Global cloud analytics market was valued at US$ 28.5 Bn in 2021 and is expected to reach a valuation of US$ 147.2 Bn by 2032 finds Future Market Insights (FMI) in a recent market survey. As per the findings, revenue through BFSI grew at a CAGR of 23% during 2017-2021.
Through cloud analytics, BFSI vertical prevents frauds, assists in improving customer acquisition and engagement and targets essential customers. BFSI are making use of cloud analytics to arrive at faster decisions.
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US to Dominate Cloud Analytics Market throughout the Analysis Period
Cloud analytics market in the U.S. is projected to be valued at US$ 51.3 Bn by the end of 2032. Revenue through cloud analytics in the U.S. grew at 22.7% CAGR during 2015-2021 and is expected to achieve a growth rate of 15.2% CAGR over the forecast period.
The dominance of U.S. in cloud analytics market is attributed to their advanced IT infrastructure and rapid innovations in providing cloud-based analytical solutions with the help of Artificial Intelligence and machine learning. They are used for providing solutions to customers in analyzing insights from huge sets of data. The absolute dollar opportunity growth in cloud analytics market in the U.S. is estimated at US$ 38.7 Bn by 2032.
“Key companies in cloud analytics market are forming strategic alliances to provide analytical solutions to let organizations turn data into actionable insights”. Comments an analyst at Future Market Insights.
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Cloud Analytics Market: Competition Insights
Key companies operating in the cloud analytics market are forming strategic partnerships to accelerate the development of cloud analytics and deploy analytical solutions across all verticals.
The key companies operating in the cloud analytics market include
- IBM Corporation,
- Hexaware Technologies Limited,
- Oracle Corporation,
- Microsoft Corporation,
- Google, Alphabet Inc.,
- Salesforce.com, Inc.,
- SAS Institute Inc.,
- Teradata Corporation,
- MicroStrategy Incorporated,
The Hewlett Packard Enterprise Company, SAP SE, Atos, Cloudera, Hitachi Vantara Corporation, ThoughtSpot, Qilk, GoodData, Alteryx, Yellowfin, Pyramid Analytics, Board International, Hewlett-Packard Enterprise, AWS, Domo, Sisense, and Looker.
Some of the recent developments by key providers of Cloud Analytics are as follows:
- In February 2022, Teradata partnered with Microsoft to integrate the platform of Teradata Vantage data with Microsoft Azure. The aim of the partnership is to modernize the data analytics workload of businesses, execute their cloud strategies and together solve the challenges in data analytics.
- In January 2022, IBM Watson Advertising announced the offerings of AI-driven weather analytics to AWS data exchange. The weather datasets assist users to analyze how weather affects the consumer purchasing pattern across various categories and harnessing deep insights to assist businesses in making confident and insightful decisions.
- In November 2021, Informatica, a cloud data management leader, launched modern cloud analytics program on Microsoft Azure. The platform is made available to customers with joint Microsoft & Informatica PowerCenter, and are in need to migrate their on-premise data warehouse and ETL workloads to IDMC on Azure and Azure Synapse Analytics.
- In May 2020, Oracle announced Oracle Analytics for Cloud HCM to bring ready-to-use workforce analytics to Oracle HCM customers. Oracle Analytics for Cloud HCM seeks to provide businesses and analysts with greater insights about the workforce composition and a thorough view of the organization’s data.
Similarly, recent developments related to companies involved in cloud analytics have been tracked by the team at Future Market Insights, which is available in the full report.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Cloud Analytics Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Cloud Analytics Market in terms of Solution (Cloud BI Tools, Hosted Data Warehouse Solutions, Complex Event Processing, Enterprise Information Management, Enterprise Performance Management, Governance, Risk and Compliance, Analytics Solutions), Deployment Type (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (SMEs, Large Enterprises), Vertical ( BFSI, Retail and Consumer Goods, Healthcare and Life Sciences, Media and Entertainment, Government, Telecom and IT, Research and Education, Energy, Manufacturing and Others), across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Key Segments Covered In Cloud Analytics Industry Survey
Cloud Analytics Market by Solution:
- Cloud BI Tools
- Cloud Based Data Integration Tools
- Cloud Based Reporting and OLAP Tools
- Cloud Based CRM Software
- Hosted Data Warehouse Solutions
- Complex Event Processing
- Enterprise Information Management
- Enterprise Performance Management
- Governance, Risk, and Compliance
- Analytics Solutions
- Cloud Based Predictive Analytics
- Cloud Based Spatial Analytics
- Cloud Based Video Analytics
- Cloud Based Text Analytics
- Cloud Based Speech Analytics
- Cloud Based Web Analytics
- Cloud Based Machine Analytics
Cloud Analytics Market by Deployment Type:
- Public Cloud Analytics
- Private Cloud Analytics
- Hybrid Cloud Analytics
Cloud Analytics Market by Organization Size:
- SMEs
- Large Enterprises
Cloud Analytics Market by Vertical:
- BFSI
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Media and Entertainment
- Government
- Telecom and IT
- Research and Education
- Energy
- Manufacturing
- Others
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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