Latest News- Cloud Analytics Market: Hosted data warehouse solutions expected to lead the Solution segment during 2024-2028

The Cloud Analytics Market is being driven by Hybrid and multi-cloud setups can improve data connectivity

The Cloud Analytics Market is expected to grow at a CAGR of 24.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 74075.8 million. In the hybrid business environment, security concerns represent a substantial challenge. Nevertheless, IT professionals assert that cloud solutions offer enhanced security compared to traditional onsite data centers. This trend is reflected in the priorities of chief information officers, who are allocating increased budgets towards cloud backup and security. The growing emphasis on security for cloud analytics has led to substantial investments in cloud security solutions. Startups and established players alike are focusing on developing software that streamlines policy compliance, data protection, and visibility in the cloud. By leveraging cloud applications, organizations can effectively manage and safeguard their data, enabling them to operate more efficiently and securely. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Solution
  • Hosted data warehouse solutions
  • Cloud BI tools
  • Complex event processing
  • Others
• Deployment
  • Public cloud
  • Hybrid cloud
  • Private cloud
• Type
  • Cloud BI
  • Advanced Analytics
  • Data Processing
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Hybrid and multi-cloud setups can improve data connectivity
• Increasing demand for cloud-based application
• Machine learning and AI adoption

However, the market also witnesses some limitations, which are as follows:

• Concerns about confidential data security and privacy
• Conventional data warehouses
• Latency in cloud network

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Market Scope in Cloud Analytics Market Research Report

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Research Analysis Overview

The Cloud Analytics Market is experiencing significant growth as more businesses adopt Big data technology to gain Data-driven insights in Hybrid environments, including Multi cloud setups. Cloud Platforms offer Computation and Data storage capabilities in Public and Private clouds, enabling businesses of all sizes, from Large Enterprises to Small and Medium-sized Enterprises (SMEs), to process and analyze vast volumes of data from various Data sources. Key Performance Indicators (KPIs) are crucial for Customer service, Sales and Marketing, and Business operations. Cloud-based analytics solutions enable real-time analysis of Data driven insights from unstructured data, ensuring effective Decision making based on customer requirements and Business operations. Data connectivity is essential for seamless integration of various Data sets, allowing Advanced analytics solutions to deliver valuable insights. Public and Private clouds offer different advantages, with Public clouds providing scalability and cost-effectiveness, while Private clouds offer enhanced security and control. Regardless of the cloud choice, Data analytics and Business intelligence remain critical components of Cloud platforms, enabling organizations to gain valuable insights and make informed decisions. The Cloud Analytics Market continues to evolve, offering advanced solutions to meet the ever-growing Data volume and Data sources demands.

Market Research Overview

The global IT software market encompasses businesses specializing in the creation and distribution of application and systems software, including database management solutions. The systems software sector specifically caters to organizations involved in application development and management, cloud computing, data centers, hosting, IT management, mobility, networking, security, and storage software production. Excluding home entertainment software firms, this market's size is determined by aggregating the revenues generated by companies providing various types of systems software, notably cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/