Cloud Analytics Market is Projected to Surpass USD 71.89 Billion by 2028 with a CAGR of 20.9% from 2022 to 2028; Increasing Reliance on Cloud-Based Data Solutions to Manage and Analyze Critical Data Emerges as the Key Market Driver
SkyQuest has produced a comprehensive report on the cloud analytics market, utilizing a robust methodology to provide an in-depth industry analysis. The report encompasses a SWOT analysis, technology assessment, economic evaluation, product benchmarking, recent developments, and accurate forecasting to offer reliable and precise insights into the market. This report is beneficial in comprehending the present market situation, identifying key players operating in the market, and analyzing their market share, strategies, and key developments.
Westford, USA,, March 03, 2023 (GLOBE NEWSWIRE) — The cloud analytics market is witnessing significant dominance by North America, followed by Europe, due to businesses’ growing adoption of digital platforms and the rising demand for data connectivity through cloud environments. With the widespread availability of cloud-based solutions, companies can now easily access and analyze vast amounts of data, enabling them to gain insights into customer behavior, market trends, and other critical business metrics. As businesses continue to focus on improving their operations and gaining a competitive advantage, the importance of cloud analytics will likely continue to increase, driving further growth in the market.
The neo bank market is expected to exhibit tremendous growth in the coming years, with projections indicating that it will reach USD 927.12 billion by 2028. This expansion will positively impact the cloud analytics market as neo banks increasingly turn to cloud-based solutions to power their operations. Furthermore, as neo banks continue to gain popularity, they are likely to generate ever-larger volumes of data, which will drive demand for cloud analytics solutions.
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Browse in-depth TOC on “Cloud Analytics Market”
- Pages – 274
- Tables – 125
- Figures – 68
Cloud analytics tools have emerged as a game-changer for businesses that rely heavily on data-driven insights. These tools provide businesses with a powerful solution that connects to multiple data sources and updates automatically to provide the latest results. In addition, with cloud analytics tools, businesses can access various processing applications to help uncover unexpected patterns, insights, and novel uses.
Prominent Players in Cloud Analytics Market
- Oracle Corporation
- Alphabet Inc.
- Hexaware Technologies Limited
- SAS Institute Inc.
- The Hewlett Packard Enterprise Company
- Salesforce.com, Inc.
- Teradata Corporation
- Atos
- Alteryx, Inc.
- SAP SE
- TIBCO Software, Inc.
- MicroStrategy Incorporated
- Sisense
Public Cloud Segment to Drive Tremendous Growth as It Helps Businesses to Reduce Costs and Improve Operational Efficiency
As per industry reports, the public cloud segment has captured the largest share of the cloud analytics market in 2021, and this trend is expected to continue in the coming years. As more businesses embrace digital transformation and remote working practices, the demand for cloud analytics solutions is predicted to rise. As a result, the public cloud segment will likely remain the preferred choice for many from 2022 to 2028. As a result, the public cloud market is predicted to garner swift growth in the coming years, with industry experts predicting that it will reach over USD 649.62 billion by 2028. This projection comes from SkyQuest, a leading market research and consulting firm specializing in analyzing technology sector trends.
The cloud analytics market has witnessed significant growth in recent years, with the North American region emerging as the leading revenue contributor in 2021. The regional progress can be attributed to the increasing adoption of advanced technologies and numerous large-scale businesses in the region. In addition, the need for automation has also played a significant role in driving market expansion, as rising labor costs and labor shortages have prompted businesses to seek more efficient and cost-effective solutions
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BFSI Segment to Generate Higher Sales as Cloud Analytics Platforms Enable BFSI Companies to Make More Informed Decisions
In the cloud analytics market, the BFSI industry reigns supreme as the largest vertical, holding the lion’s share of the overall market in 2021. And it’s not just a one-time thing – this trend is expected to continue from 2022 to 2028. The industry is witnessing a continuous increase in the reliance of enterprises on web-based solutions in recent years. As a result, the demand for cloud-based analytics solutions has also skyrocketed. In addition, the fin-tech sector has seen a surge in growth in recent years, with many new start-ups popping up to offer innovative financial solutions. Often built entirely on the cloud, these start-ups require robust analytics tools to operate effectively.
The cloud analytics market has grown significantly in recent years, with Europe emerging as a promising regional force in 2021. According to market research, Europe is expected to become one of the prominent players in the market by 2028. Europe’s emergence as a key player in the market is due to several factors. Firstly, the region has a large and diverse economy with various industries that can benefit from cloud analytics. Secondly, there is a growing demand for data-driven insights across Europe as companies seek to improve their decision-making processes and gain a competitive edge.
A new research report has recently been published, focusing on the global cloud analytics market. The report provides a key analysis of the market size, share, and key players operating in the industry, as well as an in-depth assessment of the current market scenario and the impact of significant events and market conditions across various regions. In addition, SkyQuest’s report highlights the key trends affecting the growth rate and valuation estimates of the global market and how these trends impact the market’s overall performance.
Key Developments in Cloud Analytics Market
- Sonata Software, a leading global technology company, has recently signed a definitive agreement with Quant Systems Inc., a prominent enterprise data analytics and cloud modernization firm. The agreement will enable Sonata Software to leverage Quant Systems’ expertise in data analytics and cloud modernization to enhance its capabilities and provide its clients with cutting-edge solutions. The partnership is a positive development for the technology industry, as it brings together two leading players with complementary strengths and expertise.
- Teradata, a leading data analytics and cloud solutions company, is focusing on expanding its partnerships with hyperscalers and system integrators (SI) in its push toward cloud-based solutions. The company is looking to leverage the expertise and resources of hyperscalers like Amazon Web Services, Microsoft Azure, and Google Cloud, as well as system integrators, to offer its clients more comprehensive and integrated solutions. By partnering with hyperscalers and SI, Teradata seeks to capitalize on the rapidly expanding cloud market.
- Amazon Web Services (AWS) is set to invest $6 billion in Malaysia by 2037. The investment, part of AWS’s plan to expand its cloud services in Southeast Asia, will focus on developing local talent, supporting the country’s digital transformation initiatives, and establishing new cloud regions in Malaysia. The partnership between AWS and the Malaysian government will also enable local businesses to access world-class cloud technology, allowing them to scale and grow their operations.
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Key Questions Answered in Cloud Analytics Market Report
- What are the key factors driving or hindering the growth of the target market, and how are these factors affecting the market’s performance in terms of valuation estimates and growth rate?
- Which sub-segments within the target market are expected to outperform overall, and what are the main factors driving their growth?
- How do the top players in the market differentiate themselves from their competitors, and what are the primary factors contributing to their success or challenges in the market?
- How do demand and supply vary across different regions within the target market, and how does this impact revenue growth in each region?
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