for extended periods, there is growing pressure on them to be transparent about data collection, analysis, and utilization as well as storage. The market under analysis is expected to grow during the forecast period considering the issues about privacy and data security.

 

Cloud Analytics Market Segment Analysis

Based on Deployment there are three categories in the cloud analytics market public, private, and hybrid. The market category that is expected to hold the largest share among these is the public cloud segment in forecast period. The public cloud market is growing because of the low costs and great bandwidth efficiency offered by these servers. Public cloud infrastructure are managed by a cloud service provider over the internet and web, offering businesses significant benefits in terms of network access, cost savings, and communication agility.

 

The public cloud model provides swift control over corporate infrastructure and communications channels, while also helping enterprises meet their collaborative goals for business operations. It allows for the flexibility of using resources on a pay-per-use basis. Businesses are using public cloud installations to handle real-time business apps and streaming. It is expected that the hybrid cloud market is going to grow at a significant rate throughout the forecast period. The primary driver of the segment's growth is the high degree of control and protection it offers. Organizations are building a hybrid cloud infrastructure to address privacy issues and reclaim control over their corporate data.

Cloud Analytics Market Regional Analysis

North America in the global cloud analytics market is expected to grow 41% during the projected period.  Increased investment in data centers and expanding acceptance of cloud computing services are two major factors driving the growing need for cloud analytics services in the United States. Local start-ups and small enterprises need to consider cloud backup services as a feasible choice since they enable users to scale their resources based on their needs. Pools of computer resources shared by several tenants on a provider's network must be developed, maintained, and managed by the service provider.

 

The cloud model provides the virtualization-based sharing of resources, including servers, software, storage, hardware, operating systems, databases, and other software. With cloud-based services, developers use the one-click capabilities in their web browsers to easily create an application. Because of their flexibility, public PaaS solutions are capable of being used for workloads that are transient, experimental, or subject to sudden changes. Therefore throughout the projection period, the market in this region is going to grow at higher rates.

 

The demand for cloud analytics solutions is important because of the large number of cloud platforms in the United States, which has a significant cloud computing market. Cloud analytics is predicted to grow at a CAGR of 20.3% in the United States and reach a market share of US$ 7.5 billion by 2030. The broad use of multi-cloud strategies by enterprises is the driving reason behind the cloud analytics market in the United States. Cloud analytics solutions are in high demand because of the requirement to combine the advantages of several cloud providers, access and analyze data across cloud environments, and obtain unified insights. Also, several specific elements are expected to drive the growth of cloud analytics in the nation.

Cloud Analytics Market Competitive Landscape

The structure of the global cloud analytics market is divided to stay afloat in the industry, the major businesses functioning in it regularly use different growth methods. These major competitors use a variety of growth methods to survive in the competitive industry, including product launches, inventions, mergers and acquisitions, partnerships and collaborations, and intensive research and development. The major market players are also always concentrating on research and development to provide the most economical and effective solutions to industries.

 

• April 9, 2024 MicroStrategy Incorporated a pioneer in AI-powered business intelligence, today announced the immediate availability of its flagship AI/BI solution, MicroStrategy ONE, on Google Cloud Marketplace, allowing enterprises to easily find and deploy this cloud-native platform to facilitate data-driven decision-making throughout the organization with the power of cloud intelligence.

 

• 14 March 2024 Oracle revealed Oracle Smart Operations, new supply chain execution capabilities in Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) that assist enterprises in increasing the efficiency of global supply chain operations. The new features within Oracle Fusion Cloud Manufacturing and Oracle Fusion Cloud Maintenance, which are powered by cutting-edge technologies like artificial intelligence (AI) assist customers in improving factory output by boosting productivity, improving quality, decreasing unplanned downtime, and improving visibility across operations.

Cloud Analytics Market Scope
Market Size in 2023	USD 24.80 Bn.
Market Size in 2030	USD 99.76 Bn.
CAGR (2024-2030)	22%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Component Solutions Services
	By Deployment Public Cloud Private Cloud Hybrid Cloud
	By Vertical BFSI IT & Telecommunication Manufacturing Healthcare & Life Sciences Government Energy & Utilities Others
	By Application Sales and Marketing Research & Development Customer Service Accounting & Finance Human Resource Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Key Player in the Cloud Analytics Market

North America

1. Actian Corp. - United States
2. Hewlett Packard Enterprise Co. - United States
3. IBM - United States
4. Microsoft Corp. - United States
5. Google Cloud - United States
6. Infor Inc. - United States
7. MicroStrategy Inc. - United States
8. Open Text - Canada
9. Oracle - United States
10. Panorama Software Inc. - Canada
11. Qlik - United States
12. Rackspace Technology Inc. - United States
13. Salesforce.com Inc. - United States
14. SAS Institute - United States
15. Tableau - United States
16. Teradata - United States
17. Alteryx - United States
18. Cloudera - United States
19. Informatica - United States
20. Talend - United States
21. GoodData - United States

Europe:

1. SAP - Germany