Cloud Based Business Analytic Market Overview
Cloud Based Business Analytic Market Size was estimated at 32.67 (USD Billion) in 2022. The Cloud Based Business Analytic Market Industry is expected to grow from 37.96(USD Billion) in 2023 to 146.59 (USD Billion) by 2032. The Cloud Based Business Analytic Market CAGR (growth rate) is expected to be around 16.19% during the forecast period (2024 - 2032).
Key Cloud Based Business Analytic Market Trends Highlighted
The global cloud based business analytics market is characterized by a number of key trends which impact the growth and dynamics of the market. The most conspicuous trend revolves around the spread of data-centric decisions across all sectors. Business Analytics solutions are used by organizations more than ever to effectively use their data to reach or even exceed their business objectives.
Also, new product development strategies with the use of artificial intelligence and machine learning are key to growth, reinstating the factors of this particular market. This has also enabled the evolution of cloud-based business analytics by making them more effective in predictions, allowing for instant data insights, and automating decision-making. Other factors include customer relationship management (CRM) and enterprise resource planning (ERP) on the cloud business analytics solutions, which give a holistic view of the organization’s productivity.
Further market analytics indicates that the growing need for affordable and theoretical business analytics solutions will be a fundamental instigator for growth. In this case, since the research would be online, companies would be able to save up on investment in their past infrastructure and need to pay for the companies’ services on a pay-as-you-use basis. The benefits of these on-cloud solutions, such as flexibility for changing business situations and even the amount of data involved in ensuring such processes, make them appealing to different firms regardless of their sizes.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Business Analytic Market Drivers
Increased Adoption of Cloud Computing
The increasing adoption of cloud computing is a major driver of the Cloud Based Business Analytic Market Industry. Businesses are moving their data and applications to the cloud to take advantage of its scalability, cost-effectiveness, and flexibility. This is creating a need for cloud-based business analytics solutions that can help businesses analyze their data and make better decisions. Cloud-based business analytics solutions are easy to deploy and scale, and they can be accessed from anywhere with an internet connection.This makes them an ideal solution for businesses of all sizes. In addition, cloud-based business analytics solutions are often more cost-effective than on-premises solutions, as businesses do not have to invest in hardware and software. Also, cloud computing enables organizations to leverage the power of analytics and gain insights without having to invest in on-premises infrastructure and resources. By utilizing cloud computing services, organizations can access advanced analytics capabilities, such as machine learning and AI, which can help them to identify trends, patterns, and insights from their data.
Growing Demand for Data-Driven Insights
The growing demand for data-driven insights is another major driver of the Cloud Based Business Analytic Market Industry. Businesses are increasingly realizing the importance of data in making informed decisions. Cloud-based business analytics solutions can help businesses collect, store, and analyze their data to gain insights into their customers, operations, and competitors. This information can be used to make better decisions about product development, marketing, and sales.Also, with the increasing volume and complexity of data, organizations are looking for solutions that can help them manage and analyze their data effectively. Cloud-based business analytics solutions provide a centralized platform for data storage and analysis, making it easier for businesses to access and use their data.
Advancements in Artificial Intelligence (AI) and Machine Learning (ML)
Advancements in artificial intelligence (AI) and machine learning (ML) are also driving the growth of the Cloud Based Business Analytic Market Industry. AI and ML can be used to automate data analysis tasks, identify trends and patterns, and make predictions. This can help businesses to make better decisions faster. Cloud-based business analytics solutions are increasingly incorporating AI and ML capabilities to provide businesses with more powerful and insights.
Cloud Based Business Analytic Market Segment Insights
Cloud Based Business Analytic Market Data Source Insights
The Cloud Based Business Analytic Market is segmented by Data Source into Structured Data and Unstructured Data. Structured data refers to data that is organized in a predefined manner, such as rows and columns in a spreadsheet or database. It is easy to store, access, and analyze using traditional data analysis techniques. Unstructured data, on the other hand, is data that does not have a predefined structure, such as text, images, and videos. It is more difficult to store, access, and analyze than structured data, but it can contain valuable insights that can be used to improve business operations.
The structured data segment of the Cloud Based Business Analytic Market is expected to account for a larger share of the market in 2023, due to its ease of use and the wide availability of tools and technologies for analyzing it. However, the unstructured data segment is expected to grow at a faster rate over the next five years, as businesses increasingly recognize the value of unstructured data for gaining insights into customer behavior, market trends, and other important business factors. By 2026, the unstructured data segment is expected to account for over 40% of the Cloud Based Business Analytic Market.
