Global Cloud Based Business Analytics Software Market Overview:
The cloud based business analytics software market size was estimated at 23.94 (USD Billion) in 2022. The cloud based business analytics software market industry is expected to grow from 27.73 (USD Billion) in 2023 to 104.2 (USD Billion) by 2032. The cloud based business analytics software market CAGR (growth rate) is expected to be around 15.84% during the forecast period (2024-2032).
Key Cloud Based Business Analytics Software Market Trends Highlighted
The cloud based business analytics software market is rapidly evolving, driven by technological advancements and increasing demand for data-driven decision-making. Key market drivers include the proliferation of cloud computing, which offers scalable and cost-effective infrastructure, and the growing adoption of artificial intelligence (AI) and machine learning (ML), which enhance data analysis capabilities.
Opportunities for growth lie in the expansion of cloud-based analytics solutions to small and medium-sized enterprises (SMEs), the integration of analytics with other business applications, and the development of innovative data visualization and storytelling tools.
Recent trends include the rise of self-service analytics, which empowers business users to analyze data without the need for technical expertise, and the increasing adoption of cloud-based analytics platforms by organizations across various industries. By leveraging the power of cloud computing, AI, and ML, businesses can gain actionable insights from their data, optimize operations, and make informed decisions to drive growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Business Analytics Software Market Drivers
Rising Adoption of Cloud Computing
The increasing adoption of cloud computing is a major driver of the growth of the global cloud based business analytics software market. Cloud computing offers several benefits to businesses, such as scalability, flexibility, and cost-effectiveness. These benefits are making cloud computing an increasingly attractive option for businesses of all sizes. As more businesses adopt cloud computing, the demand for cloud based business analytics software is also expected to grow.
Cloud based business analytics software can help businesses to analyze their data more efficiently and effectively, which can lead to improved decision-making and increased profitability. In addition to the benefits of cloud computing, the rising adoption of big data is also driving the growth of the market. Big data refers to the large and complex data sets that are generated by businesses every day.
These data sets can be difficult to analyze with traditional methods, but cloud based business analytics software can help businesses to make sense of big data. By analyzing big data, businesses can gain insights into their customers, their operations, and their competitors. This information can help businesses to make better decisions and improve their performance. The growing demand for real-time analytics is also driving the growth of the global cloud based business analytics software market.
Real-time analytics allows businesses to analyze their data as it is generated. This information can help businesses to identify trends and patterns, and to make decisions more quickly. Real-time analytics is becoming increasingly important for businesses of all sizes, as it can help them to stay ahead of the competition.
Increasing Need for Data-Driven Decision-Making
The first driver of the growth of the global cloud based business analytics software market is the increasing need for data-driven decision-making. Today, when the business world is extremely competitive, companies need to make decisions as fast as possible.
Data-driven decision-making can help them to manage and analyze the information they need to understand who their customers and suppliers are, what their operations are, and who their competitors are. This is why cloud based business analytics software can help companies to make the right decisions.
By using this software, businesses can analyze their data to identify the trends and patterns that influence their results. Then they can create serious insights that help them to understand why things happen the way they do and how to make better decisions in the future. This way, companies can improve their performance and increase their competitive advantage.
Growing Adoption of Artificial Intelligence (AI) and Machine Learning (ML)
The rise of artificial intelligence and machine learning is one of the factors driving the growth of the global cloud based business analytics software market, as well. AI and ML allow us to automate many of the task associated with data, and therefore free businesses to take part in more strategic tasks.
AI and ML can also help with improving the accuracy of data analysis and lower the cost of such analysis. Cloud based business analytics software is increasingly capable of performing AI and ML tasks. This makes this type of software far more powerful and easier to use. As AI and ML continue to be adopted by the industry, the demand for cloud based business analytics software will rise.
Cloud Based Business Analytics Software Market Segment Insights
Cloud Based Business Analytics Software Market Deployment Model Insights
In the global cloud based business analytics software market, the deployment model segment is anticipated to have the most substantial share of the market. Broadly speaking, there are three main deployment model types: cloud, on-premise, and hybrid. The cloud deployment model is forecast to hold the most substantial share of the market. This model is also the most popular because it has many advantages.
Such solutions are more flexible, scalable, and cost-effective, which is why businesses of all sizes are often attracted to it. Concurrently, the on-premise deployment model is likely to hold a less significant share of the market because it is characterized by high upfront costs and requires a specific IT infrastructure to be dedicated to its maintenance.
