Cloud Analytics Market Size, Share & Trends Analysis Report By Component, By Deployment, By Organization Size, By Application, By Industry Vertical, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global cloud analytics market size was valued at USD 22.07 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.32%% from 2022 to 2030. The shift of businesses towards digital platforms and the increasing demand for data connectivity through cloud environments are expected to fuel the growth of the industry over the forecast period. Moreover, the significant increase in big data is expected to provide numerous opportunities to the industry.

Cloud analytics enables organizations to process a large amount of data and access remote data centers, which helps find more accurate results and increase productivity. The COVID-19 pandemic has fueled the demand for cloud analytics solutions as businesses experienced a shift towards digital platforms. Cloud analytics solutions have helped companies make decisions in real-time by gathering, analyzing, and presenting valuable insights resulting in better outcomes.

With the help of cloud analytics, businesses can now reduce operational costs by saving maintenance and housing costs of the on-premises system, which helps reduce IT headcount. Moreover, it also helps improve scalability and growth as it offers powerful capabilities without the need to set up or maintain servers and utilize human resources to focus on building business strategies to achieve maximum profits.

Cloud analytics tools provide businesses with a solution that links to multiple data sources and automatically refreshes to provide the latest results. It offers various processing applications to uncover unexpected patterns, insights, and novel uses. Moreover, it enables users to easily store and share data to improve team efficiency and productivity. The benefits mentioned above provided by cloud analytics to enterprises are expected to increase the adoption of cloud analytics solutions over the forecast period.

Component insights

The cloud analytics solutions segment achieved nearly 68% of the revenue share in 2021. The demand for cloud analytics solutions such as cloud BI tools, enterprise information management, governance, risk, and compliance, enterprise performance management, and analytics solutions is increasing, the enterprise performance management solution helps enterprises to gain insights and improve agility and plan across HR, finance, sales, and supply chain, simplify financial techniques, and derive better outcomes and decisions.

For instance, in June 2022, Dublin Port Company (DPC), the operator of freight and passenger port announced the adoption of Oracle Fusion Cloud EPM (Enterprise Performance Management) of Oracle to support its expansion strategy and enhance its operations. Oracle EPM is expected to support DPC to improve the accuracy of its budgeting, forecasting, and planning for better decision-making by developing quality insights across its organization.

Moreover, simplified administrations across various domains and enhanced user experience are expected to increase the adoption of enterprise performance management solutions. Companies are increasingly adopting cloud BI tools that enable enterprises to identify improvements, analyze operating health, understand future trends, and make critical business decisions. The key players are focused on launching cloud BI solutions with the latest technologies to gain a competitive edge. For instance, in December 2021, Astrato Analytics launched a cloud BI and analytics platform that provides real-time insights to make informed decisions and maintain the increased flow of business data.

The service segment achieved nearly 33% of the market share in 2021. The companies involved in the provision of cloud analytics services offer professional and managed services. The services providers offer services to analyze, manage and organize data that provides insights to help clients in making business decisions. The increasing preference from SMEs and large organizations to manage data and quality insights is expected to fuel market growth over the forecast period.

Deployment insights

The private cloud segment achieved nearly 24% of the revenue share in 2021. 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. For instance, in December 2021, Barclays announced the selection of HPE GreenLake to provide unified on-premises cloud infrastructure to improve operational performance and agility.

The hybrid cloud achieved nearly 33% of the revenue share in 2021. The hybrid cloud provides services by combining private and public cloud deployment. A hybrid analytics cloud solution allows users to smoothly move resources from on-premises private infrastructure to public cloud based on fluctuations in process computing demand. The enterprises are adopting hybrid cloud infrastructure to meet the short-term demand without investing in cloud infrastructure. The benefits, such as low-risk exposure, cost-efficiency, and scalability offered by the hybrid cloud, are expected to boost the demand for hybrid cloud platforms in the forecast period.

Organization size insights

The SMEs segment accounted for nearly 38% of the revenue share in 2021. The SMEs are adopting hybrid and public cloud as it is scalable, allowing for online and geographic expansion without impacting the budget. It enables businesses to perform more with no infrastructure costs and reduces or eliminates downtime. Moreover, the cloud analytics solutions are reliable and increase teams' productivity by allowing them to access it anywhere. The minimized operational costs and increased workforce productivity due to cloud analytics solutions are expected to increase the demand for cloud analytics solutions in SMEs over the forecast period.

