The new report by Expert Market Research titled, ‘Global Cloud Analytics Market Price, Size, Share, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cloud analytics market, assessing the market based on its segments like product, material, application, end use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 23.8 Billion
• Forecast CAGR (2023-2028): 22%
• Forecast Market Size (2028): USD 78.5 Billion
The improvement in network speed and bandwidth with the expansion of 5G internet connectivity will augment the demand for cloud analytics market. The increasing penetration of smartphones especially in developing regions is leading to the increase in demand for cloud analytics. The growing popularity of internet of things will generate increasing demand for cloud analytics. This is because of the rapidly increasing and huge amount of data released from this system which requires analysis for efficient decision making at minimal possible costs. The inspection of fraud with the help of text analytics will also propel the growth of cloud analytics industry.
Industry Definition and Major Segments
Cloud analytics is the service which is used for analysis of large data in unstructured form to extract the useful material and sort the information in a manner that is easy to use. This is done with the help of remote computing equipment called as clouds. This eradicates the need for setting up special IT infrastructure for the data analysis and computation.
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On the basis of solution, the industry is categorised into:
• Cloud Bi Tools
• Hosted Data Warehouse Solutions
• Complex Event Processing
• Enterprise Information Management
• Enterprise Performance Management
• Governance, Risk, and Compliance
• Analytics Solutions
Based on deployment mode, cloud analytics is classified into:
• Public Cloud
• Private Cloud
• Hybrid Cloud
The industry is segmented on the basis of organisation size into:
• Small and Medium-Sized Enterprises
• Large Enterprises
Based on vertical, the cloud analytics is categorised into:
• Telecommunications and IT
• Energy
• Media and Entertainment
• Government
• Research and Education
• Retail and Consumer Goods
• Banking, Financial Services, and Insurance
• Healthcare and Life Sciences
• Manufacturing
• Others
The report also covers the regional cloud analytics markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trend
The introduction of new and innovative technologies is boosting the demand for cloud analytics market. The machine learning and artificial intelligence are being widely adopted by the businesses because of their benefits like smart decision making, efficient and accurate data analysis, solution for complex problems, and repetition of tasks. The integration with cloud analytics improves the business functionalities and strategy development.
This is bolstering the growth of cloud analytics industry. The remote storage with cloud analytics eliminates the resources for huge data storage requirements for organizations. This is accelerating the growth of the industry. The key players have been actively investing to improve their services and increase the market for cloud analytics.
Key Market Players
The major players in the market are IBM Corporation, Oracle Corporation, Google LLC, Microsoft Corporation, SAP SE, Hewlett-Packard Development Company, L.P., and Salesforce.com, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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