Cloud Analytics Market (2024-2031)
Cloud Analytics Market is expected to reach $135.4 billion by 2031, at a CAGR of 19.8% from 2024 to 2031.
- Published
- May 2024
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MRICT - 104517
- Base year
- 2023
- 2031 · FORECAST
- $135.4B
- 2031
- $135.4B
- CAGR 2024–2031
- 19.8%
2023 baseline · 2024–2031 forecast at 19.8% CAGR · hover a bar for the value
Key highlights
By Offering: In 2024, the Solutions Segment to Dominate the Cloud Analytics Market
By Type: In 2024, the Descriptive Analytics Segment to Dominate the Cloud Analytics Market
By Deployment Mode: In 2024, the Public Cloud Segment to Dominate the Cloud Analytics Market
By Sector: In 2024, the BFSI Segment to Dominate the Cloud Analytics Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 250 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 19.8% |
| Market Size (Value) | USD 135.4 Million by 2031 |
| Segments Covered | By Offering · Solutions · Sales & Marketing Analytics · Business Intelligence (BI) · Customer Analytics · Enterprise Performance Management (EPM) · Supply Chain Analytics · Governance, Risk, and Compliance (GRC) · Data Warehouse Modernization · Miscellaneous Analytics · Text Analytics · Speech Analytics · Video Analytics · Spatial Analytics · Other Analytics · Services · Professional Services · Managed Services · By Type · Descriptive Analytics · Predictive Analytics · Diagnostic Analytics · Prescriptive Analytics · By Deployment Mode · Public Cloud · Private Cloud · Hybrid Cloud · By Sector · BFSI · Healthcare & Life Sciences · Media & Entertainment · IT & Telecommunication · Government & Defense · Retail & E-commerce · Manufacturing · Energy &Utilities · Education · Other Sector |
| Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Poland, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Singapore, Australia & New Zealand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, and Rest of the Middle East & Africa) |
| Key Companies | Microsoft Corporation (U.S.) IBM Corporation (U.S.), Oracle Corporation (U.S.), Google, LLC (U.S.), SAP SE (Germany), TIBCO Software, Inc. (U.S.), Salesforce.Com (U.S.), SAS Institute, Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy (U.S.), Alteryx, Inc. (U.S.), Atos SE (France), Sisense (U.S.), and Cloudera, Inc. (U.S.). |
Report overview
Segments covered: offering, type, deployment mode, sector. Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
The growth of this market can be attributed to several factors: the growing digitalization and the rise of big data technology, increasing connectivity through multi-cloud platforms, and the economic benefits of cloud-based solutions. Moreover, the growing need for cloud analytics solutions among SMEs and increasing focus on customized and managed cloud services are expected to offer growth opportunities for the players operating in this market.
Report infographic
Market dynamics
4 factors across 2 forcesGrowing Digitalization and the Rise of Big Data Technology Drive the Growth of the Market
Growing digitalization and advances in big data technology have changed the global business landscape. The introduction of advanced technologies, including artificial intelligence, machine learning, IoT, and cloud computing, has improved the quality of data-driven solutions and created traction in the data analytics segment. Moreover, the proliferation of connected devices, growing smartphone penetration, and increasing usage of social media result in the generation of abundant unstructured data which needs to be interpreted and analysed for making effective business decisions. Growth in solutions integrated with these technologies has proved to be beneficial for various industries as access to quality information helps brands make data-driven decisions and develop better products for customers. Hence, the demand for data analytics solutions is growing across various industries as these solutions help businesses analyze large unstructured datasets to draw actionable insights.
Cloud analytics solutions give businesses access to engineered decision intelligence, enabling faster computing processes, efficient data exploration, validation, and interpretation, and integration of the latest technologies. Also, the flexibility of cloud-based solutions augments data analytics capabilities. Cloud computing resources are also cheaper compared to big data analytics resources, which is a key factor for the high adoption of cloud analytics solutions and services. Thus, growing digitalization and the rise of big data technology drive the growth of the cloud analytics market.
Economic Benefits of Cloud-based Solutions Driving the Growth of Market
Cost benefits are the major factor driving the adoption of cloud computing technology among smaller market players. Using traditional infrastructure involves software bugs, endless server glitches, maintaining a team of employees, and costly routine updates. Shifting to cloud environments allows organizations to enjoy countless benefits, such as storing information in the cloud and using software hosted on the internet while only paying for visible resources. Thus, due to these economic benefits, numerous companies, especially SMEs, are shifting to cloud-based solutions for heavy applications such as data analytics, driving the growth of the cloud analytics market.
The major benefits of using cloud-based analytics solutions are as follows
- Easy scalability as per business requirements
- Reductions in the carbon footprint and power costs
- Lower capital costs through higher utilization and scale
- Resilience without redundancy of computing resources
Table of contents
12 chapters · 131 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Offering | Solutions | — |
| By Type | Descriptive Analytics | Predictive analytics |
| By Deployment Mode | Public Cloud | Hybrid cloud |
| By Sector | BFSI | — |
By Offering
- The Solutions Segment to Dominate the Cloud Analytics Market
- The solutions segment is expected to account for the larger share of above 73.0% of the cloud analytics market.
