The report “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”, 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.
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.
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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 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
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.
Key and emerging 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).
Microsoft (US) and Google (US) are Leading Players in the Cloud Analytics Market
Microsoft (US) operates through three segments — productivity and business processes, intelligent cloud, and more personal computing. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. In the cloud analytics market, the company offers Azure Analytics, which is a cloud-based platform. It offers developers, IT professionals, and enterprises the ability to build, deploy, and manage applications on any platform or device. The Azure Analytics platform provides global network access of data centers to its customers for computing, networking, storage, mobile and web application services, AI, IoT, cognitive services, and ML. The platform revenue is mainly affected by infrastructure-as-a-service and platform-as-a-service consumption-based services, and per use-based services. Azure offers hybrid cloud, which deploys existing data centers with public cloud into a single, cohesive infrastructure. Also, Azure offers a wide range of on-demand products and services, such as Azure Synapse Analytics, Azure Stream Analytics, Azure Data Share, Data Factory, Data Lake Analytics, Event Hubs, Azure Databricks, Azure Analytics Service, Azure Machine Learning, HDInsight, and Azure Data Explorer, which help customers convert data into some actionable insights for decision-making. The company offers the Power BI business analytics solution, which visualizes data with the collection of software services, applications, and connectors to provide data that is important for businesses. Big data and advanced analytics solutions offered by the company are used for analyzing massive amounts of data of customer sentiments with IoT sensors that stream data in real-time using Apache Hadoop and Spark.
Google (US), a publicly held company, was founded in 1998 and is headquartered in California, US. The company’s parent organization, Alphabet, was founded in 2015. Google’s product innovations have increased the use of its services, and the company is one of the most recognized brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over one billion active users every month. Google built a platform on the cloud and has been investing in infrastructure, security, data management, analytics, and AI. As more and more digital experiences are being built on the cloud, its cloud products are helping enterprises of all sizes to take advantage of the latest technologies and run their businesses more efficiently. Google heavily invests in platforms, such as the Android mobile Operating System (OS), Chrome browser, Chrome OS, and Daydream VR platforms. It operates through 70 offices in more than 50 countries worldwide. Google was built on the cloud and has been investing in infrastructure, security, data management, analytics, and AI since the beginning. As more and more digital experiences are being built on the cloud, the company’s cloud products help enterprises of all sizes take advantage of the latest technologies and run their businesses more efficiently. The company has the Google Cloud Platform, which delivers world-class infrastructure and robust solutions in the multi-cloud environment for business growth. Google offers professional services, which include technical account management where experts work on proving customized cloud strategy for their clients; training and certification where experts work on improving team skills for data engineers, cloud developers, and cloud architects; and advanced solution labs built to work with businesses for understanding about cloud products and solutions. Google Cloud offers the Stream Analytics solution, which provides organized data instantly as it is generated for businesses to make decisions. The solution is built on the autoscaling infrastructure of its core components, which are Cloud Pub/Sub, Cloud Dataflow, and BigQuery.
Related Reports:
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
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