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(IT-NEWSWIRE.COM, September 22, 2020 ) According to market research report on "Cloud Analytics Market by Solution (Analytics Solutions, Hosted Data Warehouse Solutions, and Cloud BI Tools), Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size, Industry Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Cloud Analytics Market size 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.
The major factors driving the growth of the Cloud Analytics Market are 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. Furthermore, Insufficient in-house IT expertise and equipment, and growing use of mobile apps due to the COVID-19 pandemic are expected to provide opportunities for enterprises operating in various verticals in the Cloud Analytics Market.
Browse and in-depth TOC on “Cloud Analytics Market”
359 - Tables
48 - Figures
357 - Pages
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The analytics solution segment to record the highest growth rate during the forecast period
Under the solutions segment, the analytics solution is expected to grow at the highest growth rate during the forecast period. The high market share of analytics solutions is attributed to the increasing 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
The hybrid cloud deployment segment segment to record the higher CAGR during the forecast period
In the Cloud Analytics Market by deployment mode, the hybrid cloud segment is expected to record the higher CAGR during the forecast period. 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.
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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 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.
Key and emerging Cloud Analytics Market players include Microsoft (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).
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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Content Source: https://www.marketsandmarkets.com/PressReleases/cloud-based-business-analytics.asp
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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