Cloud Analytics Market to Be Worth $135.4 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jun 06, 2024, 10:31 ET

REDDING, Calif., June 6, 2024 /PRNewswire/ -- Meticulous Research^®—a leading global market research company, published a research report titled, 'Cloud Analytics Market by Offering (Solutions, Services), Type (Predictive Analytics, Diagnostic Analytics, Prescriptive Analytics), Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare & Life Sciences) and Geography—Forecast to 2031.' According to this latest publication from Meticulous Research^®, the cloud analytics market is projected to reach $135.4 billion by 2031, at a CAGR of 19.8% from 2024–2031.

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Cloud analytics refers to the use of cloud computing resources to analyze data, extract insights, and make data-driven decisions. It involves storing data in the cloud and leveraging various analytical tools and technologies, such as data warehouses, databases, business intelligence (BI) platforms, machine learning algorithms, and data visualization tools, to process and analyze that data.

The growth of this market can be attributed to several factors: the growing digitalization and the rise of big data technology, increasing connectivity through multi-cloud platforms, and the economic benefits of cloud-based solutions. However, security and privacy concerns may restrain the growth of this market.

Furthermore, the growing need for cloud analytics solutions among SMEs and increasing focus on customized and managed cloud services are expected to offer growth opportunities for the players operating in this market. However, the high adoption of traditional data warehouses is a major challenge impacting the growth of the cloud analytics market. Additionally, wearable medical devices and serverless computing are the prominent trends in this market.

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The cloud analytics market is segmented by offering (solutions {sales & marketing analytics, business intelligence, customer analytics, enterprise performance management, miscellaneous analytics, supply chain analytics, governance, risk, and compliance, data warehouse modernization}, services {professional services, managed services}), type (descriptive analytics, predictive analytics, diagnostic analytics, prescriptive analytics), deployment mode (public cloud, private cloud, hybrid cloud), sector (BFSI, healthcare & life sciences, media & entertainment, IT & telecommunication, government & defense, retail & e-commerce, manufacturing, energy &utilities, education, and other sectors) and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on Offering, the cloud analytics market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of around 73.0% of the cloud analytics market. The segment's large share is attributed to the growing adoption of customer analytics and sales & marketing analytics solutions, increasing R&D investment, rising focus on solution-centric capabilities, and economic benefits of cloud-based solutions. In addition, the benefits offered by the solutions segment, such as scalability, security & compliance, increased productivity, cost-efficiency, and improved customer insights, contribute to this segment's growth. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.

Based on Type, the cloud analytics market is segmented into descriptive analytics, predictive analytics, diagnostic analytics, and prescriptive analytics. In 2024, the descriptive analytics segment is expected to account for the largest share of around 57.0% of the cloud analytics market.

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However, the predictive analytics segment is expected to register the highest CAGR during the forecast period of 2024–2031. This is due to the rising adoption of big data technologies, the advent of AI and ML technologies, the increasing demand for real-time analytic solutions, and the rising adoption of predictive analytics in the manufacturing sector.

Based on Deployment Mode, the cloud analytics market is segmented into public cloud, private cloud, and hybrid cloud. In 2024, the public cloud deployments segment is expected to account for the larger share of above 59.0% of the cloud analytics market.

However, the hybrid cloud segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rapid evolution of new avenues for cloud-based deployments, growing demand for scalability, the rising need for agile and cost-effective computing, and the rising demand for computational power are expected to support the growth of this segment.

Based on Sector, the cloud analytics market is segmented into the BFSI, healthcare & life sciences, media & entertainment, IT & telecommunication, government & defense, retail & e-commerce, manufacturing, energy &utilities, education, and other sectors. In 2024, the BFSI segment is expected to account for the largest share of above 14.0% of the cloud analytics market. The large market share of this segment is attributed to the rising need among banks and other BFSI organizations to deploy cloud-based solutions to efficiently manage regulatory compliance, growing digitalization and rise in big data analytics, growing number of fin-tech start-ups demanding cloud-based solutions, and integration of advanced AI/ML algorithm. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.

Based on Geography, the cloud analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of around 43.0% of the cloud analytics market. However, the Asia-Pacific cloud analytics market is projected to register the highest CAGR of 23.5% during the forecast period of 2024–2031. The rapid growth of this region is mainly driven by factors such as exerting efforts by market players to launch cloud analytics solutions, government initiatives and policies that support the adoption of cloud analytics solutions, and the growing adoption of cloud-managed services by small and medium-sized enterprises. Furthermore, rising government initiatives and market players' efforts to launch advanced cloud analytics solutions are also supporting the growth of this regional market. For instance, in December 2023, NCS (Singapore) partnered with Google Cloud (U.S.) to accelerate the seamless integration of AI capabilities with cloud infrastructure that will be offered across Australia, Singapore, and the wider APAC region.

The key players operating in the 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.), Amazon Web Services, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy (U.S.), Alteryx, Inc. (U.S.), Atos SE (France), Sisense (U.S.), and Cloudera, Inc. (U.S.).

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Scope of the Report:

Cloud Analytics Market Assessment—by Offering

Solutions
- Sales & Marketing Analytics
- Business Intelligence (BI)
- Customer Analytics
- Enterprise Performance Management (EPM)
- Supply Chain Analytics
- Governance, Risk, and Compliance (GRC)
- Data Warehouse Modernization
- Miscellaneous Analytics
  - Text Analytics
  - Speech Analytics
  - Video Analytics
  - Spatial Analytics
  - Other Analytics
Services
- Professional Services
- Managed Services

Cloud Analytics Market Assessment—by Type

Descriptive Analytics
Predictive Analytics
Diagnostic Analytics
Prescriptive Analytics

Cloud Analytics Market Assessment—by Deployment Mode

Public Cloud
Private Cloud
Hybrid Cloud

Cloud Analytics Market Assessment—by Sector

BFSI
Healthcare & Life Sciences
Media & Entertainment
IT & Telecommunication
Government & Defense
Retail & E-commerce
Manufacturing
Energy &Utilities
Education
Other Sector

Cloud Analytics Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Poland
- Switzerland
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa

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