At the same time, in-house solutions a generally more controllable and secure, which is why they are often preferred by businesses that use highly sensitive data or need to comply with a range of regulations. The hybrid deployment model experienced the most rapid growth during the period from 2019 to 2024. The essential rationale for these predictions is the benefits that the hybrid model offers to businesses. They can combine the flexibility and scalability of cloud solutions with the control and security that on-premise models offer.
Accordingly, this deployment model type is the best option for companies that need to have access to both. As a result, the deployment model segment of the global cloud based business analytics software market is likely to be the most substantial in the next several years due to the growing need from businesses to analyze data and the increasing propensity for cloud solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Business Analytics Software Market Business Function Insights
The global cloud based business analytics software market is segmented by business function – financial analytics, customer analytics, sales analytics, operations analytics, and supply chain analytics among others.
The financial analytics segment had the highest share in the global cloud based business analytics software market in the year 2023, which is more than 30% share of the market. The segment of financial analytics dominates the market as cloud based financial analytics solutions are increasingly being adopted by organizations for allowing their managers to access real-time financial performance of companies.Cloud based financial analytics solutions also help monitor cost, identify potential cost saving opportunities, and make effective data driven decisions. The major segment following Financial Analytics is the customer analytics segment to which a CAGR of 18.5% be registered over the forecast period.
The growth is contributed by the rising need for organizations to have a thorough understanding of their customers, which includes their behavior, preferences, and churn rates to increasing customer engagement and loyalty.
The sales analytics segment, the operations analytics segment, and the supply chain analytics segment, among others are also expected to exhibit considerable growth in the coming years as organizations look to maximize the capacity of their sales teams, increase operational efficiencies, and gain end-to-end supply chain visibility.
Cloud Based Business Analytics Software Market Organization Size Insights
The global cloud based business analytics software market is segmented by organization size into small and medium-sized enterprises (SMEs) and large enterprises. SMEs held a larger market share in 2023, and this trend is expected to continue through 2032.
The growing adoption of cloud-based solutions by SMEs is attributed to the increasing affordability and accessibility of these solutions. Moreover, SMEs are increasingly recognizing the benefits of cloud-based business analytics software, such as improved decision-making, increased efficiency, and reduced costs.
Large enterprises are also expected to contribute significantly to the growth of the global cloud based business analytics software market during the forecast period. Large enterprises have complex data environments and require sophisticated business analytics solutions to manage and analyze their data effectively. Cloud-based business analytics software offers large enterprises with the scalability, flexibility, and security they need to meet their business needs.
Cloud Based Business Analytics Software Market Vertical Insights
The global cloud based business analytics software market is segmented by industry vertical into banking and financial services, healthcare and life sciences, manufacturing, retail and consumer packaged goods, and technology and telecom.
Among these segments, banking and financial services is expected to hold the largest market share in 2023, owing to the increasing need for data-driven insights to improve operational efficiency and risk management. Healthcare and life sciences is another key segment, driven by the growing adoption of cloud-based solutions for clinical research, drug discovery, and patient care.
Manufacturing is also witnessing significant growth, as companies seek to optimize their supply chains and improve production efficiency using cloud-based business analytics software. Retail and consumer packaged goods, and technology and telecom are also growing segments, as businesses in these industries look to leverage data analytics to improve customer engagement, product development, and marketing campaigns.
Cloud Based Business Analytics Software Market Regional Insights
The global cloud based business analytics software market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue to dominate the market during the forecast period. The region is home to several large enterprises that are investing in cloud-based business analytics software to improve their operations.
Europe is the second-largest market for cloud-based business analytics software, followed by APAC. The APAC region is expected to experience the highest growth rate during the forecast period due to the increasing adoption of cloud-based technologies in the region. South America and MEA are relatively smaller markets for cloud-based business analytics software, but they are expected to grow at a steady pace in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud Based Business Analytics Software Market Key Players and Competitive Insights
Major players in the cloud based business analytics software market are constantly developing new products and services to meet the evolving needs of their customers. Some of the leading cloud based business analytics software market players include Microsoft, IBM, Oracle, SAP, and SAS.
These companies are investing heavily in research and development to stay ahead of the competition and provide their customers with the best possible solutions. The market is expected to grow significantly in the coming years, as more and more businesses adopt cloud-based solutions to improve their operations. The competitive landscape of the cloud based business analytics software market is constantly changing, with new players entering the market and existing players expanding their offerings.
