Increasing data connectivity through hybrid and multi-cloud environments, the cost benefits of cloud-based analytics solutions, and growing trend of digitalization and massive rise in big data to drive the growth of cloud analytics market
The global cloud analytics market size is expected to grow from USD 23.2 billion in 2020 to USD 65.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period. Cloud computing environments, wherein the data is remotely stored in distributed storage systems, are making it possible to quickly scale-up or scale-down the IT infrastructure. These environments are also facilitating pay-as-you-go models. This means that organizations that want to process huge quantities of data, and have large storage and processing requirements, do not need to invest in setting up a large IT infrastructure. They can instead license the storage and processing capacity they need and only pay for the amounts they use. As a result, most big players that deal with large data volumes are leveraging the possibilities of cloud computing to deliver their solutions to enterprises.Traditional data warehouses, and difficulties in running input/output-intensive applicationsareone of the major challenges in the cloud analyticsmarket. Moreover, security and privacy concerns for confidential data acts as a key restraining factor in the market.
The current climate around COVID-19 has created challenges for every single industry and function by impacting customer traction, delivery models, production priorities, and budgets. Businesses are in unprecedented flux, and the only real way to assess and examine the impact of this situation is with data-driven insights. Analytics helps assess the impact of a business’ environment and how mature or equipped it is to handle it. Analytics delivers accuracy with measurable outcomes, which helps gauge current state versus future state?with all of the variables in play. Analytics is the only way that large enterprises can take stock of the situation and systematically plan for the short term or long term. Even after the crisis, as organizations recover, analytics will redefine best practices with new practices that cut costs, increase productivity, or drive sales.
Among Solutions, the analytics solution segment to record the highest growth rate during the forecast period
By solution, the analytics solutions segment is expected to account for a higher market share during the forecast period. The high market share of analytics solutions is attributed to theincreasing demand for the dashboards provided by various vendors, which help businesses retain customers and identify new opportunities for future growth.The demand for cloud analytics solutions is increasing globally due to the increasing demand for offering enhanced customer support across major verticals. These solutions are further capable of creating a detailed analysis of the data through the integration of various technologies. Cloud analytics solutions comprise cloud BI tools; hosted data warehouse solutions; complex event processing; Enterprise Information Management (EIM); Enterprise Performance Management (EPM); Governance, Risk, and Compliance (GRC); and analytics solutions.
These solutions help businesses to improve their business decision-making ability. It provides a platform that has cloud-based analytical capabilities, which helps various industries remain competitive in the market. To handle huge data volumes from heterogeneous data sources, and to extract useful informational insights from the data corpus, businesses need to set up more servers and other hardware equipment, along with highly skilled IT personnel. Cloud analytics solutions resolve work-intensive and resource-intensive issues as the on-demand characteristics eliminate the costs associated with setting up more servers and other hardware equipment required by the data centers of business organizations. The cloud analytics solution providers offer end-to-end solutions to cater to the industry-specific requirements of verticals, such as BFSI, healthcare and life sciences, retail and consumer goods, research and education, government, media and entertainment, energy, telecom and IT, manufacturing, and other verticals that include infrastructure management, logistics, and transportation and automotive.
Among deployment mode, the hybrid cloud deployment segment to record the higher CAGR during the forecast period
The deployment mode in the cloud analytics market includes public cloud, private cloud, and hybrid cloud. Data is a valuable asset for formulating business strategies. Organizations are becoming highly dependent on data, which helps them gain a competitive advantage. Organizations are increasingly focusing on channelizing and harmonizing critical reference data. Enterprises have now started investing in maintaining a central repository of data for easy access and better analysis of data. Enterprises prefer the deployment mode based on their requirements regarding scalability and level of data security.
Among regions, North America to hold the largest market size duringthe forecast period
North America is expected to hold the largest market size in the global cloud analytics market during the forecast period. The US has emerged as the largest market, due to the increasing investments and a growing presence of vendors who are exploring the use of AI and NLP technologies for various applications. The US market widely adopts AI and NLP technologies in its business establishments and other verticals, catering to customers in a better way and continually improving business efficiencies. The country has advanced infrastructure, innovations, and initiatives necessary to evolve cloud analytics into robust solutions with innovative benefits.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the cloud analytics market.
- By Company: Tier I: 47%, Tier II: 33%, and Tier III: 20%
- By Designation: C-Level Executives: 40%, Manager & Other level: 60%
- By Region: North America: 25%, APAC: 40%, Europe: 35%
The report includes the study of key players offering cloud analytics solutions and services. It profiles major vendors in the global cloud analytics market. The major vendors in the global cloud analytics market includeMicrosoft (US), Google (US), Oracle (US), IBM (US), Salesforce (US), SAP (Germany), TIBCO Software (US), SAS Institute (US), Teradata (US), AWS (US), MicroStrategy (US), Hewlett-Packard Enterprise (US), Sisense (US), Atos (France), Cloudera (US), Hitachi Vantara (US), ThoughtSpot (US), Qlik (US), Domo (US), GoodData (US), Alteryx (US), Absolutdata (US), Infor (US), Yellowfin (Australia), Guavus (US), Looker (US), Board International (Switzerland), and Pyramid Analytics (Netherlands).
The cloud analytics market is segmented bysolution, deployment mode, organization size, industry vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations;business expansions; and competitive landscape associated with the global cloud analytics market.
Key Benefits of Buying the Report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments thecloud analytics market and provides the closest approximations of the revenue numbers for the overall market and itssubsegments across regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and acquisitions.