Cloud Analytics Market Snapshot
“The Cloud Analytics Market to grow from USD 24.4 Billion in 2023 to USD 135.86 billion by 2030, at a CAGR of 22.43%.”
Cloud analytics service paradigm uses vendor-managed infrastructure for data analytics and business intelligence (BI) procedures, providing scalability, performance, reliability, and cost savings. This allows for easy access to deep data insights for employees.
Hybrid cloud analytics services, which can be used if governance guidelines or data sovereignty constraints prevent data migration to the cloud, extend SaaS analytics capabilities to any location where data is needed, including on-premises, virtual private cloud, and public cloud.
Cloud analytics, incorporating artificial intelligence, machine learning, and deep learning, is widely used in various industries such as corporate intelligence, security, IoT, genomics research, and oil and gas.
These technologies can enhance organizational performance and create new value. Organizations can make data-driven decisions to improve efficiency, and the cloud provides a rich software environment for developing AI applications and training deep learning models. It also facilitates rapid idea exploration through proofs of concept.
Artificial Intelligence (AI) is being utilized in various industries for critical business tasks like process automation, data analysis, and natural language processing. The next generation of machine learning can learn from vast data to mimic human brain recognition patterns.
Cloud infrastructure analytics, a subset of cloud analytics, examines data related to IT infrastructure, aiming to identify I/O trends, assess application performance, determine policy compliance, and assist in capacity management and infrastructure resilience.
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Key Benefits
Data Consolidation
Cloud analytics offers a comprehensive view by combining all a company's data sources, providing a unified view that allows stakeholders to access data in one place, regardless of their physical location or the data's location, enabling more precise insights and real-time decision-making for better business decisions.
Sharing and collaboration
Cloud analytics systems can combine data from various departments, improving communication and decision-making, by adjusting role-based access rules, despite the isolation of big data in specific divisions like finance or HR.
Scalability
On-premise systems administrators often over-provision and incur costs due to over-demanding. Cloud analytics services allow businesses to scale up to meet demand spikes by adding more instances online or lowering them as demand declines, ensuring they only pay for what they use, rather than over-provisioning and potentially unnecessary costs.
Cost reduction
On-premise solutions often require frequent updates, migrations, and hardware costs, leading to system outages and compromising business continuity. Some organizations cannot afford to hire internal talent for on-premise analytics. Cloud analytics offers internal knowledge from service providers, reducing the need for additional equipment and avoiding system outages.
Top 5 Cloud Data and Analytics Trends for 2023
1 Speed That Enables Real-Time Analytics Will Become Non-Negotiable
Businesses need immediate access to data for informed decisions, as their BI dashboards should not refresh slowly for important queries.
2 Data Mesh Architecture Will Get Bigger
The annual growth of data presents both opportunities and challenges for enterprises, including reporting fragmentation, security risks, and data silos. To improve data management, architectural frameworks need to change, and ideas like data fabrics and meshes have been adopted.
3 Data Democratization Will Enable a Single Source of Truth
By 2025, context-driven analytics will replace standard analytical models in 60% of cases, making data literacy crucial for business users. Workers may suffer significant losses if they don't understand and make the most of data.
In 2023, businesses must prioritize adopting tools and technologies that provide a unified view of data for improved decision-making and overall company success.
4 Focus on Cloud Cost Optimization Amid Global Economic Slowdowns
The global growth rate is expected to drop to 2.7% in 2023, prompting enterprises to reassess their business intelligence and data analytics strategies.
By leveraging data, companies can make informed decisions, identify cost-saving opportunities, and improve operational efficiency. By tracking customer spending patterns, they can cut costs without wasting resources, thereby enhancing their overall business operations.
5 Data Security to Take Precedence with Growing Cloud Adoption
Organizations must prioritize data security and take necessary precautions when managing sensitive data for business intelligence and analytics purposes.
Segment Analysis
Segment by Component
In 2022, cloud analytics solutions are expected to contribute 72% of total revenue, encompassing analytics tools, cloud BI tools, governance, risk, compliance, enterprise performance management, and enterprise information management. These solutions can enhance agility, planning, insights, financial procedures, and decision-making in various business sectors, including HR, finance, sales, and supply chain.
In 2022, the service sector will account for 44% of the market, with companies offering cloud analytics services providing managed and expert services. These services enable clients to make informed business decisions, driven by the increasing need for data management and high-quality insights from SMEs and large companies.
Segment by Deployment
In 2022, the private cloud segment generated over 43.34% of revenue, offering benefits like increased control, service customization, and privacy enhancements. By 2022, hybrid cloud computing is expected to account for 41% of revenue, combining private and public cloud deployments for enhanced services.