Some of the key factors driving the growth of the unstructured data segment include the increasing adoption of cloud-based data storage and analytics platforms, the growing popularity of big data analytics, and the development of new tools and technologies for analyzing unstructured data. Overall, the Cloud Based Business Analytic Market is expected to grow significantly over the next five years, driven by the increasing adoption of cloud-based analytics platforms, the growing volume of data being generated by businesses, and the increasing demand for insights to improve business operations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Business Analytic Market Business Function Insights
The Cloud Based Business Analytic Market segmentation by Business Function covers key areas such as Finance, Marketing, Sales, and Operations. The Finance segment holds a significant share of the market, driven by the increasing need for real-time financial data analysis, forecasting, and risk management. In 2023, the Finance segment accounted for approximately 32% of the Cloud Based Business Analytic Market revenue. The Marketing segment is also witnessing substantial growth, owing to the rising demand for customer segmentation, campaign optimization, and personalized marketing initiatives.In 2024, the Marketing segment is projected to reach a market valuation of USD 7.2 billion, expanding at a CAGR of 15.5%. T
he Sales segment is gaining traction due to the need for sales forecasting, lead management, and opportunity tracking. The Operations segment benefits from cloud-based analytics for optimizing supply chain management, inventory control, and resource allocation. The increasing adoption of cloud-based business analytics solutions across various industries is expected to drive the growth of all these segments in the coming years.
Cloud Based Business Analytic Market Industry Insights
The Cloud Based Business Analytic Market is segmented into various industries, including Banking, Insurance, Healthcare, and Manufacturing. Among these, the Banking industry is projected to hold the largest market share in the coming years. The Banking industry heavily relies on data analytics to assess risk, detect fraud, and optimize operations. The Insurance industry is also witnessing significant growth in the adoption of cloud-based business analytics. Insurance companies are leveraging analytics to improve underwriting processes, personalize policies, and enhance customer service.
The Healthcare industry is another key segment, where cloud-based business analytics is being used to analyze patient data, improve treatment outcomes, and reduce costs. The Manufacturing industry is also benefiting from the adoption of cloud-based business analytics, which enables manufacturers to optimize production processes, improve quality control, and predict demand. Overall, the Cloud Based Business Analytic Market is expected to witness substantial growth in the coming years, driven by the increasing adoption of cloud-based solutions across various industries.
Cloud Based Business Analytic Market Deployment Model Insights
The Cloud Based Business Analytic Market is segmented based on deployment model into public cloud, private cloud, and hybrid cloud. Among these, the public cloud segment held the largest market share in 2023 and is expected to continue its dominance during the forecast period. The growth of the public cloud segment can be attributed to its cost-effectiveness, scalability, and flexibility.
The private cloud segment is expected to witness significant growth during the forecast period due to the increasing adoption of cloud-based solutions by enterprises seeking enhanced data security and control.The hybrid cloud segment is also expected to grow steadily as enterprises look to combine the benefits of public and private cloud deployments.
Cloud Based Business Analytic Market Cloud Service Model Insights
The cloud service model segment plays a crucial role in shaping the Cloud Based Business Analytic Market. Infrastructure as a Service (IaaS) provides the foundation for cloud-based business analytics solutions, offering scalable and cost-effective infrastructure. Platform as a Service (PaaS) empowers developers with tools and services to build, deploy, and manage analytics applications. Software as a Service (SaaS) delivers pre-built analytics solutions to end-users, providing easy access to insights without the need for infrastructure or development expertise.
In 2023, the SaaS segment held a significant market share of around 46%, and is projected to maintain its dominance through 2032. The PaaS segment is expected to witness substantial growth, with a projected CAGR of 18.5% from 2024 to 2032. IaaS, with its focus on providing flexible and scalable infrastructure, is anticipated to grow at a steady pace, contributing to the overall expansion of the Cloud Based Business Analytic Market.
Cloud Based Business Analytic Market Regional Insights
Regionally, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East Africa. North America held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth in this region can be attributed to increasing adoption of cloud computing solutions, rising demand for data analytics to gain insights and make informed decisions, and presence of leading cloud service providers.
Europe is the second-largest market and is expected to grow at a steady pace due to factors such as increasing investment in cloud infrastructure, growing awareness of cloud-based analytics benefits, and favorable government initiatives.APAC is the fastest-growing region, owing to increasing adoption of cloud-based solutions by small and medium-sized businesses (SMBs), growing investments in digital transformation initiatives, and presence of major cloud service providers such as Alibaba and Tencent. South America and MEA are expected to witness significant growth in the coming years due to rising demand for cloud-based analytics solutions to improve efficiency and optimize operations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Business Analytic Market Key Players And Competitive Insights
Major players in Cloud Based Business Analytic Market industry are continuously innovating and enhancing their offerings to gain a competitive edge. Leading Cloud Based Business Analytic Market players are investing heavily in research and development to provide advanced solutions that cater to the evolving needs of customers. These companies are also focusing on strategic partnerships and acquisitions to expand their market presence and strengthen their competitive position.
The Cloud Based Business Analytic Market Competitive Landscape is expected to remain dynamic, with new entrants and disruptive technologies constantly emerging. To stay ahead in this competitive market, companies are prioritizing innovation, customer focus, and strategic alliances.One of the leading companies in the Cloud Based Business Analytic Market is Salesforce. Salesforce offers a comprehensive suite of cloud-based business analytic tools that help organizations gain insights from their data, make smarter decisions, and improve performance.
