Cloud Analytics Market Growth | Statistics, Trends, Competitor Share, Global Expansion and Forecast to 2031

Increasing data connectivity through a hybrid cloud environment is expected to offer remunerative opportunities for expansion during the cloud analytics market.

PORTLAND, PORTLAND, OR, UNITED STATES, December 15, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “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 continues to be well-liked as a better alternative to on-premises analytics. On-premises analytics are complicated and expensive to manage, whereas cloud analytics enables customers to scale up and promote cost reductions inside the firm. Due to the requirement for handling big data sets for businesses, the market for cloud analytics has also shown to be a reliable option for processing these enormous data volumes and producing meaningful information.

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Future occurrences can be predicted with it, and it can also produce meaningful data that is helpful to decision-makers. The user also benefits from not having to pay upfront for infrastructure thanks to pay-as-you-go pricing and the use of data connectivity in hybrid and multi-cloud models. The cloud platform, however, provides the benefit of public clouds with the potential for automatic, infinite scaling.

Cloud analytics empowers organizations to handle vast amounts of data and utilize remote data centers, enhancing accuracy and boosting productivity. The demand for cloud analytics solutions has surged during the COVID-19 pandemic, driven by the digital platform shift. These solutions facilitate real-time decision-making by collecting, analyzing, and presenting valuable insights, leading to better outcomes.

By leveraging cloud analytics, businesses can trim operational costs, eliminating the need for maintaining on-premises systems and reducing IT headcount. This technology also promotes scalability and growth by delivering robust capabilities without the hassle of setting up or managing servers, allowing human resources to focus on crafting effective business strategies for maximum profitability.

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The tools offered by cloud analytics connect seamlessly to multiple data sources, automatically refreshing to provide up-to-date results. They encompass diverse processing applications that uncover unexpected patterns, insights, and innovative uses. Additionally, cloud analytics facilitates easy storage and sharing of data, enhancing team efficiency and productivity. The advantages outlined above are anticipated to drive increased adoption of cloud analytics solutions in the foreseeable future.

The public cloud segment is expected to experience significant growth in the coming years, owing to rise in adoption of emerging technologies such as IoT and machine learning at greater scale for last few years. Moreover, cloud services offer quick access to real-time data, which is fueling its demand across numerous industry verticals.

Furthermore, easy access and connectivity by business intelligence, increased demand of analytics solutions, and integration of network infrastructures with Software-Defined Networking (SDN) are the key factors that drive of the growth of the global cloud analytics market trends. However, privacy and data security issues with confidential data and lack of internal IT experience and resources are expected to hinder the growth of the market. Moreover, increasing data connectivity through hybrid cloud environment is expected to offer remunerative opportunities for expansion during the cloud analytics market forecast.

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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. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the cloud analytics services which boost the productivity, save time and money for business, which create the opportunities for cloud analytics in the market.

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. 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 pandemic, the major hassle and inconvenience to upgrade all the hardware and software. Moreover, due to the use of more technologies to do the work during COVID, the users faces poor connectivity, slow processing speeds, and frustratingly complicated data storage. However, the use of collaborative apps, analytics, security solutions, and artificial intelligence (AI) is expected to rise in the second half of the year, i.e., 2022. Throughout the COVID-19 pandemic, enterprises and governments also faced the need to solve analytical issues that are faced while executing main business decisions. Cloud-based analytics solutions and platforms have enabled enterprises to increase operational efficiency and reduce costs. During the spread of COVID-19, enterprises have 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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Some prominent players in the global cloud analytics market include:

• International Business Machines Corporation
• Microsoft
• Amazon Web Services, Inc.
• QlikTech International AB
• Sisense Inc.
• GoodData Corporation.
• Tableau Software, LLC,
• Databricks
• SAS Institute Inc.
• Oracle
• Google LLC

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