In terms of revenue, the Global Cloud Analytics Market is expected to reach 118.42 USD Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 22.8% from 2022 to 2028. Factors such as the cost benefits of cloud-based analytics solutions, rising data connectivity through hybrid & multi-cloud environments, a huge surge in big data, and increasing trend of digitalization are accelerating the growth of Cloud Analytics Market in recent years. The high usage of Cloud Analytics creates various opportunities for enterprises operating in multiple sectors. However, privacy and security concerns for confidential data are some of the obstacles that impede the growth of Cloud Analytics Market over a projected time period.
- Based on the solution, the analytics solutions are accounted to hold the maximum share of Cloud Analytics Market in 2021. This growth is majorly attributed to the rising demand for offering enhanced customer support across major verticals.
- Based on the deployment model, the hybrid cloud segment is expected to witness the high growth of Cloud Analytics Market in 2021. This surge is incorporated because the hybrid cloud provides agility to apps and data in order to eliminate complexity & silos, driving speed & agility with common tools, processes & automation.
- Asia Pacific is accounted to witness the largest share for Cloud Analytics market during the forecast period. This surge is accelerated owing to the rising investments and increasing presence of vendors. In addition, high usage of AI & NLP technologies for various applications is influencing the high growth of Cloud Analytics Market in this region.
Some of key players in Cloud Analytics Market include - Google (US), Microsoft (US), IBM (US), Oracle (US), SAP (Germany), Salesforce (US), SAS Institute (US), TIBCO Software (US), Teradata (US), MicroStrategy (US), AWS (US), Sisense (US), Hewlett-Packard Enterprise (US), Cloudera (US), Atos (France), Hitachi ThoughtSpot (US), Vantara (US), Domo (US), Qlik (US), GoodData (US), Absolutdata (US), Alteryx (US), Yellowfin (Australia), Infor (US), Guavus (US), Board International (Switzerland), Looker (US), and Pyramid Analytics (Netherlands)..
Cloud Analytics is connected with artificial intelligence (AI), machine learning (ML), & deep learning (DL) and it is majorly used in various industrial applications such as security, the Internet of Things (IoT), business intelligence, and some other. The use of Cloud Analytics is used to improve organizational performance & to drive new value. Thus, various industry players are started investing and launching new products which in turn augmented the high growth of Cloud Analytics Market in recent years. For instance, Google Cloud, an American multinational technology company, launched two new security offerings Confidential VMs (the first product in its Confidential Computing portfolio) and Assured Workloads for governments. Also, Microsoft, an American multinational technology, introduced the next generation of its Azure Stack HCI service.
The rising advancement in cloud technology also increases the security concern of stored information. The major issues observed in many organizations are the loss of information and data perforation. In Cloud Analytics, data has been shared via various cloud providers and their multi-tenancy infrastructure has been transferred through multiple business organizations. Thus, there are various security issues observed and this one is a major obstacle in the growth of Cloud Analytics Market during forecast years.