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The cloud analytics market is estimated to grow by USD 74.07 billion at a CAGR of 24.4% between 2023 and 2028. The market's growth depends on several factors. Hybrid and multi-cloud setups are seen as enhancing data connectivity, while there's a rising demand for cloud-based applications. Additionally, the adoption of machine learning and AI technologies is on the rise. These factors collectively contribute to the market's expansion, reflecting a shift towards more advanced and interconnected IT infrastructure. As businesses increasingly rely on cloud-based solutions for their operations, the market for such services is expected to grow significantly. Furthermore, the integration of machine learning and AI technologies into cloud services is expected to drive further innovation and growth in the market as companies seek to leverage these technologies to gain a competitive edge.
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The market share growth by the hosted data warehouse solutions segment will be significant during the forecast period. A data warehouse system allows an organization to perform complex analytics on huge amounts of historical data (petabytes) in ways that a typical database cannot perform.
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The hosted data warehouse solutions segment was valued at USD 5.15 billion in 2018. The warehouse or enterprise data warehouse (EDW) collects information from various sources and puts it into one central, consistent data system for use in information analysis, data mining, AI, and machine learning. The benefits include lower operational cost, higher business agility, and enhanced security and protection. This market segment is expected to grow during the forecast period, owing to the advantages of cloud-hosted warehouse solutions. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main reasons for the growing demand in the United States is the increasing adoption of cloud computing services and increased investment in these centers. These services help users scale their resources according to their requirements, making them a viable option for local startups and small businesses. Providers are responsible for managing, maintaining, and developing pools of computing resources shared by multiple tenants on their network.
Moreover, the model helps the sharing of resources such as storage, hardware, OS, databases, middleware, servers, and other software through virtualization. With the help of PaaS solutions, developers can create an application simply through their web browsers, utilizing the one-click functionality. Public PaaS solutions are flexible and are, thus, suitable for temporary workloads, as well as workloads that are experimental in nature or change unexpectedly. Thus, the growth of the market will increase in this region during the forecast period.
The market is rapidly evolving, driven by the exponential growth in data volume and the demand for advanced analytics solutions across various sectors like healthcare and life sciences. Organizations leverage datasets from diverse data sources, including unstructured data, to enhance business operations and meet customer requirements effectively. Decision-making is increasingly guided by data-driven insights extracted using big data technology on cloud-based analytics platforms. Large enterprises rely on robust cloud platforms for scalable data storage and efficient computation, utilizing multi-cloud strategies for flexibility. Achieving optimal key performance indicators in sales and marketing hinges on leveraging the power of data analytics within the dynamic cloud analytics landscape. Cloud based analytics enable organizations to derive data driven insights swiftly, ensuring robust network security measures and seamless Software Defined Networking and network integration, while also enhancing training and upskilling initiatives for efficient batch analytics, real time insights, and data processing, leveraging substantial computational power and expansive storage capabilities. Our researchers analyzed the information with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Machine learning and AI adoption is the key factor driving the growth of the market during the forecast period. The growing reliance on machine learning and artificial intelligence (AI) is redefining the analytics landscape for visualizing, evaluating, and modeling business strategies. By combining AI and machine learning with analytics, organizations can improve their visualization skills and make difficult information more accessible, understandable, and usable. Business intelligence solutions can be used with machine learning techniques to evaluate both structured and unstructured information.
AI insights enable businesses to interpret massive amounts of information in real-time to help improve customer experiences, accelerate digital business, and improve communication networks, security, and application performance. Combining AI and cloud analytics is enabling businesses to build intelligence using cognitive computing, chatbots, and personal support. This will propel the growth of the market during the forecast period.
The rise in cloud security applications is the primary trend in the market growth. Security issues are a significant challenge associated with hybrid environments. However, in recent years, IT professionals have argued that cloud solutions are more secure than on-premises data centers. Additionally, chief information officers are prioritizing cloud backup and security in their upcoming budgets. The need for higher levels of security for cloud analytics has led to investments in cloud security. Startups are working to improve the detection of cloud security threats.
As established players and new entrants address IT concerns, a focus is expected on developing software that simplifies compliance, privacy, and visibility. These applications enable businesses to efficiently manage and store information. However, moving to this requires using the right tools. That's why businesses are looking for solutions that simplify information management. Due to these factors, the market is expected to grow during the forecast period.
Concerns about confidential data security and privacy are the major challenges to the growth of the market. The generation of cloud technologies has raised concerns about data security (such as data theft and loss of industry-specific information) among companies operating in various industries around the world. Information is shared by multiple cloud providers, and its multi-tenancy infrastructure is shared between various cloud analytics companies. These infrastructure servers are accessed and shared virtually across multiple circuits within an organization rather than shared across a single circuit, creating numerous information security vulnerabilities. Moreover, for these environments, cyber intrusions are a serious problem. If consumers flee to competitors, cyber breaches might become market-making events, signaling the decline and eventual extinction of huge brand names.
Similarly, after analysis, the information may no longer be anonymous, posing a security risk to businesses. As a result, privacy and security concerns are the major barriers to analytics adoption. Organizations will face increasing pressure to be open about information collection, information analysis and utilization, and information storage as they store huge amounts of sensitive data over a long period. Despite these confidential and information security concerns, the market in focus is expected to grow during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cloud Software Group Inc.: The company offers cloud analytics, such as TIBCO Spotfire. Also, the company offers cloud services through companies such as Citrix, NetScaler, Tibco, and ShareFile.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Cloud Computing Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Canada, UK, Germany - Size and Forecast
Cloud Data Warehouse Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, Germany, France, China, Japan - Size and Forecast
Public Cloud Services Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, UK, Germany - Size and Forecast
The market is experiencing robust growth driven by digitalization and the adoption of cloud analytics tools. Traditional data warehouses are being replaced by multi-cloud deployments, enhancing team efficiency and enterprise performance management. Companies like Oracle Fusion Cloud EPM and Salesforce are offering advanced AI solutions for customer service and engagement analytics. NLP technologies and big data are revolutionizing information analytics, while cloud business intelligence (BI) tools are streamlining enterprise information management. Despite the benefits, challenges such as data pilferage and information breaches require stringent governance, risk, and compliance measures. Speech analytics, text analytics, and video analytics are valuable tools for small and medium enterprises (SMEs) to gain insights from customer interactions and market trends. These analytics tools help SMEs make informed decisions and improve their products and services.
Moreover, the market is evolving rapidly, driven by the growing need for SQL-powered data analysis and insights. This growth is particularly notable in SMBs and large enterprise seeking to leverage digital platforms for business growth. Industry growth is fueled by the adoption of advanced analytics tools from companies like Oracle EPM and Tableau Software, especially in sectors such as BFSI organizations. Customer journey analytics and engagement analytics are becoming crucial for businesses, while predictive analytics are reshaping decision-making processes. IoT data is also increasingly integrated for deeper insights, driving the need for robust deployment analysis and organization size analysis strategies.
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Market Scope |
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Report Coverage |
Details |
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Page number |
187 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 24.4% |
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Market growth 2024-2028 |
USD 74.07 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
20.44 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Actian Corp., Alphabet Inc., Amazon.com Inc., Cloud Software Group Inc., Hewlett Packard Enterprise Co., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corporation, Oracle Corp., Panorama Software Inc., QlikTech international AB, Rackspace Technology Inc., Salesforce Inc., SAP SE, Sisense Ltd., Teradata Corp., VMware Inc., and Zendesk Inc. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Solution
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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