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The cloud analytics market is estimated to grow at a CAGR of 20.69% between 2022 and 2027. The size of the market is forecast to increase by USD 49,051.7 million. The growth of the market depends on several factors, including the hybrid and multi-cloud setups can improve data connectivity, the increasing demand for cloud-based application, and the machine learning and AI adoption.
This report extensively covers market segmentation by solution (hosted data warehouse solutions, cloud BI tools, complex event processing, and others), deployment (public cloud, hybrid cloud, and private cloud), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Machine learning and AI adoption are notably driving the market growth, although factors such as concerns about confidential data security and privacy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Machine learning and AI adoption is the key factor driving the growth of the market during the forecast period. The growing reliance on machine learning and artificial intelligence (AI) is redefining the cloud analytics landscape for visualizing, evaluating, and modeling data-driven business strategies. By combining AI and machine learning with cloud analytics, organizations can improve their visualization skills and make difficult data more accessible, understandable, and usable. Business intelligence solutions can be used with machine learning techniques to evaluate both structured and unstructured data.
AI insights enable businesses to interpret massive amounts of data in real-time to help improve customer experiences, accelerate digital business, and improve communication networks, security, and application performance. Combining AI and cloud analytics is enabling businesses to build intelligence using cognitive computing, chatbots, and personal support. This will propel the growth of the global cloud analytics market during the forecast period.
The rise in cloud security applications is the primary trend in the global cloud analytics market growth. Security issues are a significant challenge associated with hybrid environments. However, in recent years, IT professionals have argued that cloud solutions are more secure than on-premises data centers. Additionally, chief information officers are prioritizing cloud backup and security in their upcoming budgets. The need for higher levels of security for cloud analytics has led to investments in cloud security. Startups are working to improve the detection of cloud security threats.
As established players and new entrants address IT concerns, a focus is expected on developing software that simplifies compliance, privacy, and visibility. Cloud applications enable businesses to efficiently manage and store data. However, moving to the cloud requires using the right tools. That's why businesses are looking for solutions that simplify cloud data management. Due to these factors, the global cloud analytics market is expected to grow during the forecast period.
Concerns about confidential data security and privacy are a major challenge to the growth of the global cloud analytics market. The generation of cloud technologies has raised concerns about data security (such as data theft and loss of industry-specific information) among companies operating in various industries around the world. Data is shared by multiple cloud providers, and its multi-tenancy infrastructure is shared between various cloud analytics companies. Cloud infrastructure servers are accessed and shared virtually across multiple circuits within an organization, rather than shared across a single circuit, creating numerous data security vulnerabilities. Moreover, for cloud-based environments, cyber intrusions are a serious problem. If consumers flee to competitors, cyber breaches might become market-making events, signaling the decline and eventual extinction of huge brand names.
Similarly, after analysis, the data may no longer be anonymous, posing a security risk to businesses. As a result, privacy and security concerns are the major barriers to analytics adoption. Organizations will face increasing pressure to be open about data collection, data analysis and utilization, and data storage as they store huge amounts of sensitive data over a long period of time. Despite these confidential and data security concerns, the market in focus is expected to grow during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cloud Analytics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cloud Software Group Inc.: The company offers cloud analytics such as TIBCO Spotfire. Also, the company offers cloud services through companies such as Citrix, NetScaler, Tibco, and ShareFile.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hosted data warehouse solutions segment will be significant during the forecast period. A data warehouse system allows an organization to perform complex analytics on huge amounts of historical data (petabytes) in ways that a typical database cannot perform.
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The hosted data warehouse solutions segment was valued at USD 4,500.92 million in 2017 and continue to grow by 2021. A data warehouse or enterprise data warehouse (EDW) collects data from various sources and puts it into one central, consistent data system for use in data analysis, data mining, AI, and machine learning. The benefits of a cloud-hosted data warehouse solution, include lower operational cost, Higher business agility, and Enhanced security and protection. This market segment is expected to grow during the forecast period, owing to the advantages of cloud-hosted data warehouse solutions. Such factors will increase segment gowth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main reasons for the growing demand for cloud analytics services in the United States is the increasing adoption of cloud computing services and increased investment in data centers. Cloud backup services help users scale their resources according to their requirements, making them a viable option for local startups and small businesses. Providers are responsible for managing, maintaining, and developing pools of computing resources shared by multiple tenants on their network.
Moreover, the cloud model helps the sharing of resources such as storage, hardware, OS, databases, middleware, servers, and other software through virtualization. With the help of PaaS solutions, developers can create an application simply through their web browsers, utilizing the one-click functionality. Public PaaS solutions are flexible and are, thus, suitable for temporary workloads, as well as workloads that are experimental in nature or change unexpectedly. Thus, the growth of the market will increase in this region during the forecast period.
In 2020, the outbreak of COVID-19 positively impacted the growth of the market. However, the work-from-home policy was adopted to mitigate the spread of COVID-19. This created the need for organizations to partner with the vendors of cloud analytics solutions to avail their cloud migration services. Hence, the cloud analytics market in the region grew in 2020 and is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global cloud analytics market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Cloud Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.69% |
Market growth 2023-2027 |
USD 49,051.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
19.06 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Actian Corp., Alphabet Inc., Amazon.com Inc., Cloud Software Group Inc., Hewlett Packard Enterprise Co., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corp., Oracle Corp., Panorama Software Inc., QlikTech international AB, Rackspace Technology Inc., Salesforce.com Inc., SAP SE, Sisense Ltd., Teradata Corp., VMware Inc., and Zendesk Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Solution
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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