Chicago, June 05, 2024 (GLOBE NEWSWIRE) -- The global Cloud Analytics Market size is expected to grow from USD 35.7 billion in 2024 to USD 118.5 billion in 2029, at a CAGR of 27.1% during the forecast period, according to a new report by MarketsandMarkets™. Cloud analytics refers to utilizing business intelligence or data analytics within a cloud environment, often facilitated by a service provider. This method involves processing data on a private or public cloud, eliminating the need for on-premises data storage and computing infrastructure. Additionally, the integration of cloud analytics with other cloud services and its accessibility from anywhere contribute to its widespread adoption. As organizations increasingly recognize the value of real-time analytics, the cloud analytics market is poised for sustained growth and innovation.
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Cloud Analytics Market Dynamics:
Drivers:
- Exponential increase in unstructured data.
- Rise in digitalization trend
Restraints:
- Discrepancy among data sources.
- Data security and privacy concerns
Opportunities:
- Focus on SDN-enabled network integration.
- Growing integration of advanced analytical functionalities.
List of Key Players in Cloud Analytics Market:
- IBM (US)
- SAS Institute (US)
- Oracle (US)
- Google (US)
- Microsoft (US)
- Teradata (US)
- Salesforce (US)
- AWS (US)
- NetApp(US)
- Qilk(US)
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Based on the offering, the market is further categorized into solutions and services. The report includes by type, integration level, and deployment mode. The by type includes cloud BI tools [Data Warehouses, Data Discovery & Exploration, Data Visualization, Complex Event Processing, Data Integration Tools, Reporting & Olap Tools], Enterprise Information Management, Enterprise Performance management, Governance, Risk, and Compliance, Advanced Analytics [Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics]. By integration level the solutions segment is further bifurcated into Embedded, and Standalone. The deployment mode includes Public, Private, and Hybrid. The services segment includes managed and professional services. Professional services further divided into consulting, integration & deployment, and support & maintenance.
The data type segment is further bifurcated into structured and unstructured. Structured and unstructured data are instrumental forces shaping the landscape of cloud analytics solutions for businesses. These data types, sourced from diverse channels such as social media and IoT devices, drive the need for scalable cloud platforms. Businesses benefit from advanced analytics tools like machine learning and natural language processing, enabling real-time decision-making based on insights from structured and unstructured data. Cloud solutions offer cost-effective alternatives to traditional infrastructure, ensuring robust data governance and security measures. Leveraging AI-driven analytics, businesses gain a competitive edge by uncovering valuable patterns and anomalies, ultimately enhancing their strategic decision-making capabilities.
The data processing segment is further bifurcated into real-time analytics and batch analytics. Real-time and batch analytics significantly impact the cloud analytics market, driving innovation and demand. Real-time analytics enables businesses to make immediate decisions based on live data streams, enhancing agility and responsiveness. On the other hand, Batch analytics processes large volumes of data in scheduled intervals, offering deeper insights over time. Together, they provide a comprehensive approach to data analysis, catering to diverse business needs. This dual capability within cloud analytics solutions empowers organizations to extract valuable insights swiftly and efficiently, ultimately driving competitive advantage and operational excellence in today's dynamic business landscape.
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The vertical segment is divided into BFSI, retail & consumer goods, healthcare & life sciences, telecommunications, education, automotive, manufacturing, transportation & logistics, government & defense, and other verticals. Various verticals across industries significantly influence the cloud analytics market, shaping its growth trajectory and adoption patterns. Industries such as healthcare & life sciences, BFSI, retail & consumer goods, manufacturing, and telecommunications increasingly leverage cloud analytics solutions to gain actionable insights from their data assets. These verticals prioritize analytics platforms offering scalability, security, and integration capabilities to meet their industry requirements. By harnessing the power of cloud analytics, businesses can streamline operations, enhance customer experiences, mitigate risks, and drive innovation.
The cloud analytics market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is estimated to account for the largest share of the Cloud Analytics market in 2024, followed by Europe. North America's cloud analytics market is experiencing robust adoption, driven by its unparalleled scalability and efficiency. With organizations increasingly prioritizing data-driven decision-making, cloud analytics solutions offer agility and accessibility, allowing businesses to derive valuable insights swiftly. The region's mature technological infrastructure and a strong emphasis on innovation further propel this growth. Companies seeking to optimize operations and enhance competitiveness embrace cloud analytics platforms to streamline processes, improve forecasting accuracy, and capitalize on emerging opportunities. This trend underscores North America's pivotal role in shaping the global landscape of data analytics and its continued dominance in the market.
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