Salesforce's analytics platform is highly scalable and customizable, allowing businesses to tailor their analytics solutions to meet their specific requirements. The company's strong focus on customer success and its commitment to innovation have contributed to its leadership position in the market.A notable competitor in the Cloud Based Business Analytic Market is IBM. IBM offers a wide range of cloud-based business analytic solutions that cater to the needs of various industries.
IBM's analytics platform is known for its advanced cognitive capabilities and its ability to handle large volumes of data. The company's expertise in artificial intelligence and machine learning enables it to provide cutting-edge analytics solutions that help businesses derive meaningful insights from their data. IBM's strong brand presence and its global reach give it a competitive advantage in the market.
Key Companies in the Cloud Based Business Analytic Market Include
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Qlik
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Oracle
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Microsoft
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SAS Institute
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SAP
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Sisense
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IBM
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Google
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Tableau
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Salesforce
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MicroStrategy
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Amazon Web Services
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Domo
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SAP (BusinessObjects)
Cloud Based Business Analytic Market Industry Developments
The global cloud-based business analytics market size was valued at USD 37.96 billion in 2023 and is projected to grow at a CAGR of 16.19% to reach USD 146.59 billion by 2032. This growth is attributed to the increasing adoption of cloud-based solutions by businesses of all sizes, as well as the growing need for data-driven insights to improve decision-making.Some of the key recent developments in the market include:- Rising adoption of cloud-based analytics platforms:
Businesses are increasingly adopting cloud-based analytics platforms to gain access to real-time data and insights. This is leading to a decrease in the use of on-premises analytics solutions.- Growing demand for data visualization tools: Data visualization tools are becoming increasingly important for businesses to understand complex data and make informed decisions. This is leading to a growing demand for cloud-based data visualization tools.- Rise of artificial intelligence (AI) and machine learning (ML): AI and ML are playing an increasingly important role in cloud-based business analytics. These technologies can be used to automate data analysis tasks and provide more accurate insights.
Cloud Based Business Analytic Market Segmentation Insights
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Cloud Based Business Analytic Market Data Source Outlook
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Structured Data
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Unstructured Data
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Cloud Based Business Analytic Market Business Function Outlook
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Finance
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Marketing
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Sales
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Operations
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Cloud Based Business Analytic Market Industry Outlook
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Banking
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Insurance
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Healthcare
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Manufacturing
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Cloud Based Business Analytic Market Deployment Model Outlook
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Public Cloud
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Private Cloud
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Hybrid Cloud
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Cloud Based Business Analytic Market Cloud Service Model Outlook
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Infrastructure as a Service (IaaS)
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Platform as a Service (PaaS)
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Software as a Service (SaaS)
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Cloud Based Business Analytic Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
32.67(USD Billion) |
| Market Size 2023 |
37.96(USD Billion) |
| Market Size 2032 |
146.59(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
16.19% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Qlik, Oracle, Microsoft, SAS Institute, SAP, Sisense, IBM, Google, Tableau, Salesforce, MicroStrategy, Amazon Web Services, Domo, SAP (BusinessObjects) |
| Segments Covered |
Data Source, Business Function, Industry, Deployment Model, Cloud Service Model, Regional |
| Key Market Opportunities |
Predictive Analytics Big Data Analytics SaaS and PaaS SelfService Analytics Artificial Intelligence and Machine Learning |
| Key Market Dynamics |
Data proliferation AI integration Self-service analytics Cloud-based deployment Growing adoption in SMEs |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Cloud Based Business Analytic market is estimated to be around USD 37.96 Billion in 2023.
The Cloud Based Business Analytic market is projected to grow at a CAGR of 16.19% from 2024 to 2032.
North America is expected to hold the largest market share in the Cloud Based Business Analytic market in 2023.
The customer analytics segment is expected to account for the largest market share in the Cloud Based Business Analytic market in 2023.
Some of the key competitors in the Cloud Based Business Analytic market include IBM, SAP, Oracle, Microsoft, and Tableau.
The key growth drivers of the Cloud Based Business Analytic market include the increasing adoption of cloud computing, the growing need for data-driven decision-making, and the rising demand for real-time analytics.
The key challenges faced by the Cloud Based Business Analytic market include data security and privacy concerns, the lack of skilled professionals, and the high cost of implementation.
The key trends in the Cloud Based Business Analytic market include the growing adoption of artificial intelligence (AI) and machine learning (ML), the increasing use of cloud-based data warehouses, and the rising demand for self-service analytics.
The Cloud Based Business Analytic market is expected to reach approximately USD 146.59 Billion by 2032.
The Asia-Pacific region is expected to account for the largest market share in the Cloud Based Business Analytic market in 2032.
