Meticulous Research® – a leading global market research company published a 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.”
According to this latest publication from Meticulous Research®, the global cloud analytics market is expected to grow at a CAGR of 20.7% from 2021 to 2028 to reach $104 billion by 2028. The growth of the cloud analytics market is majorly attributed to the growing digitalization, rising big data technology, and increasing integration of cloud-based solutions, along with the rising quantity of data connectivity through multiple cloud platforms. In addition, the lack of in-house expertise and the growing adoption of mobile apps during the COVID-19 pandemic is anticipated to offer ample growth opportunities for the stakeholders in this market.
However, security & privacy concerns, lack of awareness among the industries regarding cost benefits of cloud-based solutions, and lack of reliability on web-based solutions in some developing regions obstructing the growth of this market to some extent.
The global cloud analytics market study presents historical market data in terms of value (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on component, type, deployment mode, and industry vertical. 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. Rising traffic on social media and the growing reliance of businesses on social media, particularly for promotion and marketing purposes, are driving the growth of this segment. Furthermore, the solutions segment is expected to grow at the highest CAGR during the forecast period.
Based on type, the cloud analytics market is broadly classified into predictive analytics, prescriptive analytics, descriptive analytics, and diagnostic analytics. In 2021, the descriptive analytics segment is expected to command the largest share of the overall cloud analytics market. The growing need to interpret data through descriptive analytics and the rising significance of data forecasting and validation are expected to drive market growth. However, changing business methodologies, the growing pace of digitalization, the inclusion of advanced smart solutions, and changing technological landscape are anticipated to compel businesses with new challenges to which predictive analytics is expected to play a vital role in handling the challenges. Thus, the predictive analytics segment is expected to grow with the fastest CAGR over the forecasted period.
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. The surge in demand for public cloud services, particularly by start-ups, and the growing shift of enterprises towards work-from-home culture are expected to drive the growth of the segment.
However, the rise in consumer demand for advanced hybrid cloud solutions for flexibility, security assurance, and affordable price is the key factor contributing to market growth. Moreover, the ability of a hybrid cloud model to help businesses increase their speed to market by providing the agility needed to meet the changing business demands and optimizing IT performance is expected to drive the hybrid cloud segment with the fastest CAGR during the forecast period.
Based on industry vertical, the cloud analytics market is broadly 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. Rapidly increasing usage of digital payments, rising transactions through financial applications, and growing investments in the financial sector are expected to drive the growth of this market in the BFSI industry.
Geographically, North America is expected to command the largest share of the global cloud analytics market in 2021. The large share of North America is primarily attributed to the presence of leading cloud analytics solution providers and their increasing focus on developing advanced cloud analytics technology and increasing government funding for further advancements. Moreover, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. A surge in high-tech infrastructure compatible with smart city initiatives, increasing adoption of connected devices, and growing number of start-ups offering cloud analytics solutions and services in the region are some of the major factors driving the growth of this regional segment.
The key players operating in the global cloud analytics market are 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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