According to market research report on "Cloud Analytics Market by Solution (Analytics Solutions, HostedData Warehouse Solutions, and Cloud BI Tools), Deployment Mode (Public Cloud,Private Cloud, and Hybrid Cloud), Organization Size, Industry Vertical, andRegion - Global Forecast to 2025", published byMarketsandMarkets™, the Cloud Analytics Market size to grow from USD 23.2 billionin 2020 to USD 65.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of23.0% during the forecast period. The major factors driving the growth of the CloudAnalytics Market are increasing dataconnectivity through hybrid and multi-cloud environments, the cost benefits ofcloud-based analytics solutions, and growing trend of digitalization andmassive rise in big data. Furthermore, Insufficient in-house IT expertise andequipment, and growing use of mobile apps due to the COVID-19 pandemic areexpected to provide opportunities for enterprises operating in variousverticals in the Cloud Analytics Market.
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The analytics solution segment to record the highest growth rateduring the forecast period
Under the solutions segment, the analytics solution is expectedto grow at the highest growth rate during the forecast period. The high marketshare of analytics solutions is attributed to the increasing demand for thedashboards provided by various vendors, which help businesses retain customersand identify new opportunities for future growth. The demand for cloudanalytics solutions is increasing globally due to the increasing demand foroffering enhanced customer support across major verticals. These solutions arefurther capable of creating a detailed analysis of the data through theintegration of various technologies. Cloud analytics solutions comprise cloudBI tools; hosted data warehouse solutions; complex event processing; EnterpriseInformation Management (EIM); Enterprise Performance Management (EPM);Governance, Risk, and Compliance (GRC); and analytics solutions.
These solutions help businesses to improve their business decision-makingability. It provides a platform that has cloud-based analytical capabilities,which helps various industries remain competitive in the market. To handle hugedata volumes from heterogeneous data sources, and to extract usefulinformational insights from the data corpus, businesses need to set up moreservers and other hardware equipment, along with highly skilled IT personnel.Cloud analytics solutions resolve work-intensive and resource-intensive issuesas the on-demand characteristics eliminate the costs associated with setting upmore servers and other hardware equipment required by the data centers ofbusiness organizations. The cloud analytics solution providers offer end-to-endsolutions to cater to the industry-specific requirements of verticals, such asBFSI, healthcare and life sciences, retail and consumer goods, research andeducation, government, media and entertainment, energy, telecom and IT,manufacturing, and other verticals that include infrastructure management,logistics, and transportation and automotive
The hybrid cloud deployment segment segment to record the higherCAGR during the forecast period
In the Cloud Analytics Market by deployment mode, the hybridcloud segment is expected to record the higher CAGR during the forecast period.Data is a valuable asset for formulating business strategies. Organizations arebecoming highly dependent on data, which helps them gain a competitiveadvantage. Organizations are increasingly focusing on channelizing andharmonizing critical reference data. Enterprises have now started investing inmaintaining a central repository of data for easy access and better analysis ofdata. Enterprises prefer the deployment mode based on their requirementsregarding scalability and level of data security.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in theglobal Cloud Analytics Market during the forecast period. The US has emerged asthe largest market, due to the increasing investments and a growing presence ofvendors who are exploring the use of AI and NLP technologies for variousapplications. The US market widely adopts AI and NLP technologies in itsbusiness establishments and other verticals, catering to customers in a betterway and continually improving business efficiencies. The country has advancedinfrastructure, innovations, and initiatives necessary to evolve cloudanalytics into robust solutions with innovative benefits.
Key and emerging CloudAnalytics Market players include Microsoft (US), Google (US), Oracle (US),IBM (US), Salesforce (US), SAP (Germany), TIBCO Software (US), SASInstitute (US), Teradata (US), AWS (US), MicroStrategy (US), Hewlett-PackardEnterprise (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).
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