[ad_1]
Dublin, Feb. 25, 2022 (GLOBE NEWSWIRE) — The “Cloud Analytics Market by Component, Type (Predictive, Prescriptive, Descriptive, Diagnostic), Deployment Mode, Industry Vertical (BFSI, Healthcare, IT, Manufacturing, Media, Retail, Education, Utilities), and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
This report titled provides in-depth analysis of the cloud analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2028. The global cloud analytics market is expected to reach $104.0 billion by 2028, growing at a CAGR of 20.7% during the forecast period of 2021 to 2028.
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. The lack of in-house IT expertise offers significant growth opportunities for the cloud analytics market. However, security & privacy concerns and lack of reliability on web-based solutions obstruct the growth of this market up to some extent.
Based on component, the cloud analytics market is classified into solutions and services. In 2021, the solutions segment commanded the largest share of the overall cloud analytics market. Growth in adoption of customer analytics and sales & marketing analytics solutions and rising advertising and marketing campaigns through social media platforms are driving the growth of this segment.
Based on type, the cloud analytics market is classified into predictive analytics, prescriptive analytics, descriptive analytics, and diagnostic analytics. In 2021, the descriptive analytics segment commanded the largest share of the overall cloud analytics market. The growing need for businesses to retrieve insights from historical data to make effective business decisions related to investments in new product launches is expected to drive market growth. However, an upsurge in tech-savvy businesses and the growing significance of precise data forecasting and validation to maximize revenue are expected to drive the predictive analytics segment.
Based on deployment mode, the cloud analytics market is classified into public, private, and hybrid. In 2021, the public segment commanded the largest share of the overall cloud analytics market. The surge in the implementation of public cloud services, particularly by start- ups, and the growing shift of enterprises towards work-from-home culture are expected to drive the segment’s growth. However, the hybrid segment is expected to grow at the highest CAGR during the forecast period.
Based on industry vertical, the cloud analytics market is broadly classified into BFSI, government & defense, healthcare & life sciences, information technology, manufacturing, media & entertainment, retail & consumer goods, telecommunication, education, utilities, and other industry verticals. In In 2021, the BFSI industry commanded the…
Full story available on Benzinga.com
[ad_2]
Source link
