The cloud analytics market is estimated to grow at a CAGR of 16.41% over the forecast period to reach a market size of US$58.296 billion in 2026 from US$20.120 billion in 2019. Cloud-based analytics help business organizations analyze a large amount of unstructured data flowing through various platforms including connected devices.
The higher adoption rate of cloud analytics across all industries is a major factor contributing to the growth of the cloud analytics market.
Impact of COVID on the market.
The outbreak of coronavirus has hurt the cloud analytics market. Global ICT spending declined during 2020. Furthermore, the hardware business is estimated to have a major impact on the IT industry, because of the reduction in the manufacturing capacity there has been a slowdown in the supply of hardware. This has therefore slowed down the infrastructure growth of IT. However, the use of collaborative applications, analytics, AI, and security solutions will increase and will therefore boost the cloud analytics market. The analytics professionals who have great knowledge in advanced analytics like Artificial Intelligence and Machine Learning have been hired to help executives in making business decisions in this challenging time of the COVID pandemic.
BFSI industry is estimated to be one of the major end-users of cloud analytics services. Fintech companies leverage cloud-based technology to improve their operational efficiency and to provide a better experience to their customers. The use of cloud analytics enables the BFSI sector to provide a secure payment gateway, CRM and ERP system, secure storage of sensitive information, and regulatory compliance.
North America is the largest market for cloud analytics.
The North American region is estimated to be the largest market of cloud analytics. There are a large number of companies in North America that are dedicated to cloud analytics. Moreover, a rise in the investments by the key players in the market of cloud analytics is driving growth in the region. Technological advancements, momentum towards subscription-based services are also major reasons for growth in the region.
Asia Pacific region will also witness significant growth in the cloud analytics market in the forecast period. Amazon Web Services and Google Cloud are the major players in this region. Technological advancements in the region will boost the cloud analytics market in the coming years.
The major market players in cloud analytics are SAP, Oracle Corporation, Microsoft Corporation, IBM Corporation, Teradata Corporation, Alphabet, Inc., Hewlett- Packard, SAS Institute, Inc., Microstrategy Incorporated, and Tableau Software. The companies compete with each other by updating their product, acquiring another company, or entering into a merger agreement. There is intense competition among these major players, therefore they make huge investments to stay ahead in the industry.
|The market size value in 2019||US$20.120 billion|
|The market size value in 2026||US$58.296 billion|
|Growth Rate||CAGR of 16.41% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Deployment Model, Organization Size, Industry Vertical, and Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, Asia Pacific|
SAP, Oracle Corporation, Microsoft Corporation, IBM Corporation, Teradata Corporation, Alphabet, Inc., Hewlett- Packard, SAS Institute, Inc., Microstrategy Incorporated, and Tableau Software
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the cloud analytics market?
A1. The global cloud analytics market is estimated to grow at a CAGR of 16.41% during the forecast period.
Q2. What will be the cloud analytics market size by 2026?
A2. The cloud analytics market is estimated to reach a market size of US$58.296 billion by 2026.
Q3. What is the size of the global cloud analytics market?
A3. The Cloud Analytics Device market was valued at US$20.120 billion in 2019.
Q4. Which region holds the maximum market share in the cloud analytics market?
A4. The North American region is projected to hold the largest share of the cloud analytics market.
Q5. What factors are anticipated to drive the cloud analytics market growth?
A5. The higher adoption rate of cloud analytics across all industries is a major factor contributing to the growth of the cloud analytics market.