Global Cloud Analytics Market Expected to Reach USD 174.5 Billion by 2031 | Top Players such as – TIBCO, Teradata & HPE
Increased data connectivity through multi-cloud and hybrid environments has resulted in the adoption of cloud analytics solutions in various industry verticals.
PORTLAND, PORTLAND, OR, UNITED STATE, July 31, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global Cloud Analytics Market Expected to Reach USD 174.5 Billion by 2031 | Top Players such as – TIBCO, Teradata & HPE.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cloud analytics market was valued at USD 25.4 billion in 2021, and is projected to reach USD 174.5 billion by 2031, growing at a CAGR of 21.5% from 2022 to 2031.
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Cloud analytics is basically a term for business to carry out the analysis using cloud computing technology. There are range of analytical tools and different techniques available that help companies to retrieve and extract information from the huge database and provide it in a way that is easy to differentiate and categorize among the users.
The cloud analytics market is segmented on the basis of solution, deployment mode, enterprise size, industry vertical, and region. Based on solution, it is segmented into cloud BI tool, enterprise information management, hosted data warehouse solution, enterprise performance management, government, risk, and compliance, analytics solution, and others. As per deployment mode, it is divided into public cloud, private cloud, and hybrid cloud. As per enterprise size, the market is categorized into large enterprise and SME’s. Depending on industry vertical, the market is categorized into BFSI, IT and telecom, government and public sector, retail and e commerce, manufacturing, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Depending on the enterprise size, the large enterprise segment dominated the cloud analytics market share in 2021 and is expected to continue this trend during the forecast period, owing to requirement for increased resilience, improved security, and lower costs. Moreover, the large enterprise uses cloud analytics which helps in speeding application development and deployment, also PaaS platforms can provide environment to further simplify development.
Based on industry vertical, the BFSI segment held the largest share of nearly one-fourth of the global cloud analytics market in 2021, and is expected to maintain a prominent growth during the forecast period, as cloud analytics platform helps BFSI firms to secure transactions and strengthen customer experience by ensuring data confidentiality.
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Region-wise, the cloud analytics market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the adoption of cloud-based analytics solutions to fulfil user demand for better integration and data visualization. In addition, the rising shift towards subscription-based services, increased penetration of smartphones, and technological advancement in the region have bolstered the regional market.
The key players profiled in the cloud analytics market analysis are Amazon Web Service, IBM, Google, Hewlett Packard Enterprise, Oracle, Google, TIBCO Software Inc., Teradata Corporation, SAP SE, and Microsoft.
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Covid-19 Scenario:
● The outbreak of the Covid-19 pandemic impacted the global cloud analytics market moderately. The expansion of IT infrastructure slowed down due to a reduced supply and capacity, and the major hassle and inconvenience to upgrade all the hardware and software.
● Moreover, owing to the use of more technologies to carry out tasks, users faced issues such as poor connectivity, slow processing speeds, and complicated data storage. However, the use of collaborative apps, analytics, security solutions, and artificial intelligence (AI) rose in the second half of 2022.
● During the pandemic, enterprises and governments witnessed the need for solving analytical issues while executing main business decisions. Cloud-based analytics solutions and platforms enabled them to increase operational efficiency and reduce costs. Enterprises recognized the need for analytical solutions that can access huge amounts of data and allow data analysts to focus on data-driven goals to get insights from the data.
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