Ottawa, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The global cloud analytics market size was accounted at USD 26.8 billion in 2022. Business organizations may evaluate a lot of unstructured data that is streaming through numerous platforms, including linked devices, with the use of cloud-based analytics. One of the main drivers of the cloud analytics market's expansion is the rising acceptance rate of cloud analytics across all industries.
The market for cloud analytics has been harmed by the coronavirus outbreak. Additionally, the supply of hardware has slowed down as a result of the reduction in manufacturing capacity, which is expected to have a significant impact on the IT industry. As a result, the expansion of the IT infrastructure has slowed down. However, the market for cloud analytics will grow as a result of the increased use of security, analytics, AI, and collaborative applications.
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To assist CEOs in making business decisions during this difficult COVID pandemic, companies have employed analytics experts with extensive experience in sophisticated analytics such as Artificial Intelligence and Machine Learning.
Key Insights:
- North America generated revenue share of 51% in 2022.
- Asia Pacific is poised to reach at a CAGR at 13% from 2023 to 2032.
- By component, the solutions segment has held revenue share of 72% in 2022.
- By deployment, the private segment has held revenue share of 30% in 2022.
- By organization size, the SME segment has generated revenue share of over 45% in 2022.
- By industry vertical, the BFSI segment has captured revenue share of 35% in 2022.
- By industry vertical, the healthcare and life sciences segment has garnered 10% of total revenue share in 2022.
- By application, the sales and marketing segment has accounted revenue share of over 38% in 2022.
- By application, the customer service segment has accounted revenue share of 13% in 2022.
Market Growth
International businesses place a high priority on data analytics to gain a competitive edge in the market and improve their business process by making data-driven decisions. Making effective business decisions is further aided by the expanding popularity of connected devices, the penetration of smartphones, and the excessive use of social media, all of which produce large amounts of unstructured data that must be understood and analyzed. Because Big Data technology is largely responsible for the existence of cloud computing, cloud analytics solutions are widely used for extracting important trends from data and empowering users to efficiently edit, manipulate, or maintain their data. Big Data processing may be done in real-time thanks to this cloud architecture. It can instantly comprehend massive "blasts" of data from powerful systems. Another connection between big data and cloud computing is that big data analytics now take a fraction of the time they once did thanks to the power of the cloud. Therefore, increasing digitization and big data analytics are important factors fueling the growth of the cloud analytics market.
Regional Analysis
Geographically speaking, North America is anticipated to hold the greatest market share for cloud analytics worldwide in 2022. The widespread use of social media, high adoption of cloud computing services by numerous organizations from all industry verticals, and the presence of industry leaders who provide a variety of solutions relating to cloud analytics technology at reasonable prices are all contributing to the regional growth in the cloud analytics market.
The CAGR for growth in the Asia-Pacific region is anticipated to be the highest over the projection period. It is anticipated that the demand for cloud analytics solutions in the Asia-Pacific area will expand due to the rising number of start-ups requiring and looking for cloud computing services to manage their businesses successfully and the growth and use of social media.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 143.17 Billion |
| CAGR | 18.24% from 2023 to 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group |
Market Dynamics
Market Drivers
Businesses are increasingly requesting cloud analytics in order to extract useful insights from unstructured data and expand their market share. A significant amount of data is produced as a result of increased digitization, and major corporations use this data to make strategic decisions. Cloud analytics also assists businesses in enhancing customer satisfaction, delivering great operational efficiency, and generating significant levels of profit and revenue.
A platform for data storage that is dependable, effective, and adaptable has been in increasing demand. Additionally, the market for cloud analytics has grown due to the favorable impact of the increasing use of software-as-a-service (SaaS) among organizations.
Market Restraints
Corporate organizations working in and across a range of industries throughout the world are growing more concerned about data security risks as cloud technology is being embraced (such as data theft and loss of industry-specific information). Data is moved from many cloud providers and shared by a wide variety of different business organizations on their multi-tenancy infrastructure in cloud analytics. The cloud infrastructure servers in an organization are virtually accessed and shared across multiple lines, as opposed to being used by only one line. Throughout this process, numerous issues concerning data security are brought up. Cybersecurity breaches are the top worry for cloud-based environments. Cyberattacks may cause customers to switch to rival brands, which may lead to the eventual destruction of well-known brands.
Market Opportunities
The main factors enhancing the value of cloud analytics offerings are the cost-effectiveness of cloud-based analytics solutions, the growing trend of digitalization, and the enormous rise in big data, which is anticipated to present opportunities for companies active in various cloud analytics market verticals. The primary driver currently driving the market is increasing public cloud computing contact or adoption is enterprises that are digitally transitioning (63%) Security is the main issue, according to 66% of IT experts, when it comes to creating a business cloud computing strategy.
Report Segmentations
Component Insights
The solutions category is anticipated to control the greatest proportion of the entire cloud analytics market in 2022, broken down by component. The expansion of this market is being driven by the rapid uptake of customer analytics, sales & marketing analytics solutions, and the expanding accessibility of various types of analytics software integrated with cutting-edge technologies that serve as a solid foundation for cloud analytics.
By Type Insights
According to type, the descriptive analytics segment is anticipated to hold the majority of the market for cloud analytics in 2022. The demand for enterprises to draw insights from past data in order to make ethical business decisions about investments in the introduction of new products is fueling the expansion of this market. However, throughout the projected period, the sector for predictive analytics is anticipated to increase at the greatest CAGR.
By Deployment Mode Insights
According to the deployment method, the public cloud segment is anticipated to hold the greatest market share for cloud analytics in 2022. The increasing adoption of a work-from-home culture by organizations and SMEs' increasing reliance on public cloud services for efficient administration are anticipated to propel the growth of this market. But during the projected period, the hybrid cloud category is anticipated to develop at the greatest CAGR.
Industry Verticals Insights
According to the industrial vertical, the BFSI sector is anticipated to hold the greatest market share for cloud analytics in 2022. The BFSI industry's cloud analytics market is anticipated to develop as businesses become more reliant on web-based solutions and as more fin-tech start-ups require cloud-based solutions.
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Recent Development
- In January 2021, Data Analyzer, Plan Process Management with flexible modeling of calendar activities and processes, Story Exploration with improved View Time Story Tool Bar, Smart Discovery, and Voice to Insight are some of the new features added to SAP Analytics Cloud. The Voice to Insight function allows you to use Natural Language Query to ask business-related inquiries about the data.
- In June 2020, Microsoft Corp. and SAS announced their strategic alliance. They will give clients the tools they need to quickly operate their SAS® workload in the cloud, expand their business solutions, and unlock significant value from their efforts to engage in digital transformation. As part of their partnership, the companies will move their industrial and analytical applications from SAS to Microsoft Azure as their chosen cloud provider for the SAS Cloud. SAS' business solutions and expertise will benefit Microsoft customers more in the financial, healthcare, and other industries.
- In November 2020, IBM recently released a number of data and automation upgrades for its Hybrid Cloud software portfolio that would help company’s foster innovation and quicken the digital transformation process.
Market Segmentation
By Component
- Solutions
- Services
By Deployment
- Public
- Private
- Hybrid
By Organization Size
- SME
- Large Organizations
By Industry 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
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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