Large enterprises accounted for nearly 63% of the revenue share in 2021. The enterprises are adopting cloud analytics to increase profitability and identify underperforming and over performing areas to shape future business strategies. Cloud analytics solutions regularly create a backup of data 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 growth of the industry over the forecast period.

Industry Vertical Insights

The BFSI segment accounted for nearly 30% of the revenue share in 2021. The increasing competition in the BFSI sector has led companies to leverage cloud analytics to improve user experience. Companies are using cloud analytics to find better customer engagement, acquisition, and customer targeting. Sales Analytics, Website Analytics, Performance Analytics, and Financial Analytics are some of the cloud analytics tools the BFSI sector is adopting to improve the user experience and gain a competitive edge. In January 2022, RBL Bank announced the use of Google Cloud services to improve security, consumer data analytics, and management and reduce customer acquisition costs.

The healthcare & life sciences sector accounted for nearly 7% of the market share in 2021. Cloud analytics solutions help healthcare and life sciences to make essential decisions from collected healthcare data. It enables healthcare teams and management to instantly assess workforce, financial, and operational performance in any solution of a healthcare organization, including variances, trends, and future implications.

Analytics solutions help healthcare personnel instantly synthesize information from multiple sources, decreasing time pressure for analysis and reporting and enhancing treatment and patient outcomes. In July 2021, Google Cloud announced the Healthcare Data Engine to help clinicians, researchers, and operational leaders gain complete views of longitudinal patient records in real time and provide advanced analytics in a compliant, scalable, and secure cloud environment.

Application Insights

The sales and marketing in the application segment accounted for nearly 33% of the revenue share in 2021. The growth is attributed to emerging trends such as text analytics, social analytics, and increased demand to gain insights for better business planning is fueling the market growth. The companies are focusing on expanding their capabilities by launching new products.

For instance, in June 2022, Salesforce, Inc. announced the launch of Sales Cloud Unlimited, an all-in-one platform for the sales team built with eight new AI solutions. The platform offers AI-driven insights to gain better visibility, and estimate accurate pipeline information and is specially designed for manufacturing, health & life sciences, financial services, and, the retail & consumer goods industry.

The customer service segment accounted for nearly 10% of the revenue share in 2021. The growth is attributed to increased demand for personalized services by the customer, and key performance indicators such as total time resolution (TTR), the first response time (FRT), and customer satisfaction (CSAT) by the companies to measure performance and design future strategies. Moreover, the rising adoption of customer journey analytics, customer retention analytics, and customer engagement analytics to understand various aspects of customers is fueling the growth of the segment.

Regional Insights

North America acquired the largest revenue share of approximately 43% in 2021. The growth is attributed to the increased adoption of the latest technologies in postal services and the presence of key players in the region. Moreover, rising labor costs and labor shortages are driving companies to adopt automation resulting in the market's growth. The demand for postal automation services is increasing in government, BFSI, and other segments fueling the industry growth in the region.

Asia Pacific is expected to witness the highest CAGR of approximately 10% over the forecasted period. The high growth of the e-commerce industry in countries such as Japan, China, and India has created the demand for a technologically advanced e-commerce logistics industry. Furthermore, increasing demand from the BFSI sector is creating numerous growth opportunities for postal automation systems in the Asia Pacific region.

Key Companies & Market Share Insights

The major players in the cloud analytics market are focusing on developing innovative cloud analytics solutions to attract enterprises and gain a competitive edge. For instance, in March 2022, Alteryx, Inc. announced the launch of Alteryx Analytics Cloud, an end-to-end analytics automation platform that empowers users to make informed decisions and build future business strategies by accessing insights.Some prominent players in the global cloud analytics market include:

• International Business Machines Corporation

• Microsoft

• Amazon Web Services, Inc.

• QlikTech International AB

• Sisense Inc.

• GoodData Corporation.

• Tableau Software, LLC,

• Databricks

• SAS Institute Inc.

• Oracle

• Google LLC

Cloud Analytics Market Report Scope

Global Cloud Analytics Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cloud analytics market report based on component, deployment, organization size, application, industry vertical, and region:

• Component Outlook (Revenue, USD Billion, 2018 - 2030)

  • Solutions

  • Services

• Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

  • Public

  • Private

  • Hybrid

• Organization size Outlook (Revenue, USD Billion, 2018 - 2030)

  • SME

  • Large Organizations

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Sales And Marketing

  • Research & Development

  • Customer Service

  • Accounting & Finance

  • Human Resource

  • Others

• Industry Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

  • BFSI

  • IT & Telecommunication

  • Manufacturing

  • Healthcare & life sciences

  • Government

  • Energy & Utilities

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA