Cloud Analytics Market size was valued at USD 22.10 billion in 2022 and is poised to grow from USD 28.09 billion in 2023 to USD 191.29 billion by 2031, growing at a CAGR of 27.1% during the forecast period (2024-2031).
Cloud analytics are used to analyze data in the cloud to gain meaningful information and insights. Cloud analytics helps to streamline corporate operations by gathering, integrating, analyzing, and presenting data, helping firms to make better decisions and achieve better results. One of the primary drivers of the global cloud analytics market is the growing need for analytics solutions. Organizations are relying on analytics solutions to adapt the strategic decision-making process due to greater digitization, access to a wide range of data, and a desire to stay competitive. Today’s firms are focused on digitalization to evaluate massive amounts of unstructured data across several platforms and improve business strategy.
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Top Player’s Company Profiles
- IBM (US)
- GOOGLE (US)
- MICROSOFT (US)
- AWS (US)
- SAP (Germany)
- SAS INSTITUTE (US)
- ORACLE (US)
- TERADATA (US)
- NETAPP (US)
- QLIK (US)
- SISENSE (US)
- SALESFORCE (US)
- ATOS (France)
- ALTAIR (US)
- MICROSTRATEGY (US)
- TIBCO SOFTWARE (US)
- HEXAWARE TECHNOLOGY (India)
- ZOHO (India)
- RACKSPACE TECHNOLOGY (US)
- SPLUNK (US)
Business Intelligence and Its Influence on Cloud Analytics Opportunities
Business intelligence has grown in popularity in recent years as the amount of structured and unstructured data has increased. Businesses of all sizes are increasingly focusing on incorporating business intelligence solutions into their organizational infrastructures to obtain a competitive advantage. This data is processed with BI technology to enable rapid and simple business choices. Standard data visualization tools should be available to assist in detecting consumer preferences and patterns, generating strategic insights, and balancing supply and demand for new and existing products and services. This is an emerging trend that is projected to create numerous opportunities for the global cloud analytics market in the future.
Growth Tactics in Cloud Analytics: Product Launches, Partnerships, and R&D
The global cloud analytics market is fragmented. To stay competitive, the market’s top competitors are always introducing new growth strategies. To succeed in the competitive market, these major competitors employ a variety of growth strategies, including product launches, inventions, mergers and acquisitions, collaborations and partnerships, and considerable R&D. The major market players are always conducting R&D to supply industries with the most efficient and cost-effective solutions.
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Segments covered
Data
Structured and Unstructured
Offering
Solution (Type [ Cloud BI Tools {Data warehouses, Data discovery & exploration, Data visualization, Complex event processing, Data integration tools and Reporting and OLAP tools}, Enterprise Information Engagement, Enterprise Performance Engagement, Governance, risk, and compliance and Advanced Analytics {Descriptive analytics, Diagnostic analytics, Predictive analytics and Prescriptive analytics}], Integration Level [Embedded and Standalone], Deployment [Public, Private, and Hybrid]), and Services (Professional Services [Consulting services, Deployment & integration and Support & maintenance] and Managed Services)
Data Processing
Real Time Analytics and Batch Analytics
End User
BFSI (Algorithmic Trading, Customer Churn Prediction, Credit Scoring & Underwriting, Fraud Detection & Prevention and Other), Telecommunications (Network Performance Monitoring & Optimization, Quality of Service Monitoring, Infrastructure Planning & Optimization, Telecom Revenue Assurance and Other), Retail and Consumer Goods (Customer Segmentation & Personalization, Inventory Management, Customer Feedback Analytics, Price Optimization and Other), Healthcare and Life Sciences (Clinical Data Management, Personalized Treatment, Population Health Management, Drug Discovery & Development, Clinical Research & Trials Optimization and Other) Government & Defense (Cybersecurity & Threat Intelligence, Tax & Welfare Management, Emergency Response Optimization, Disaster Response & Emergency Management and Other), Automotive (Fuel Efficiency Optimization, Connected Car Analytics, Telematics & Usage-based Insurance, Vehicle Production Optimization and Other), Manufacturing (Equipment & Machinery Predictive Maintenance, Quality Control & Defect Analysis, Smart Manufacturing, Asset Tracking & Management, Production Process Optimization and Other), Transportation & Logistics (Route Optimization & Traffic Management, Fleet Management, Vehicles & Equipment Maintenance, Load Balancing & Capacity Planning and Other), Education (Student Performance Management, Customized Courses & Personalized Learning, Learning Management System Analytics, Adaptive Testing & Grading and Other), and Others
Key Developments in Cloud Analytics from Leading Players
- May 2024: Sigma Computing announced significant platform developments. These developments include the release of an AI Toolkit for Business and Sigma Actions for generating unique data applications. It assists users in developing custom data apps without coding. Thus, streamlining operations and improving collaboration. Sigma’s innovations position it as a leader in data-driven decision-making.
- April 2024: Allfunds partnered with Google Cloud. This strategic partnership aims to enhance the platform’s capabilities. This will be done by combining cloud computing, advanced analytics, and artificial intelligence. By adopting Google Cloud technology, Allfunds wants to provide innovative solutions to its extensive network of distributors and fund houses, ultimately improving the investment experience for end clients.
- February 2024: IBM and Wipro expanded their partnership. The focus was on providing advanced AI solutions to clients. This cooperation brings together IBM’s AI experience and Wipro’s industry understanding, with the goal of accelerating AI adoption and driving creativity across a wide range of industries. It emphasized the growing significance of AI in addressing complicated business concerns.
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Seizing Opportunities of Cloud Analytics for Business Success
The cloud analytics market witnessing significant growth and expansion. Consequently, several companies are realizing the importance of real-time data insights and scalable solutions. This growing demand for cloud analytics is propelled by advancements in technology and an increase in need for data-based decision-making. By improvising on operational efficiency, cloud analytics is anticipated to offer competitive advantage to businesses.
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