Segment by Organizational Size
In 2022, SMEs accounted for over 42% of total revenue, using public and hybrid clouds for scalability and facilitating online and regional development. This helps businesses run smoothly and reduces downtime without capital expenditures for infrastructure. Large enterprises also contributed over 68% of revenue.
Growth Drivers
Cloud computing environments enable IT infrastructure to be easily scaled up or down using distributed storage systems. Pay-as-you-go agreements make it possible for businesses with high storage and processing needs to handle massive volumes of data without investing heavily in IT infrastructure expansion.
Businesses can license processing and storage capacity and only pay for what they use. As a result, most notable companies managing large amounts of data are using cloud computing to provide their products to businesses.
Migrating data from on-premises systems to the cloud is a challenging and time-consuming process, requiring weeks or months of synchronization. However, this has led to the growth of multi-cloud and hybrid installations.
While on-premises solutions are useful for constant workloads, early adopters are using cloud storage for dynamic workloads. Businesses are creating multi-cloud strategies to take advantage of available technologies and solutions, allowing them to utilize various deployment options.
Restraints
As cloud technology becomes more prevalent, corporate organizations worldwide are grappling with data security concerns, including theft and loss of industry-specific knowledge. The multi-tenancy infrastructure of cloud analytics allows multiple commercial businesses to share data from multiple providers, but challenges related to data security arise.
The primary issue for cloud-based environments is cyber security breaches, which can lead to brand extinction and customer turnover if customers choose to shop elsewhere.
Market Opportunities
In February 2022, Teradata and Microsoft partnered to integrate Teradata Vantage data platform with Microsoft Azure, aiming to update business data analytics workloads, conduct cloud-related operations, and address data analytics-related difficulties.
In November 2021, Informatics introduced its cloud analytics platform on Microsoft Azure, allowing customers with a combined Microsoft and Informatics PowerCenter to move on-premise data warehouse and ETL workloads to IDMC on Azure and Azure Synapse Analytics.
Competitive Landscape of the Cloud Analytics Market Analysis
New Developments in Cloud Analytics Market
Nov 7, 2023- IBM Unveils Cloud-Native SIEM Built to Maximize Security Teams' Time and Talent
IBM announced a major evolution of its flagship IBM QRadar SIEM product: redesigned on a new cloud-native architecture, built specifically for hybrid cloud scale, speed and flexibility. IBM also unveiled plans for delivering generative AI capabilities within its threat detection and response portfolio – leveraging watsonx, the company's enterprise-ready data and AI platform.
Sep 6, 2023- IBM Expands Cloud Security and Compliance Center to Help Clients Protect Data and Assess Risk Across Hybrid, Multicloud Environments
September 6, 2023 –IBM announced the expansion of the IBM Cloud Security and Compliance Center, a suite of modernized cloud security and compliance solutions designed to help enterprises mitigate risk and protect data across their hybrid, multicloud environments and workloads.
As clients look for ways to address new threats across the supply chain and manage evolving global regulations, the solution suite helps to support their resiliency, performance, security, and compliance needs while helping to minimize operational costs.
September 20, 2023- Oracle Adds AI Capabilities to Oracle Analytics Cloud
Oracle showcased new AI-powered capabilities within Oracle Analytics Cloud. Leveraging the Oracle Cloud Infrastructure (OCI) Generative AI service, the new capabilities assist analytics self-service users to more quickly and efficiently conduct sophisticated analysis and make better business decisions without having to wait for data scientists or IT teams.
Regional Analysis of Global Cloud Analytics Industry
North America accounted for over 50% of global revenues in 2022, driven by advanced technology in postal services and significant businesses. Automation is increasing due to rising labor costs and a labor shortage, driving growth in the region. Postal automation services are increasingly needed by government, BFSI, and other industries.
Asia Pacific is expected to have the highest CAGR at almost 11%, driven by the explosive growth of the e-commerce industry in China, India, and Japan.
Big providers like Google Cloud and Amazon Web Services have built data centers in Asia Pacific, eliminating concerns about data offshoring and security breaches.
This has fueled market expansion due to improved bandwidth connectivity and the use of cutting-edge technology by local companies to grow their data platforms, potentially stimulating the local market.
In 2022, Europe and Germany and the UK gained significant market share due to increased spending and businesses exploring AI and NLP technology. These regions have seen widespread application in commercial institutions, enhancing efficiency and customer service.
The advanced technology, infrastructure, and activities in these regions enable the transformation of analytics into powerful solutions with advanced benefits.
