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The global cloud analytics market size was USD 13.15 billion in 2018 and is projected to reach USD 72.40 billion by 2026, exhibiting a CAGR of 24.3% during the forecast period.
Integrating big data analytics and cloud computing into a business platform has given companies a competitive landscape, the ability to adopt advanced technologies, and increase revenues. Cloud analytics is a service model that encompasses business intelligence or data analytics performed on a private or public cloud to eliminate expense and maintenance costs associated with on-premises data storage and computing. As a distribution model, the adoption of cloud analytics will increase the efficiency and profitability of companies and help them carry out business functionalities more efficiently and help to reduce costs. Businesses experiment and iterate on different cloud architectures to understand and optimize criteria for their applications for big data analysis without significant expenditure of resources.
Cloud analytics tools enable organizations to tackle rapidly changing business needs and offer quick access to real-time data, resulting in more precise and accurate business decisions. Since the Internet of Things (IoT) is generating a massive amount of data at a continually increasing rate, there is a high demand among businesses to introduce a cost-effective delivery model to consolidate data in a streamlined way and a better insight of the data they possess. Cloud analytics platform enables companies to obtain valuable insights from data they produce, which help them to widen their customer base, increase revenues and margins, and launch new products quickly according to consumer needs.
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Increased penetration of IoT and cloud computing is having the most significant influence on global cloud analytics market growth. Cloud analytics solutions continue to influence how organizations run, organize, and use produced data through their digital channels. In addition to this, increasing demand for reliable, flexible, and efficient data storage platform and growing penetration of the software-as-a-service (SaaS) platform among businesses has positively influenced global cloud analytics market growth over the forecast period. In addition to this, the adoption of cloud analytics using text analytics for fraud detection and security management has further elevated the global cloud analytics market growth. In addition to this, emergence in big data and ease of installation of the cloud platform are major driving factors for cloud analytics market growth. Nevertheless, security concerns associated with cloud analytics is a key challenge that hampers the market growth.
“Increasing Demand among Businesses to Gain Actionable Insights from Unstructured Data to Boost The Market”
With the rising digitization, availability of a wide range of data, and the desire to remain at the forefront of competition have led organizations to focus on cloud analytics to adopt the strategic decision-making process. Businesses these days are moving towards digitization to improve business strategies by analyzing a large amount of unstructured data flowing through various platforms. The rising demand among companies to gain insights from data and understand customer trends and launch products accordingly is one of the major drivers for the growth of the global cloud analytics market growth.
Cloud analytics platfrom does not only help organizations to make better strategic decision-making but also enable them in high operational efficiency, improved customer satisfaction, and vigorous profit and revenue levels. Thus, as unstructured data increases, there will be a robust demand for cloud-based data storage and cloud analytics tools.
“Growing Adoption of Machine Learning (ML) and Artificial Intelligence (AI) Aid to Market Growth”
Increasing dependence on machine learning (ML) and artificial intelligence (AI) is changing landscape of cloud analytics for visualizing, analyzing, and modeling data-driven business strategies. The integration of ML and AI with cloud analytics helps businesses to enhance their visualization capabilities and make complex data accessible, understandable, and more usable through visual representation. ML tools are capable of using business intelligence solutions to analyze both structured and unstructured data.
With real-time insights from AI, businesses are now able to understand a large amount of data, which enables them in better customer experience, accelerating digital business, and improving communications network, security, and application performance. Thus, the amalgamation of AI with cloud analytics is enabling enterprises in cognitive computing, chatbots and personal assistants, and business intelligence.
“Public Cloud Segment to Augment the Market Growth”
Based on the deployment, the market is classified into public cloud, private cloud, and hybrid cloud.
