(IT-NEWSWIRE.COM, August 04, 2022 ) According to a new market research report titled, “Cloud Analytics Market by Component, Type (Predictive, Prescriptive, Descriptive, Diagnostic), Deployment Mode, Industry Vertical (BFSI, Healthcare, IT, Manufacturing, Media, Retail, Education, Utilities), and Region – Global Forecast to 2028’”, published by Meticulous Research®, the cloud analytics market is expected to grow at a CAGR of 20.7% from 2021 to 2028 to reach $104 billion by 2028.
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Cloud analytics refers to deploying scalable cloud computing with effective analytic software to identify patterns & trends in data and extract new insights. Cloud analytics describes applying analytic algorithms in the cloud against data in a private or public cloud to deliver a result of interest. It is often associated with AI, ML, and deep learning (DL). It is commonly used in industrial applications such as scientific research in genomics or oil and gas fields, business intelligence, security, IoT, and many others. Any industry can benefit from data analytics to improve organizational performance and to drive new value.
The growth of this market is attributed to the increasing data connectivity through multiple cloud platforms, increasing availability of cloud-based solutions at affordable prices, and growing digitalization and rise in Big Data. In addition, the lack of in-house IT expertise offers significant growth opportunities for the cloud analytics market. However, security & privacy concerns and lack of reliability on web-based solutions are some of the key factors obstructing the growth of this market up to some extent.
Impact of COVID-19 on the Cloud Analytics Market
The COVID-19 pandemic has had a minimal effect on the cloud analytics market. This can be attributed to factors such as the growing acceptance of mobile applications, high reliance on work-from-home culture, surge in social media usage, increasing popularity of online education, and rise of big data technology. In addition, several sectors, including healthcare, BFSI, and media & entertainment, have also witnessed the benefits of cloud services to enhance their capabilities.
As COVID-19 began to spread globally, healthcare organizations were forced to quickly reassess their technology and pull plans for digital transformation forward. One of the most pressing priorities for healthcare organizations was expediting their adoption of cloud technologies to more efficiently manage the deluge of patient information, ensure streamlined workplace practices, and enable information sharing with greater ease. As organizations look to provide critical healthcare equipment such as PPE and ventilators to those in need, cloud’s predictive analytics can help those managing the supply chain better understand where shortages exist and where they will soon be to allocate before there is an issue. Matching algorithms are easily implemented alongside predictive services to reduce waste in the supply chain, enabling real-time visibility to both suppliers and procurers.
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Furthermore, the media & entertainment industry witnessed the massive acceptance of several OTT platforms, such as Netflix, Disney+, and Amazon Prime Video. For instance, in Italy, Amazon Prime Video saw a 60% growth in app downloads, while 30% growth in Spain. Similarly, according to Verizon Communications, Inc., video game usage rose to 75% in a week as soon as the lockdown was imposed in the U.S. As this industry is heavily dependent on cloud resources, the cloud analytics market is poised to grow considerably through the forecast period.
The cloud analytics market is segmented on the basis of component [solutions (customer analytics, BI tools, data warehouse modernization, enterprise performance management, governance, risk & compliance, sales & marketing analytics, supply chain analytics, and analytics tools (spatial analytics tools, video analytics tools, text analytics tools, speech analytics tools, and others) and services (support & maintenance, advisory services, and integration services), type (predictive, prescriptive, descriptive, and diagnostic), deployment mode (public, private, and hybrid), industry vertical (BFSI, government & defense, healthcare & life sciences, IT, manufacturing, media & entertainment, retail & consumer goods, telecommunication, education, utilities, and others), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the cloud analytics market is classified into solutions and services. In 2021, the solutions segment is expected to command the largest share of the overall cloud analytics market. A surge in adoption of customer analytics and sales & marketing analytics solutions by the companies working across various domains, rising advertising and marketing campaigns through social media platforms, and growing traffic on social networking are some of the key factors driving the growth of this segment.
Based on type, the cloud analytics market is classified into predictive, descriptive, diagnostic, and prescriptive analytics. In 2021, the descriptive analytics segment is expected to command the largest share of the overall cloud analytics market. The rising need for organizations to extract insights from historical data to make sustainable business decisions related to new product launches increases the demand for cloud analytics solutions. However, the predictive analytics segment is expected to grow at the highest CAGR during the forecast period. The growing significance of precise data forecasting and validation to maximize revenue and upsurge in tech-savvy businesses is the key factor promoting the market growth.
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Based on deployment mode, the cloud analytics market is broadly classified into public, private, and hybrid. In 2021, the public cloud segment is expected to command the largest share of the overall cloud analytics market. Growing reliance on public cloud services among SMEs for effective management and rising shift towards work-from-home culture are expected to drive the growth of the cloud analytics market. However, the hybrid cloud segment is expected to grow at the highest CAGR during the forecast period. Hybrid cloud solutions help businesses by providing agility, IT optimization, and scope for innovation with changing business demands.
Based on industry vertical, the cloud analytics market is classified into BFSI, government & defense, healthcare & life sciences, information technology, manufacturing, media & entertainment, retail & consumer goods, telecommunication, education, utilities, and other industry verticals. In 2021, the BFSI industry is expected to command the largest share of the overall cloud analytics market. The large share is mainly attributed to the growing number of fin-tech start-ups demanding cloud-based solutions and the increase in enterprises' reliability on web-based solutions. Furthermore, the growing inclusion of smart devices, software, and social media in the BFSI industry, giving rise to big data, is expected to drive the growth of the cloud analytics market in the BFSI industry with the fastest CAGR over the forecasted period.
Geographically, North America is expected to command the largest share of the global cloud analytics market in 2021. Substantial investments for modernization and up-gradation of web-based software with innovative connected devices, a strong network of cloud computing technology providers, and high acceptance of cloud analytics services across numerous industry verticals are supporting the regional growth in the cloud analytics market.
However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Rising need to deploy cloud-based solutions coupled with the growing execution of big data technology, increasing reliance of SMEs on cloud services, growing internet penetration, a growing number of smartphones and connected devices are expected to drive the demand for cloud analytics solutions in the Asia-Pacific region.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past three years (2018–2021). The cloud analytics market has witnessed several partnerships, agreements & collaborations in recent years. For instance, in 2021, Alphabet’s Google Cloud and Vodafone Group (U.K.), one of the leading telecommunication and mobile services providers, entered a strategic partnership to jointly develop data services.
The global cloud analytics market is consolidated and dominated by few major players, namely, 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.), AWS (U.S.), MicroStrategy (U.S.), Cloudera (U.S.), Alteryx, Inc. (U.S.), Sisense (U.S.), Atos (France), and Qlik (U.S.), among others.
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