The cloud analytics market is expected to reach $104 billion by 2028, at a CAGR of 20.7% during the forecast period of 2021 to 2028.”
In the past few years, growing reliance on data analytics, the availability of cloud services at affordable prices, and the rising variability of advanced analytics software have gained traction in the cloud analytics market. Organizations seek advanced scientific discovery and gain a competitive advantage by including cloud analytics solutions in their business processes. Thus, cloud analytics plays a vital role in enhancing the business development of the organizations implementing this technology.
Meticulous Research®, in its latest publication on the cloud analytics market, states that the global market will grow at a CAGR of 20.7% from 2021 to 2028 to reach $104.0 billion by 2028.
In addition, the lack of in-house IT expertise offers significant growth opportunities for the cloud analytics market. The growth of this market is attributed to the increasing data connectivity through multiple cloud platforms, increasing availability of cloud-based solutions at affordable prices, and growing digitalization and rise in Big Data. However, security & privacy concerns and lack of reliability on web-based solutions are obstructing the growth of this market up to some extent.
To provide efficient analysis, Meticulous Research® has segmented this market based on component [(solutions (customer analytics, BI tools, data warehouse modernization, enterprise performance management, governance, risk & compliance, sales & marketing analytics, supply chain analytics, and analytics tools (spatial analytics tools, video analytics tools, text analytics tools, speech analytics tools, and others)) and services (support & maintenance, advisory services, and integration services)], type (predictive, prescriptive, descriptive, and diagnostic), deployment mode (public, private, and hybrid), industry vertical (BFSI, government & defense, healthcare & life sciences, IT, manufacturing, media & entertainment, retail & consumer goods, telecommunication, education, utilities, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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