The public cloud segment is projected to hold the largest share in the global cloud analytics market growth. The growth of the public cloud segment is owing to the lower costs and bandwidth efficiency provided by public cloud servers. A cloud service provider operates the public cloud infrastructure over the internet, offering tremendous value to the businesses in terms of better economics, agility, and ease of data accessibility. The public cloud model is suited to meet the collaborative needs of companies and offer rapid elasticity and seamless scalability with the ability to consume resources over a pay-per-use basis. Organizations are implementing public cloud deployments to provide web-based email, handle online office applications, expand storage capabilities, and testing and development environments.
The growth of private cloud deployment is mainly owing to the high level of security and control provided by them. Organizations are implementing private cloud infrastructure due to their ability to address security and privacy concerns. Private cloud deployment offers more control over resources as they can be accessed within an organization’s boundary and enable organizations to gain complete ownership, control, and maintenance of all the data within the private environment.
“Small and Medium-sized Enterprises (SMEs) to Adopt Cloud Analytics Solutions at a Faster Rate”
Based on the organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
The large enterprises segment is expected to hold the largest share in the global cloud analytics market. This growth is mainly attributed to the growing digital transformation with ubiquitous adoption of data storage platforms. With a large customer base and established brands, large enterprises are in a better place to leverage cloud analytics solutions for improving their operational efficiency and enhance the customer experience.
A growing number of SMEs are shifting towards cloud solutions to manage their customer base and boost productivity. Implementation of cloud analytics solutions along with the Software-as-a-Service (SaaS) platform helps SMEs to avoid high costs and achieve better data safety. Data storage platforms in cloud analytics will help small and medium-sized enterprises to take care of the data and take necessary precautions to protect data from data breaches. In addition to this, cloud analytics platfroms offer SMEs a gamut of advantages such as simple usage & low cost, data protection, scalability, and flexibility.
“Increased Need for Data Security and Enhanced User Experience to Drive the Growth in BFSI Sector”
By the end-user, the cloud analytics market is segmented into BFSI, IT and telecommunications, retail and consumer goods, healthcare, manufacturing, education, and others.
Recent revolutionary changes have taken place in the BFSI industry, and the trend for innovation is likely to be continued soon. With the adoption of advanced technology throughout the value chain, Fintech companies have been leading the technological transition. Cloud analytics has been at the forefront of all the technology-driven initiative that has helped the BFSI industry to disrupt the market.
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With the large customer base and growing competition in the market, the BFSI organizations are in a better place to leverage cloud-based technologies for improving their operational efficiency and enhance the customer experience. The cloud analytics platform is helping banks and financial firms to secure transactions and smooth customer experience by ensuring confidentiality, integrity, and availability of information over the internet. Cloud analytics is enabling BFSI organizations to achieve considerable gains in efficiency and reduced costs, as technology helps banks to pay only for the services they avail. In addition to this, cloud analytics is assisting the BFSI industry by providing them security on payment gateways, ERPs and CRMs systems, and regulatory compliance, and secure storage of sensitive information.
The adoption of cloud analytics tools has witnessed the fastest growth in the healthcare and life sciences segment in terms of CAGR. Cloud analytics is playing a vital role in the healthcare sector and changing the way doctors, clinics, healthcare companies, and hospitals are delivering quality and cost-effective cloud analytics services. Cloud-based solutions allow hospitals and healthcare companies to access a massive amount of data, better diagnostic quality, and access to patient’s images and reports. On-demand cloud computing and data storage help businesses in reducing operational costs for healthcare providers such as hospitals and clinics. Cloud analytics solutions are helping healthcare companies to store and secure massive data such as electronic medical records, patient portals, and data collected by mobile applications. The cloud is also changing the face of clinical research stoked by enhanced support and clinical trial management.
The cloud analytics market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America is expected to hold the largest market share in the global cloud analytics market. In 2018, North America generated a revenue of USD 4.83 billion and is expected to reach up to USD 24.40 billion by 2026.
