Published Date: 31-Oct-2022
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According to a new report, published by KBV research, The Global Cloud Analytics Market size is expected to reach $81.8 billion by 2028, rising at a market growth of 21.0% CAGR during the forecast period.
The Small & Medium-sized Enterprises (SMEs) segment is showcasing a CAGR of 23% during (2022 - 2028). SMEs are choosing hybrid and public clouds due to their scalability, which allows for online and geographical expansion without incurring additional costs. It decreases or eliminates downtime and enables enterprises to perform more without incurring additional infrastructure costs.
The Sales & Marketing segment acquired maximum revenue share in the Global Cloud Analytics Market by Application in 2021 thereby, achieving a market value of $26.8 billion by 2028. Emerging developments such as text data analytics and social analytics, as well as increased demand for business planning insights, are driving market expansion. By developing new items, corporations are focusing on growing their skills.
The Private segment has shown the growth rate of 21.7% during (2022 - 2028). Since the cloud infrastructure is devoted to a specific user organization, it offers more privacy and security, which is likely to promote the industry's expansion, particularly among major organizations. In December 2021, for instance, Barclays revealed the adoption of HPE GreenLake to deliver unified on-premises cloud architecture to enhance operational efficiency and agility.
The Solution segment is leading the Global Cloud Analytics Market by Component in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $52.1 billion by 2028. The growth for cloud analytics strategies such as cloud BI software, enterprise information management, risk, governance, compliance, enterprise performance administration, and analytics solutions is on the rise.
The IT & Telecommunication segment is exhibiting CAGR of 20.7% during (2022 - 2028). Telecom cloud analytics software defines an architecture that enables the telecom organization to remotely store and analyze data in its data processing facilities or data lakes. Cloud-based communication solutions can rapidly expand the business's services and enable them to adapt to rapid change.
The North America market dominated the Global Cloud Analytics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $29.6 billion by 2028.The Europe market is experiencing a CAGR of 20.2% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 22.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/cloud-analytics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Amazon Web Services, Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc., Sisense, Inc., Salesforce.com, Inc. (Tableau Software, Inc.), GoodData Corporation, and Databricks, Inc.
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