The cloud analytics market is driven by the increasing demand for real-time data insights, scalability, and cost-effective data analysis in cloud environments.
PORTLAND, OREGON, UNITED STATES, November 3, 2023 /EINPresswire.com/: Cloud Analytics Market was valued at $25.4 billion in 2021 and is estimated to reach $174.5 billion by 2031, growing at a CAGR of 21.5% from 2022 to 2031.
Cloud analytics is basically a term for businesses that carry out analysis using cloud computing technology. There are a range of analytical tools and different techniques available that help companies retrieve and extract information from the huge database and provide it in a way that is easy to differentiate and categorize among the users. However, cloud analytics is an efficient alternative to on-premises analytics because it requires businesses to purchase warehouses and maintain expensive data centers. Also, on-premises analytics provides companies with internal control over the data and the security, which is considered quite expensive and difficult to manage, while cloud analytics provides the benefits of better scalability, a better service model, and cost savings in cloud computing.
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Furthermore, easy access and connectivity by business intelligence, increased demand for analytics solutions, and integration of network infrastructures with Software-Defined Networking (SDN) are the key factors driving the growth of the global cloud analytics market. However, privacy and data security issues with confidential data and a lack of internal IT experience and resources are expected to hinder the growth of the market. Moreover, increasing data connectivity through a hybrid cloud environment is expected to offer remunerative opportunities for expansion during the cloud analytics market forecast.
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 the requirement for increased resilience, improved security, and lower costs. Moreover, large enterprises use cloud analytics, which helps speed application development and deployment. Also, PaaS platforms can provide an environment to further simplify development. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the cloud analytics services that boost productivity and save time and money for businesses, which creates opportunities for cloud analytics in the market.
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Region-wise, the cloud analytics market 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 fulfill 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. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to the growing adoption of data analytics and cloud computing in the region.
The spread of COVID-19 has impacted the global market moderately. The expansion of IT infrastructure has slowed down due to a decrease in supply, reduced capacity in the wake of the pandemic, and the major hassle and inconvenience of upgrading all the hardware and software. Moreover, due to the use of more technologies to do the work during COVID, the users face poor connectivity, slow processing speeds, and frustratingly complicated data storage.
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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. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud analytics industry.
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