Westford, USA, Aug. 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Cloud Analytics Market will attain the value of USD 191.29 billion by 2031, with a CAGR of 27.1% during the forecast period (2024-2031). Cloud analytics is used to analyze data on the cloud for complementary data and deeper insights. By capturing, integrating, analyzing and delivering insights, cloud analytics helps streamline business processes and enable organizations to make better decisions for better outcomes. Furthermore, by improving data governance and on top of providing more granular access to individuals who need access to data, cloud analytics contribute to data isolation and secure entry points. This is due to the increasing adoption of cloud by enterprises worldwide and the huge amount of data being generated by businesses.
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Cloud Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 28.09 Billion |
| Estimated Value by 2031 | USD 191.29 Billion |
| Growth Rate | Poised to grow at a CAGR of 27.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Data, Offering, Data Processing, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Expansion of Advanced Analytics and AI Capabilities |
| Key Market Drivers | Increased Demand for Analytics Solutions |
Public Cloud Segment to Dominate Due to Rise in Innovations
The public cloud segment of the market is expected to account for the largest share of the market. Low prices and bandwidth efficiency offered by public cloud servers drive the expansion of the cloud analytics market. A cloud service provider can manage public cloud infrastructure both online and, on the web, providing significant benefits to organizations in terms of cost savings, connection speeds, and network access. Through the ability to deploy resources across applications therefore, the public cloud model helps enterprises meet their enterprise needs operationally.
Large Enterprise Segment to Drive Market Due to Increasing the Security
The large enterprise segment witnessed the largest revenue share in the cloud analytics market by 2021. Companies are using cloud analytics to increase revenue and identify areas of inefficiency to set up future business plans. Data is password protected and stored across multiple locations and systems, increasing security.
North America is Dominating Due to Increasing Investments in Cloud Services
North America is expected to hold the largest share of the global cloud analytics market. Leading players in the region are adopting cloud-based analytics solutions to meet user demands for better data quality, better integration and data visualization. Expected cross-border privacy regulations (CBPR) promoted in the U.S. and increasing investments in cloud services by key players will create attractive growth prospects. The market is consolidated by the trends; smartphone rise and technological advancements.
Other drivers of market growth in Asia-Pacific are the development of data centers by leading companies such as Amazon Web Services (AWS) and Google Cloud, eliminating concerns about data and maritime security breaches. Companies in the region are looking to implement state-of-the-art technologies for their data infrastructure, which is expected to have a positive impact on the market.
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Drivers
- Increasing Adoption of Big Data and IoT
- Cost Efficiency and Scalability
Restraints
- Data Security and Privacy Concerns
- Integration with Existing Systems
Prominent Players in Cloud Analytics Market
The following are the Top Cloud Analytics Companies
- IBM (US)
- GOOGLE (US)
- MICROSOFT (US)
- AWS (US)
- SAP (Germany)
- SAS INSTITUTE (US)
- ORACLE (US)
- TERADATA (US)
- NETAPP (US)
- QLIK (US)
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Key Questions Answered in Cloud Analytics Market Report
- How big is the global cloud analytics market?
- What are the key drivers of global cloud analytics market size?
- Who are the key players in the global cloud analytics market?
- Which is the fastest growing region in the global cloud analytics market?
This report provides the following insights:
- Analysis of key drivers (increasing adoption of big data and IoT, cost efficiency and scalability), restraints (data security and privacy concerns, integration with existing systems), opportunities (expansion of advanced analytics and AI capabilities), influencing the growth of Cloud Analytics Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Cloud Analytics Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Cloud Analytics Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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Predictive Analytics Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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