Segments Covered in the Cloud Analytics Market Report
Cloud Analytics Market Segment by Component
Cloud Analytics Market by Solution Type
Cloud Analytics Market Segment Organization
Cloud Analytics Market by Industry Vertical
- BFSI
- IT & Telecommunication
- Manufacturing
- Healthcare & Life Sciences
- Government
- Energy & Utilities
- Others
Cloud Analytics Market by Application
- Sales and Marketing
- Research & Development
- Customer Service
- Accounting & Finance
- Human Resource
- Others
Cloud Analytics Market by Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Frequently Asked Questions
What does Cloud Analytics do?
Cloud analytics, utilizing scalable cloud computing and powerful analytical software, enables companies to identify patterns in data and generate fresh insights, thereby enhancing competitiveness, scientific advancements, and overall life.
What is the expected growth rate of the Cloud Analytics market over the next 7 years?
The Cloud Analytics Market to grow from USD 24.4 Billion in 2023 to USD 135.86 billion by 2030, at a CAGR of 22.43%.
Who are the major players in the Cloud Analytics market and what is their market share?
Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, LLC, SAP SE (Germany), TIBCO Software, Inc., Salesforce.com, SAS Institute, Inc., AWS, MicroStrategy, Cloudera, Alteryx, Inc., Sisense (U.S.), Atos (France), Qlik (U.S.), are prominent players operating and dominating in the market.
What are the advantages and disadvantages of Cloud Analytics?
Cost efficiency, Security, Collaboration, Faster operation, Internet connectivity, Limited control.
Which geographical areas dominate the worldwide market for Cloud Analytics?
North America region are emerging as the top regional markets for Cloud Analytics.
1.SUMMARY
1.1. Cloud Analytics Market Overview
1.2. Key Insights
1.3. Report Scope
1.4. Research Methodology
1.5. Frequently Asked Questions
1.6. Chapter Outlines
- DECISION-MAKING SUMMARY
- INTRODUCTION
3.1. Overview of Cloud Analytics
3.2. Key Historical Events
3.3. Structure
3.4. Biochemical Interaction
3.5. Target Indications
3.6. Advantages of Cloud Analytics
3.7 Challenges associated with Cloud Analytics
3.8. Future Perspectives.
- MARKET LANDSCAPE
4.1. Methodology
4.2 Cloud Analytics: Developer Landscape
4.2.1. Analysis by Year of Establishment
4.2.2. Analysis by Company Size
4.2.3. Analysis by Location of Headquarters (Region-wise)
4.2.4. Analysis by Location of Headquarters (Country-wise)
4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)
4.2.6. Most Active Players
- COMPANY
5.1. Company Overview
5.1.2 Management Team
5.1.3. Product Portfolio
5.1.4. Recent Developments and Future Outlook
- PARTNERSHIPS AND COLLABORATIONS
6.1. Partnership Models
6.2. Cloud Analytics: Partnerships and Collaborations
6.2.1. Analysis by Year of Partnership
6.2.2. Analysis by Type of Partnership
6.2.3. Analysis by Year and Type of Partnership
6.2.4. Analysis by Type of Partner
6.2.5. Analysis by Year of Partnership and Type of Partner
6.2.6. Analysis by Type of Partnership and Type of Partner
6.2.7. Analysis by Type of Partner and Parent Company Size
- ACADEMIC GRANTS ANALYSIS
7.1. Methodology and Key Parameters
7.2. Cloud Analytics: Academic Grants Analysis
7.2.1. Analysis by Year of Grant Award
7.2.2. Analysis by Amount Awarded
7.2.3. Analysis by Funding Institute Center
7.2.4. Analysis by Support Period
7.2.5. Analysis by Funding Institute Center and Support Period
7.2.6. Analysis by Type of Grant Application
7.2.7. Analysis by Purpose of Grant
- PUBLICATION ANALYSIS
8.1. Analysis Methodology and Key Parameters
8.2. Cloud Analytics: Publication Analysis
8.2.1. Analysis by Year of Publication
8.2.2. Analysis by Type of Publication
8.2.3. Analysis by Type of Conjugate
8.2.4. Analysis by Target Indication
8.2.5. Analysis by Copyright Holder
8.2.6. Word Cloud: Emerging Focus Area
8.2.7. Most Active Publishers: Analysis by Number of Publications
- SUCCESS PROTOCOL ANALYSIS
9.1. Methodology and Key Parameters
9.2. Key Assumptions and Scoring Criteria
9.3. Success Protocol Analysis
9.4. Assessment of Approved Cloud Analytics
- Appendix 1: Tabulated Data
- Appendix 2: List of Companies
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Google, LLC
- SAP SE (Germany)
- TIBCO Software, Inc.
- SAS Institute, Inc.
- AWS
- MicroStrategy
- Cloudera
- Alteryx, Inc.
- Sisense (U.S.)
- Atos (France)
- Qlik (U.S.)
