Cloud Analytics Platform Market Size, Share, Growth, And Industry Analysis, By Type (Web-Based and Cloud-Based), By Application (SME (Small and Medium Enterprises) and Enterprise), Regional Forecast From 2024 to 2031

Updated On: 15 April 2024

Cloud Analytics Platform Market Report Overview

• 

• Request a Free Sample to learn more about this report

The global cloud analytics platform market size expanded rapidly in 2021, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the cloud analytics platform market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

Software platforms known as cloud analytics platforms enable businesses to carry out data analytics as well as business intelligence tasks on the cloud. These platforms give customers the ability to employ cloud-based tools and resources to store, and analyze enormous amounts of data from diverse sources. Data from social media, customer relationship management systems, banking systems, and other enterprise applications can be analyzed using cloud platforms. They can assist businesses in gaining understanding of their operations, clients, and markets so they can make more intelligent decisions and expand their operations.

The market for cloud analytics platforms is expanding as a result of a number of factors, including the rising amount of data that businesses are producing, the demand for real-time data analytics, the scalability and flexibility that cloud-based solutions provide, and the expanding use of machine learning and artificial intelligence technologies. Also, as remote work and digital transformation have grown more common, the COVID-19 pandemic has hastened the use of cloud-based solutions. The market is anticipated to keep expanding as businesses look to their data for insights that will spur innovation and commercial growth.

COVID-19 Impact: Implementation of Cloud-based Solutions by Firms due to Abrupt Transition to Remote Working

The COVID-19 epidemic has had a large effect on the market for cloud analytics platforms. Many firms had hastened their implementation of cloud-based solutions, especially analytics platforms, due to the abrupt transition to remote work and the necessity for virtual communication. As more workers opted to work from home, cloud analytics has developed into a crucial tool for businesses to access and analyze data from many locations. Also, the pandemic had boosted demand for real-time data analytics as businesses sought to quickly adjust to shifting market circumstances.

Latest Trends

"Development of Hybrid Platforms to Give Businesses Freedom and Influence over their Data"

The growing use of hybrid cloud analytics platforms is one of the most recent developments in the market for cloud platforms. Hybrid platforms give businesses more freedom and influence over their data by enabling them to store data and carry out analytics operations across various cloud and on-premises settings. The necessity for businesses to maintain their data across multiple locations and enforce consistency with data privacy laws has fueled this development.

Cloud Analytics Platform Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the market can be segmented into Web-Based and Cloud-Based

• By Application Analysis

Based on application, the market can be divided into SME (Small and Medium Enterprises) and Large Enterprise

Driving Factors

"Growing Volume of Data Produced by Enterprises is Propelling the Market for Cloud Platforms "

The expanding amount of data produced by enterprises is one of the key reasons propelling the market for cloud analytics platforms. Organizations are producing more data than at any time previously due to the widespread use of digital technologies. Platforms for cloud analytics offer a scalable and adaptable method for analyzing and processing this data, allowing businesses to learn more about their operations, clients, and markets.

"Advantages of Cloud Platforms Facilitate Companies' Rapid Adaptation to Shifting Market Circumstances"

Scalability offered by cloud analytics systems enables businesses to quickly change the quantity of computer resources they require in response to shifting demand. As a result, businesses may easily and swiftly scale up or down to accommodate massive volumes of data or unexpected traffic increases. Additionally, these analytics platforms offer enterprises the flexibility to tailor their analytics solutions to suit their particular requirements. Organizations may easily respond to shifting business needs and market conditions due to this flexibility.

Restraining Factors

"Concerns Over Data Theft and Privacy Might Limit the Cloud Market Growth"

The concern over privacy and security of data is one factor limiting the cloud analytics platform market growth. Data security and confidentiality worries have grown as more data is gathered and analyzed through analytics platforms. In recent times, there have been a number of high-profile data theft and breaches that have brought to light the weaknesses of cloud-based data analytics platforms. Several businesses have been reluctant to utilize these platforms as a result, particularly those in heavily regulated sectors such as medical, banking, and administration. Many firms are concerned about HIPAA and GDPR compliance as well as the dangers of storing private information in the cloud.

Cloud Analytics Platform Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"North America Dominated the Regional Market due to Presence of Major Vendors and Favorable Policies  "

The domination of North America in the cloud analytics platform market share can be attributed to a number of factors. Major cloud platform suppliers are heavily represented in the region. The market in North America has grown as a result of these vendors' expansion of their product lines and significant investments in R&D to enhance their goods. Also, governments in North America have encouraged the use of cloud technology by providing tax breaks and other advantages to businesses who use cloud analytics platforms. Due to this, businesses have increased their spending on cloud-based data analytics technologies.

Key Industry Players

"Key Players Focus on Advertising and Marketing Techniques to Gain a Competitive Advantage"

Players in the cloud analytics platform segment are using a variety of tactics to increase their share of the market. Competitors in the cloud platform industry employ a range of advertising and marketing techniques to increase brand recognition and draw in additional clients. To make it simpler for clients to try out their goods, they are also emphasizing the development of user-friendly displays and the provision of free trials. In order to offer top-notch customer support, the companies are making investments in customer service. To provide rapid and efficient answers to client questions, they use a variety of channels, including emails, chatbots, and telephone assistance. They are building a foundation of devoted customers in the process, which could aid them in gaining market share.

List of Market Players Profiled

• BDB (India)
• Centilytics (U.S.)
• CenturyLink (U.S.)
• Certero (U.K.)
• Chartio (U.S.)
• ClearStory Data (U.S.)
• Cloudability (U.S.)
• Cloudyn (Israel)

Report Coverage

This report covers the cloud analytics platform market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.