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Cloud Analytics Market Share

ID: MRFR//3082-HCR | 100 Pages | Author: Aarti Dhapte| November 2024

The market for cloud-based solutions has shown remarkable growth recently, and so has the importance of data-driven autonomy. In this dynamic environment, market share positioning strategies play a critical role in influencing the fortunes of firms vying for a piece of this lucrative market. Differentiation is one dominant approach where organizations focus on providing unique and innovative features that distinguish them from rivals. This might encompass advanced analytics capabilities, industry-specific solutions, or seamless integration into other enterprise systems. The other key strategy is cost leadership, whereby companies aim to gain significant market share by offering cheaper cloud analytics compared to their competitors. This method requires operational efficiency, economies of scale, and strategic cost management. Competitive pricing without compromising quality enables companies to attract price-sensitive customers, thus achieving considerable market penetration within the marketplace.
Companies in the Cloud Analytics Market use one more technique, which is coordinated effort and partnerships. Many businesses realize the complexity of analytic solutions and, as such, opt to partner with others to better their offerings. Strategic alliances can offer access to complementary technologies, enlarge the scope of services, or create synergies for both players involved. By so doing, these collaborations lead to larger market coverage while fostering innovation through idea swapping and expertise sharing.
Customer experience often takes center stage in achieving market share positioning in the Cloud Analytics Market, as well as differentiation, cost leadership, and collaboration. With an array of options available, it becomes paramount to ensure a positive and seamless customer experience. This includes user-friendly interfaces, responsive customer support, and continuous enhancement based on customer feedback. Furthermore, geographical expansion is a crucial aspect of market share positioning in the global Cloud Analytics Market. As firms increasingly operate globally, cloud analytics providers will need to expand their coverage to serve customers across different regions. Such an expansion might involve having data centers located within strategic areas, complying with local regulations, and customizing for certain markets depending on specific requirements.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2018- 2022
Forecast Period	2023-2032
Growth Rate	22.42% (2023-2032)

Cloud Analytics Market Highlights:

Cloud Analytics Market Trends

Cloud Analytics Market Analysis

Cloud Analytics Market Share

Cloud Analytics Companies

Cloud Analytics Market Overview

The Cloud Analytics Market is projected to grow from USD 23.82 billion in 2024 to USD 98.19 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.36% during the forecast period (2024 - 2032). Additionally, the market size for cloud analytics was valued at USD 19.46 billion in 2023.

Increased demands for such technology to provide accurate data for crucial decisions are fuelling the market growth and are the key market drivers enhancing the market growth.

Figure 1: Cloud Analytics Market Size, 2024-2032 (USD Billion)

Cloud Analytics Market Overview1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cloud Analytics Market Trends

Increased demand for analytics solutions is driving the market growth

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 analytics solutions to adopt the strategic decision-making process. Businesses are moving towards digitization to improve business strategies by analyzing a large amount of unstructured data flowing through various platforms. With real-time insights gained from cloud-based analytics solutions, businesses can now understand a large amount of data, enabling them to better customer experience, accelerate digital business, and improve communications network, security, and application performance.

Cloud-based analytics platforms help organizations make better strategic decisions, enabling 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 analytics tools. This factor drives the market CAGR.

Additionally, the increasing rate of digitalization and the advancement in technology are the major drivers, according to the cloud analytics market analysis. A sudden surge in the demand for such technology to provide accurate data for crucial decisions is fuelling market growth. Various companies now focus on collecting data and strategizing their plans according to customer preferences. In this way, the businesses can improve their business and increase customer satisfaction and brand.

The rising dependency on artificial intelligence and machine learning is gradually positively changing the market. Various businesses grow more revenue and capture the market with accurate and real-time data. Hence, these cloud analytics market opportunities will enhance the data collection for the business along with integrated ai and ml for analysis. Thus, driving the Cloud Analytics market revenue.

Cloud Analytics Market Segment Insights

Cloud Analytics Deployment Insights

Based on Deployment, the global Cloud Analytics market segmentation includes Private Cloud, Hybrid Cloud, and Public. The private cloud segment dominated the market; the benefits, such as customization of services and higher control, as the cloud infrastructure are dedicated to a single-user organization that enables privacy and greater security, especially for large enterprises, are expected to fuel the growth.

Figure 2: Cloud Analytics Market, by Deployment, 2022&2032(USD billion)

Cloud Analytics Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cloud Analytics Organisation Type Insights

Based on Organisation Type, the global Cloud Analytics market segmentation includes Large Enterprises, Medium and Small Enterprises. The large enterprises segment dominated the market; the enterprises are adopting cloud analytics to increase profitability and identify under performing and over performing areas to shape future business strategies. Cloud analytics solutions regularly create a data backup on servers in multiple locations, and the data is password-protected, resulting in improved security. Moreover, the benefits, such as increased collaboration and sharing, are anticipated to boost the industry's growth over the forecast period.

