Cloud Based Business Analytic Market

Advancements in Artificial Intelligence (AI) and Machine Learning (ML)

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.

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.

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.

Figure 2 Cloud Based Business Analytic Market By Data Source Insights (2023-2032)

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

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%. The 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 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.

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.

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.