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The traditional business intelligence and analytics are not capable enough to adapt and take inventory of factors such as changing employee mobility, numerous data access points, and data compliance, security, and safety concerns that come with digitization. Cloud computing on the other hand has established itself as one of the most reliable, flexible, economical, and efficient of the emerging technologies in response to these requirements. In addition, the cloud is affordable, as it is supported by a subscription-based pricing structure and doesn’t require a huge infrastructural expense.
Cloud analytics, a diffusion of data analytics and cloud computing, is software as a service solution used to analyze massive sets of structured as well as unstructured data on cloud to get useful information and better business insights. Cloud analytics by using a range of analytical tools and techniques help to streamline business processes by gathering, integrating, analyzing, and presenting insights, that is easily categorized and readily available via a web browser and which help the businesses to make faster and better strategic decisions.
The benefits associated with cloud analytics such as increasing accessibility, highly affordability, and data consolidation helps create a real-time mode for efficient data management. This makes them highly desirable in large, medium as well as small enterprises.
The global cloud analytics market is expected to grow at a tremendously flourishing CAGR over the next few years.
The growth of this market is attributed towards major pertaining factors including; the rise in cloud adoption and business analytics software by enterprises across the globe as a result of enormous amount of data generation, the increasing data connectivity through hybrid and multi-cloud environments, the increasing demand for cloud analytics solution, the growing trend of digitalization, the increasing number of product launches by major companies and the cost benefits of cloud-based analytics solutions etc.
Additionally, the increasing use of the product in fraud detection activities and the use of concepts such as the IoT and AI will contribute to the growth of the market. Also, cloud analytics help companies obtain detailed information of the users and consequently eliminate the need for complex processes.
Moreover, majority of business organizations working in a number of industries, other than IT and telecommunications, don’t generally have the required IT personnel to manage the complexities involved within the cloud technological environment. The cloud has been emerging as the best possible solution for these enterprises to manage large quantities of data, without the extensive requirement of expert IT staff, hardware tools, or techniques and huge capital deployment, thereby, contributing to the expansion of the market.
Furthermore, easy installation features and cost effectiveness of cloud analytics services, the emergence of big data, the exponential growth of unstructured and structured data, surge in demand for cloud-based business analytics software among SMEs are factors that will further propel the growth of this market.
However, global economic slowdown, insufficient volume of meaningful data among SME’s, difficulties in running input/output-intensive applications, traditional data warehouses and security and privacy concerns for confidential data are major factors restraining the growth of this market.
Moreover, the outbreak of COVID-19 this year opened new doors for the cloud analytics market globally. With businesses all around the world coming to a halt and working people being locked indoors, the IT sector saw a steep decline in various fields but eventually boomed with the functions and offerings it provided in the form of collaborative applications, analytics, security solutions, and AI. From people working in homes by leveraging the use of real-time screen reporting to businesses wanting to analyze the scope of the impact of their losses because of shutdowns by calling Analytics professionals, business intelligence professionals, and professionals providing expertise in more advanced analytics such as AI and ML for their expertise to make business decisions on how to respond to the new business challenges caused by the COVID-19 outbreak, this market emerged like never before. And, this trend is most likely to continue even after the post COVID-19 scenario.
CLOUD ANALYTICS MARKET SEGMENTATION:
By Deployment Mode:
By Organization Type:
By End-Use Industry:
The North American region is the largest regional market for cloud analytics holding a substantial market share and is also expected to witness robust expansion in the coming years. This can be attributed to the growing presence of key players in the region and them exploring the use of AI and NLP technologies for various applications in different verticals in the region, the rapidly growing infrastructure, innovations, and initiatives, the early adoption of the cloud, the high degree of industrialization and growing use of software solutions in business activities in the region, etc. The U.S. is the major contributor in the region.
The Asia Pacific region holds a significant market share in the cloud analytics market and is expected to thrive in the upcoming years owing to the rise in the technological advancements in countries like China, Japan and India, the rapidly growing industrial sectors and the flourishing economies of emerging countries in the region along side several other related factors etc.
FEW KEY PLAYERS IN CLOUD ANALYTICS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global cloud analytics market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Cloud Analytics Industry Report
The report offers a comprehensive insight on the Cloud Analytics Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.