North America Cloud Analytics Market Size, 2018 (USD Billion)
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North America occupied a prominent position in the adoption cloud analytics platform and is expected to continue its domination during the forecast period. North America has a higher number of companies that are committed to cloud analytics at a higher percentage. Key players in the region are adopting cloud analytics solutions to fulfil user demand for better data quality, better integration, and data visualization. Moreover, rising investment in cloud services by key players and the promotion of Cross-Border Privacy Rules (CBPR) by United States is expected to provide lucrative growth opportunities for the cloud analytics market to grow in the region. In addition to this, the rising shift towards subscription-based services, increased penetration of smartphones, and technological advancements in the region have bolstered the cloud analytics solution in Nort America.
The growth of the cloud analytics market in Asia Pacific is primarily driven by the opening of data centers by major providers such as Amazon Web Services (AWS) and Google Cloud, resulting in the elimination of concerns of data offshoring and security breaches. Better bandwidth connectivity provided by key players has made it easier to offer cloud services, thus helping the cloud analytics market to boost in the region. Businesses in the region are looking to capitalize on new and innovative technologies to expand their data platform, which is expected to boost the cloud analytics market in the region.
“Key Players including Oracle Corporation, Teradata, and Others to Focus on Expanding their Product Portfolio”
Oracle corporation emerged as one of the prominent players in providing database software and technology, cloud engineered systems, and enterprise software products. Oracle Cloud Platform (OCP) is a platform-as-a-service (PaaS) offered by Oracle Corporation that provides a set of capabilities to build, deploy, integrate, and extend applications in the cloud. With Oracle Analytics Cloud solutions, users will be able to get flexible service management capabilities, automated lifecycle management, fast setup, and easy scaling and patching. Oracle Analytics Cloud provides a wide range of features such as self-service data discovery, augmented analytics, natural language, analytics dashboards, mobile exploration, integrated data preparation, data connectors, collaboration and publishing, governed enterprise analytics, embedded analytics, enterprise architecture and security, and predictive analytics.
Teradata is a provider of analytic-related software, databases, cloud products, and services. Teradata Vantage, an advanced analytics platform that combines open source and commercial analytics technologies to solve complex business problems and enable descriptive, predictive, and prescriptive analytics that lead to improved decision-making. Teradata Vantage provides the best analytic functions and engines, tools, and languages that can be deployed across public clouds, on-premises, and commodity infrastructure.
The report offers an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are macro and microeconomic factors, SWOT analysis, Porter’s five forces analysis, and key cloud analytics industry trends, competitive landscape, and company profiles inclusive of recent industry developments such as mergers & acquisitions.
Value (USD billion)
By Organization Size
As per our (Fortune Business Insights) study, the cloud analytics market is predicted to reach USD 72.40 billion by 2026, with a CAGR of 24.3% (2019 -2026)
Currently (in 2019), the market value at USD 15.81 billion, and it is anticipated to reach USD 72.40 billion by 2026 at a CAGR of 24.3% during the forecast period (2019 -2026)
Globally, businesses are adopting cloud analytics solutions. For instance, North America generated a revenue of USD 4.83 billion in 2018 and is expected to create a remarkable revenue share by 2026.
In the cloud analytics market, the public cloud is the leading segment. Increasing demand to collect data and make business decisions according to it has given an unprecedented opportunity for the key players to create massive investments in cloud analytics.
Some of the driving factors for this market are increasing demand among businesses to gain actionable insights from unstructured data and the growing adoption of AI and ML
In the cloud analytics market, some of the key players are Oracle Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, SAS Institute Inc., Tableau Software, Teradata, TIBCO Software Inc., Cloud 9 Business Analytics Ltd, GoodData Corporation, Panorama Software, Rackspace Inc., and VMware, Inc.
North America is expected to hold the highest market share in the cloud analytics market. The region is expected to witness remarkable growth as it houses the major key players working on cloud analytics solutions
Public deployment of cloud analytics would generate the highest revenue during the forecast period
The BFSI sector is expected to lead the cloud analytics market. Research and development in the cloud analytics solution would contribute to market growth during the forecast period
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