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Cloud Analytics Market Poised to Register a 21% CAGR During 2021 to 2027 - Report by Market Research Future (MRFR)

Cloud Analytics Enables Insights-Driven Businesses Decisions, Faster, and Easier

New York US, May 02, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Cloud Analytics Market” information by Organization Type, by Deployment, by Pricing Model, by Solution and Region – Forecast to 2027” market size to grow at a compound annual growth rate of 21% by 2027.

Market Scope:
External data has become critical to organizations across industries more than ever. This, as a result, has boosted the cloud analytics market demand, increasing the need for a unified experience between data integration and analytics. Moreover, growing pre-engineered data pipelines for external datasets substantiate the market shares.

Cloud analytics allows organizations to unite the data from any sources across the channels for communication on a bigger scale. The market growth attributes to many emerging players in the analytics, big data, and cloud and the cost-efficiency of cloud analytics in data collection from social networks, internal applications, and devices, helping organizations enhance various business processes.

AI-powered cloud analytics enable faster vendor data onboarding and unified data views, offering build-as-you-grow models. The new cloud analytics package helps pharmaceutical organizations speed drug development from clinical trials to product launch, shortening development cycles.

Each cloud analytics solution provides a simple, flexible approach that ensures data is unified and accessible for business teams, spanning clinical operations, medical affairs, market access, and commercial operations by providing them with unprecedented agility to act the moment drugs get fast-tracked or when they receive breakthrough drug/orphan drug designation.

Dominant Key Players on Cloud Analytics Market Covered are:

  • Oracle Corporation (US)
  • SAP SE (Germany)
  • Microsoft Corporation (US)
  • Hewlett Packard Enterprise (US)
  • IBM Corporation (US)
  • SAS Institute Inc (US)
  • Teradata Corporation (US)
  • Google Inc (US)
  • Informatica (US)
  • Salesforce Inc (US)
  • Microstrategy Inc (US)
  • Tibco Software Inc (US)

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Market USP Exclusively Encompassed:
Market Drivers
The need to quickly combine data from internal and external sources to improve various business processes creates a massive demand for cloud-based platforms. Additionally, the growing digital transformation across various verticals, such as manufacturing, healthcare, transportation, and retail, acts as a key tailwind for the market growth.

Every organization comprises various assets which need to be tracked regularly for improved efficiency and productivity. Also, various features of IoT technology, improving public safety, healthcare, transportation, and finance with better and faster real-time information foster market growth. The deployment of IoT technology and the increasing adoption of unique services by cloud analytics in various organizations accelerate market growth.

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Segmentation of Market Covered in the Research:
The report is segmented into solutions, pricing models, organization types, deployments, end-users, and regions. The solution segment comprises cloud BI, enterprise performance management (EPM), data warehousing solutions (DWS), risk & compliance, analytics solutions, and others. The pricing model segment comprises subscription-based and pay-per-use.

The organization type segment comprises SMEs and large enterprises. The deployment segment comprises private cloud, public cloud, and hybrid cloud. The end-user segment comprises consumer electronics, BFSI, retail, media, government, healthcare, education, and others. The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and Rest-of-the-World.

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Regional Analysis
North America dominates the global cloud analytics market. The largest market share attributes to innovative technologies and the early adoption of cloud technologies. Besides, the presence of several software-based companies drives the regional market growth, forming a strong competitive landscape.

Moreover, the rapid adoption of smart devices in rising numbers of enterprises in this region boosts the growth of the market. The North American cloud analytics market is projected to retain its dominance throughout the estimated period.

Europe stands second in the global cloud analytics market. The region hosts several well-established technology development centers and innovative technologies, allowing the early adoption of advanced technologies. Augmenting demand and early technology adopters from many end users like consumer electronics, banking, retailing, media, education, government, and healthcare boost the region's cloud analytics market shares.

Additionally, the presence of leading industry players and increasing uptake of cloud computing solutions across the industries for various applications escalate the market share of the region. Also, the growing adoption of cloud-based services by small and large organizations boosts the regional market's growth. The European cloud analytics market is estimated to create a substantial revenue pocket during the forecast period.

The Asia Pacific cloud analytics market is growing rapidly, heading with the growing uptake of futuristic cloud computing technologies. Moreover, the penetration of IoT devices across the industries and fast-developing IT infrastructure influence the market revenues in this region. Furthermore, the large presence of major technology providers, alongside the continuous growth in technologies, impacts the market value positively.
The increasing awareness of the cloud analytics benefits in the region acts as a key tailwind for market growth. The APAC cloud analytics market is expected to grow at the highest CAGR during the assessment period.

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Competitive Landscape
The cloud analytics market appears extremely fragmented, considering the presence of established manufacturers. Eminent players seek opportunities to integrate across the extensive value chain while focusing on expanding production capacities, R&D investments, and M&A activities to gain additional impetus. They strive to deliver reliable, leading-edge cloud analytics for various applications, substantially investing in developing adept technologies and products.

For instance, on Apr. 12, 2022, Crux, a leading global provider of external data integration solutions, expanded its partnership with Google Cloud to support data mobility and accelerate external data integration into the platform. For external data integration, Crux integrates Google Cloud Analytics Hub, launched recently during its Data Cloud Summit held on Apr. 6, 2022.

This partnership would enable Crux to increase its data mobility capabilities to help advance data sharing capabilities and access to partner data from industry leaders like MSCI, Factset, Morningstar, Institutional Shareholder Services, BoardEx, Linkup, Euronext FX, and many others. The sharing capabilities that Google Cloud Analytics Hub delivers will significantly enhance the data mobility requirements of practitioners.

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