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The cloud analytics market size is forecast to increase by USD 74.08 billion at a CAGR of 24.4% between 2023 and 2028.
The cloud analytics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2017-2022 for the following segments.
Hosted data warehouses enable organizations to centralize and analyze large datasets from multiple sources, facilitating advanced analytics solutions and real-time insights. By utilizing cloud-based infrastructure, businesses can reduce operational costs through eliminating licensing expenses, hardware investments, and maintenance fees. Additionally, cloud solutions offer network security measures, such as Software Defined Networking and Network integration, ensuring data protection. Cloud analytics caters to diverse industries, including SMEs and large enterprises, addressing requirements for sales and marketing, customer service, and key performance indicators. Advanced analytics capabilities, including predictive analytics, automated decision making, and fraud prevention, are essential for data-driven decision making and business optimization.
Furthermore, cloud platforms provide access to specialized talent, big data technology, and AI, enhancing customer experiences and digital business opportunities. Data connectivity and data processing in real-time are crucial for network agility and application performance. Hosted data warehouses offer computational power and storage capabilities, ensuring efficient data utilization and enterprise information management. Cloud service providers offer various cloud environments, including private, public, multi-cloud, and hybrid, catering to diverse business needs. Compliance and security concerns are addressed through cybersecurity frameworks and data security measures, ensuring data breaches and thefts are minimized.
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The Hosted data warehouse solutions segment was valued at USD 5.15 billion in 2017 and showed a gradual increase during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America experienced significant growth in 2023, driven by the early adoption of cloud-based services and increased investment in data centers. Cloud analytics solutions facilitate seamless IT and service delivery, both internally and externally, in organizations. In the US, the surge in cloud computing adoption is a primary factor fueling the demand for cloud analytics. Advanced analytics solutions enable businesses to process and gain insights from large datasets, including unstructured data, from various data sources. These insights inform business operations, decision-making, and customer requirements in real time. Cloud-based analytics offers network security measures, such as Software Defined Networking and network integration, ensuring data protection.
Training and upskilling are essential for organizations to effectively utilize cloud analytics, offering opportunities for specialized talent. Cloud service providers offer batch analytics, data processing, and real-time insights, requiring substantial computational power and storage capabilities. Predictive analytics, fraud prevention, and automated decision-making are key applications, while data connectivity and compliance with big data technology, AI, and cybersecurity frameworks are critical considerations. SMEs and large enterprises in sales, marketing, customer service, and key performance indicators benefit from cloud analytics. Cloud platforms, business intelligence, data analytics, and data visualization tools offer opportunities for digital business growth in various industries, including IT and telecommunications.
Our cloud analytics market researchers analyzed the data with 2023 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.
Hybrid and multi-cloud setups can improve data connectivity is the key driver of the market.
Rise in cloud security applications is the upcoming market trend.
Concerns about confidential data security and privacy is a key challenge affecting the industry growth.
The cloud analytics market forecasting 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 cloud analytics market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, cloud analytics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
Actian Corp. - The company specializes in cloud analytics solutions, delivering advanced data processing and insights through offerings such as BigQuery, Dataproc, and Cloud Data Fusion. By leveraging these technologies, businesses can efficiently analyze vast amounts of data in the cloud, enabling informed decision-making and strategic growth.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In December 2024, Google Cloud launched an enhanced analytics platform that integrates AI-driven insights with real-time data processing capabilities. The platform aims to help businesses across industries like retail and finance make data-driven decisions quickly, leveraging cloud technology to scale analytics operations seamlessly.
In November 2024, a strategic partnership between Amazon Web Services (AWS) and a leading e-commerce company was announced to integrate advanced cloud analytics tools into their supply chain operations. The collaboration focuses on using predictive analytics to optimize inventory management, forecast demand, and improve logistics efficiency.
In October 2024, Microsoft introduced a new cloud-based analytics service designed for the healthcare sector, enabling hospitals and clinics to aggregate and analyze patient data in real time. This service uses machine learning to detect patterns in patient outcomes, providing actionable insights to improve care and operational efficiency.
In September 2024, SAP acquired a cloud analytics startup focused on improving data integration and visualization. The acquisition allows SAP to expand its cloud analytics offerings, targeting industries such as manufacturing and automotive, where companies need to aggregate large datasets and generate insights for operational optimization and predictive maintenance.
Cloud analytics refers to the process of analyzing data in a cloud computing environment. With the increasing volume of data being generated daily, the demand for advanced analytics solutions that can handle large datasets has grown significantly. Cloud-based analytics offers several benefits, including access to unlimited computational power and storage capabilities, real-time insights, and network integration. Businesses of all sizes, from Small and Medium Enterprises (SMEs) to large corporations, are increasingly relying on cloud analytics to gain data-driven insights for better decision making. The use of cloud analytics is not limited to specific industries or departments; it is being adopted across various business operations, including sales and marketing, customer service, and finance.
The data sources for cloud analytics are diverse and include both structured and unstructured data. Structured data, such as relational databases and spreadsheets, can be easily processed using traditional data processing techniques. However, unstructured data, such as social media feeds, emails, and audio and video recordings, require specialized talent and advanced analytics tools to extract meaningful insights. Cloud analytics solutions offer several advantages over traditional on-premises analytics. They provide greater network agility, enabling businesses to scale up or down as per their requirements. They also offer real-time insights, allowing businesses to make informed decisions quickly. Moreover, cloud analytics solutions offer advanced features such as predictive analytics, automated decision making, and fraud prevention.
The adoption of cloud analytics is driven by several factors, including the need for data connectivity, the increasing volume of big data, and the growing demand for data-driven insights. The cloud platform offers several advantages over traditional data storage platforms, including lower costs, greater scalability, and improved data security. The market is expected to grow significantly In the coming years, driven by the increasing adoption of cloud technology by corporate organizations. The market is segmented into public cloud and private cloud, with public cloud being the largest segment due to its flexibility and cost-effectiveness. The market also includes multi-cloud and hybrid environments, which offer businesses greater flexibility and improved disaster recovery capabilities.
The use of cloud analytics is not without challenges, however. Data security concerns, including data breaches and cyber-attacks, are a major concern for businesses adopting cloud analytics. Network security measures, such as software-defined networking and cybersecurity frameworks, are essential to mitigate these risks. In conclusion, cloud analytics is an essential tool for businesses looking to gain data-driven insights and make informed decisions. The use of cloud analytics offers several advantages over traditional analytics, including access to unlimited computational power and storage capabilities, real-time insights, and network integration. The market for cloud analytics is expected to grow significantly In the coming years, driven by the increasing adoption of cloud technology and the growing demand for data-driven insights. However, businesses must address data security concerns to fully leverage the benefits of cloud analytics.
Cloud Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2023 |
Historic period |
2017-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.4% |
Market growth 2024-2028 |
USD 74.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.44 |
Key countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 Market Segmentation by Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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