Global cloud analytics market is anticipated to grow at a significant CAGR of 16.1% during the forecast period (2024-2031). The market growth is attributed to the organizations’ transition to digital platforms and the increasing demand for cloud environments to facilitate data communication globally. With the use of cloud analytics, businesses may access remote data centers and handle massive amounts of data, contributing to more productive and accurate outcomes. The software-as-a-service solution is fully automated end-to-end by analytics and machine learning with it, retailers and consumer goods companies can quickly transform data into value. For instance, in May 2023, SAS announced $1.0 billion for AI-powered industry solutions. The multiyear investment fuels cloud-first solutions across numerous industries. More than ever, retailers and manufacturers of consumer goods require accurate demand planning. Businesses can more effectively predict and manage customer demands and delivery delays with the aid of SAS Intelligent Planning Cloud, which is powered by AI.
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The market players forming strategic partnerships to design data infrastructure using the Cloud, and to jointly develop innovative new cloud-based analytics services. The advancement in the cloud and AI fundamentally transforms financial institutions’ research, interaction, and transaction across asset classes and adapts to changing market conditions. For instance, in December 2022, LSEG and Microsoft introduced a 10-year strategic partnership for next-generation data and analytics and cloud infrastructure solutions. Microsoft to make an equity investment in LSEG through the acquisition of shares. The new collaboration to architect LSEG’s data infrastructure and build intuitive next-generation productivity, data analytics, and modeling solutions with Microsoft Azure, AI, and Microsoft Teams.
There is a genuine possibility of an abrupt disruption to system performance owing to the growing geopolitical risk of data located overseas. In addition to the numerous advantages that come with the spread of public clouds, data is subject to international legal constraints. This happens owing to the lack of clarity regarding the physical location of the data in terms of nation or region. For instance, in March 2024, Qlik®, in data analytics and integration, announced the introduction of its first cloud region in Tokyo. The new cloud region strengthens the company’s ability to support the demand for more diversified data utilization, while also allowing customers to adhere to increased regulatory and sovereignty requirements. The Tokyo Cloud Region enables Qlik to provide customers with region-specific data privacy laws and data locality requirements, ensuring that data is stored and processed in Japan, with limited transfer of data out of the country for stable business operations.
Global Cloud Analytics Market Report Segment
By Component
- Solutions
- Services
By Deployment
- Public
- Private
- Hybrid
By Application
- Sales And Marketing
- Customer Service
- Accounting & Finance
- Human Resource
- Others (Research & Development)
By Industry Vertical
- BFSI
- Retail & Consumer goods
- Healthcare & Life sciences
- IT & Telecommunication
- Education
- Automotive
- Manufacturing
- Transportation & Logistics
- Government & Defense
- Other (Energy & Utilities)
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Cloud Analytics Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Adobe Inc.
- Alteryx
- Board International SA
- Cloud Software Group, Inc.
- Cloudera, Inc.
- Domo, Inc.
- GoodData Corp.
- Kyndryl Inc.
- MicroStrategy Inc.
- Mode Analytics, Inc.
- Oracle Corp.
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