Cloud Analytics Organisation End-User Insights

The global Cloud Analytics market segmentation, based on End-User, includes Banking, Government, Retail, Consumer Electronics, Healthcare, Education, and Media. The banking segment dominates the market; Companies use cloud analytics to find better customer engagement, acquisition, and targeting. Sales Analytics, Website Analytics, Performance Analytics, and Financial Analytics are some cloud analytics tools the BFSI sector is adopting to improve the user experience and gain a competitive edge. In January 2022, RBL Bank announced using Google Cloud services to improve security, consumer data analytics, and management and reduce customer acquisition costs.

Cloud Analytics Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Cloud Analytics market will dominate this market, owing to the increased adoption of the latest technologies in postal services and the presence of key players in the region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: CLOUD ANALYTICS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Cloud Analytics market accounts for the second-largest market share due to the rising labor costs and labor shortages that are driving companies to adopt automation resulting in the market's growth. Further, the German Cloud Analytics market held the largest market share, and the UK Cloud Analytics market was the fastest-growing market in the European region.

The Asia-Pacific Cloud Analytics Market is expected to grow fastest from 2023 to 2032. This is due to increasing demand from the BFSI sector is creating numerous growth opportunities for postal automation systems in the region. Moreover, China’s Cloud Analytics market held the largest market share, and the Indian Cloud Analytics market was the fastest-growing market in the Asia-Pacific region.

Cloud Analytics Key Market Players& Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Cloud Analytics market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Cloud Analytics industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Cloud Analytics industry to benefit clients and increase the market sector. In recent years, the Cloud Analytics industry has offered some of the most significant advantages to medicine. Major players in the Cloud Analytics market, including Microsoft Corporation (U.S.) Hewlett-Packard Development Company (US) IBM Corporation (US) Oracle Corporation (U.S.) SAP (Germany) Google LLC (US) com Inc. (US) Tableau Software (US) TIBCO Software Inc. (US) Good Data Corporation (US) Cloud 9 Business Analytics Ltd. (US) Rackspace Inc. (US) Panorama Software (Canada)., and others, are attempting to increase market demand by investing in research and development operations.

Google LLC is an American multinational technology company focusing on artificial intelligence, online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, and consumer electronics. Google LLC, a technology company, launched BigQuery Omni. This multi-cloud analytics solution enables enterprises to access and securely analyze the data across Amazon Web Services, Google Cloud, and Microsoft Azure.

TIBCO Software Inc. is an American business intelligence software company founded in 1997 in Palo Alto, California. It has headquarters in Palo Alto and offices in North America, Europe, Asia, the Middle East, Africa and South America. TIBCO Software Inc., a leading enterprise data solution providing company TIBCO Hyperconverged Analytics. The Hyperconverged Analytics solution and services the company offers aid in combining data science, visual analytics, and streaming analytics to provide companies with expanded analytical strategies.

Key Companies in the Cloud Analytics market include

Microsoft Corporation (U.S.)

Hewlett-Packard Development Company (US)

IBM Corporation (US)

Oracle Corporation (U.S.)

SAP SE (Germany)

Google LLC (US)

Tableau Software (US)

TIBCO Software Inc. (US)

Good Data Corporation (US)

Cloud 9 Business Analytics Ltd. (US)

Rackspace Inc. (US)

Panorama Software (Canada)

Cloud Analytics Industry Developments

July 2020: Google LLC, a technology company, launched BigQuery Omni, a multi-cloud analytics solution that enables enterprises to access and securely analyze the data across Amazon Web Services, Google Cloud, and Microsoft Azure.

September 2020: TIBCO Software Inc., a leading enterprise data solution providing company TIBCO Hyperconverged Analytics. The Hyperconverged Analytics solution and services the company offers aid in combining data science, visual analytics, and streaming analytics to provide companies with expanded analytical strategies.

Cloud Analytics Market Segmentation

Cloud Analytics Deployment Outlook

Private Cloud

Hybrid Cloud

Public

Cloud Analytics Organisation Type Outlook

Large Enterprises

Medium and Small Enterprises

Cloud Analytics Organisation End-User Outlook

Banking

Government

Retail

Consumer Electronics

Healthcare

Education

Media

Cloud Analytics Regional Outlook

North America

Canada

Europe

Germany

France

Italy

Spain

Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Cloud Analytics Companies

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