One of the leading companies is Microsoft. Microsoft offers a wide range of cloud-based business analytics solutions that can help businesses of all sizes improve their performance. Microsoft's Azure Cloud Platform provides businesses with a scalable and reliable platform to run their business analytics applications. Microsoft also offers several pre-built business analytics solutions that can help businesses get started quickly and easily.
A key competitor to Microsoft is IBM. IBM offers a comprehensive suite of cloud-based business analytics solutions that can help businesses of all sizes improve their performance. IBM's Watson Analytics platform provides businesses with a powerful tool for data exploration and visualization. IBM also offers several pre-built business analytics solutions that can help businesses get started quickly and easily.
Key Companies in the Cloud Based Business Analytics Software Market Include
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Tibco
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SAP
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Microsoft
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ThoughtSpot
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Looker
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Oracle
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Qlik
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MicroStrategy
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Hex
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Alteryx
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IBM
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SAS
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Tableau
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Sisense
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Domo
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Periscope
Cloud Based Business Analytics Software Market Developments
The cloud based business analytics software market is expected to reach a valuation of USD 27.73 billion in 2023 and is projected to expand at a CAGR of 15.84% from 2024 to 2032. This growth is attributed to the increasing adoption of cloud-based solutions by businesses of all sizes, the growing need for data-driven decision-making, and the increasing volume and complexity of data generated by businesses.
Recent news developments in the market include the acquisition of Tableau by Salesforce in 2019, the launch of Microsoft Power BI Premium in 2020, and the release of Google Cloud's BigQuery ML in 2021. These developments indicate the growing importance of cloud-based business analytics software in the market.
Cloud Based Business Analytics Software Market Segmentation Insights
Cloud Based Business Analytics Software Market Deployment Model Outlook
Cloud Based Business Analytics Software Market Business Function Outlook
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Financial Analytics
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Customer Analytics
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Sales Analytics
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Operations Analytics
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Supply Chain Analytics
Cloud Based Business Analytics Software Market Organization Size Outlook
Cloud Based Business Analytics Software Market Vertical Outlook
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Banking and Financial Services
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Healthcare and Life Sciences
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Manufacturing
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Retail and Consumer Packaged Goods
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Technology and Telecom
Cloud Based Business Analytics Software 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 |
23.94 (USD Billion) |
| Market Size 2023 |
27.73 (USD Billion) |
| Market Size 2032 |
104.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
15.84% (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 |
Tibco, SAP, Microsoft, ThoughtSpot, Looker, Oracle, Qlik, MicroStrategy, Hex, Alteryx, IBM, SAS, Tableau, Sisense, Domo, Periscope |
| Segments Covered |
Deployment Model, Business Function, Organization Size, Industry Vertical, Region |
| Key Market Opportunities |
Integration of AI and ML for Advanced Insights Rising demand for Cloud-based Analytics in SMEs Growing Adoption in Healthcare and Manufacturing Government Regulations driving Data Compliance Increasing Focus on Data Security and Privacy |
| Key Market Dynamics |
Increased Data Volume Adoption of AI And ML Rising Demand for Cloud-Based Solutions Growing Need for Business Insights Emergence of Self-Service Analytics |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global cloud based business analytics software market totaled USD 27.73 billion in 2023.
The global cloud based business analytics software market is expected to grow at a CAGR of 15.84% from 2024 to 2032.
The global cloud based business analytics software market is expected to reach USD 104.2 billion in 2032.
North America held the largest market share in the global cloud based business analytics software market in 2023.
The BFSI industry had the largest market share in the cloud based business analytics software market in 2023.
Some of the key competitors in the include SAP, Oracle, IBM, Microsoft, and SAS.
Some of the key trends driving the growth of the global cloud based business analytics software market include the increasing adoption of cloud-based technologies, the growing need for data-driven insights, and the increasing demand for self-service analytics tools.
Key challenges include the lack of skilled professionals, the high cost of implementation, and the security concerns associated with cloud-based technologies.
Prominent opportunities include increasing adoption of cloud-based technologies in emerging markets, the growing demand for data-driven insights in various industries, and the development of new and innovative cloud-based business analytics software solutions.
The global cloud based business analytics software market is expected to have a positive impact on the global economy by enabling businesses to make better decisions, improve their operations, and increase their profits.