- The segment’s large share is attributed to the growing adoption of customer analytics and sales & marketing analytics solutions, increasing R&D investment, rising focus on solution-centric capabilities, and economic benefits of cloud-based solutions.
- In addition, the benefits offered by the solutions segment, such as scalability, security & compliance, increased productivity, cost-efficiency, and improved customer insights, contribute to this segment's growth.
- Also, this segment is projected to register the higher CAGR during the forecast period of 2024–2031.
By Type
- The descriptive analytics segment is expected to account for the largest share of above 57.0% of the cloud analytics market.
- The segment’s large share is attributed to the rising need for organizations to extract insights from historical data to make sustainable business decisions related to investments in new product launches, companies’ growing focus on data-driven technologies, and advancements in data science and analytics.
- However, the predictive analytics segment is expected to grow at the highest CAGR during the forecast period of 2024–2031.
- The rising adoption of big data technologies, the advent of AI and ML technologies, increasing demand for real-time analytic solutions, and the rising adoption of predictive analytics in the manufacturing sector are factors attributed to the segment’s high growth.
By Deployment Mode
- The Public Cloud Segment to Dominate the Cloud Analytics Market
- The public cloud deployments segment is expected to account for the larger share of above 59.0% of the cloud analytics market.
- The segment’s large share is attributed to the rising shift of businesses towards a work-from-home culture and growing reliance on public cloud services among SMEs for effective management.
- In addition, the benefits offered by the public cloud, such as cost efficiency, agility, and flexibility, further augment the growth of this segment.
- However, the hybrid cloud segment is expected to grow at the highest CAGR during the forecast period of 2024–2031.
- The rapid evolution of new avenues for cloud-based deployments, growing demand for scalability, the rising need for agile and cost-effective computing, and the rising demand for computational power are expected to support the growth of this segment.
By Sector
- The BFSI Segment to Dominate the Cloud Analytics Market
- The BFSI segment is expected to account for the largest share of above 14.0% of the cloud analytics market.
- The large market share of this segment is attributed to the rising need among banks and other BFSI organizations to deploy cloud-based solutions to efficiently manage regulatory compliance, growing digitalization and rise in big data analytics, growing number of fin-tech start-ups demanding cloud-based solutions, and integration of advanced AI/ML algorithm.
- Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of above 43.0% of the cloud analytics market. North America’s large market share is attributed to the presence of prominent players offering advanced cloud analytics solutions to various sectors. Furthermore, the strong government support for the implementation and research & development of cloud computing technologies, significant advancements & innovation in analytics technologies, and the high acceptance & extensive adoption of cutting-edge technologies in the region. In addition, the presence of prominent players offering advanced cloud analytics solutions to support market growth. In 2024, North America Region to Dominate the Cloud Analytics Market
Asia-Pacific
Fastest growthHowever, the Asia-Pacific is projected to register the highest CAGR of 23.5% during the forecast period of 2024–2031. The rapid growth of this region is mainly driven by factors such as exerting efforts by market players to launch cloud analytics solutions, government initiatives and policies that support the adoption of cloud analytics solutions, and the growing adoption of cloud-managed services by small and medium-sized enterprises. Furthermore, rising government initiatives and market players’ efforts to launch advanced cloud analytics solutions are also supporting the growth of this regional market. For instance, in December 2023, NCS (Singapore) partnered with Google Cloud (U.S.) to accelerate the seamless integration of AI capabilities with cloud infrastructure that will be offered across Australia, Singapore, and the wider APAC region.
Competitive landscape
- March 2024
Qlik (U.S.) launched its first cloud region in Tokyo. This new cloud region strengthens the company’s ability to support the demand for more diversified data utilization while also allowing customers to adhere to increased regulatory and sovereignty requirements.
- March 2022
Alteryx, Inc. (U.S.) launched its Alteryx Analytics Cloud, its first unified end-to-end analytics automation platform that helps businesses empower all users across the enterprise to make more informed decisions with their data.
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- Google, LLC (U.S.)
- SAP SE · Germany
- TIBCO Software, Inc. (U.S.)
- Salesforce.Com (U.S.)
- SAS Institute, Inc. (U.S.)
- Amazon Web Services, Inc. (U.S.)
- Hewlett Packard Enterprise (U.S.)
- MicroStrategy (U.S.)
- Alteryx, Inc. (U.S.)
- Atos SE · France
- Sisense (U.S.)
- Cloudera, Inc. (U.S.)
Frequently asked questions
The cloud analytics market study focuses on market assessment and opportunity analysis through the sales of cloud analytics across different regions and countries across different market segmentations. This study is also focused on competitive analysis for cloud analytics based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
Cite this report
Meticulous Research. (2024). Cloud Analytics Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRICT - 104517). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/cloud-analytics-market-5208