Market Highlights —
The global cloud analytics market size is estimated to reach USD 26 billion by 2023, as per an in-depth report by MRFR. The capacity of cloud computing to allow scaling of operations is the primary driver of the market. The migration of sensitive data to cloud is expected to spur the cloud analytics market growth.
Cloud analytics refers to a suite of tools used in extracting useful information from volumes of data. It can present the data on the Internet in a graphical or statistical format. This business model has gained prominence due to adoption of cloud services for management of data by various organizations. The global cloud analytics market report has been compiled by experts at Market Research Future (MRFR) using a combination of methods.
High volume of unstructured data can present a lucrative opportunity for the market. Companies are relying on social media channels present in the form of tweets, photos, comments, and others to gain insights on customer patterns. The continuous growth of this cluster of data supported by the growing number of Internet users is likely to bode well for the cloud analytics market.
But concerns regarding privacy can pose a challenge to the market.
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The cloud analytics market is segmented by deployment, organization type, pricing model, solution, and end-user.
By deployment type, it is segmented into private, public, and hybrid. The public cloud segment is expected to gain a sizeable market share owing to presence of various digital natives gaining access to storage space to serve their small customer base. On the other hand, the hybrid model is expected to experience a sharp growth owing various data visualization techniques which can present patterns and insights into user behavior which can provide an edge to organizations.
By organization type, it is segmented into SMEs and large. Large organizations can dominate the market owing to their capacity to invest and implement cloud technologies. On the other hand, the SMEs segment can capture a sizeable market share enticed by benefits of cloud computing.
By pricing, it is segmented into subscription based and pay per use. The subscription segment is predicted to exhibit the fastest growth rate owing to end-users preferring it over their counterpart for an annual fee.
By solution, enterprise performance management (EPM), cloud BI, risk & compliance, data warehousing solutions (DWS), and analytics solutions. The cloud BI segment is predicted to dominate due to the solution being pivotal for organizational growth.
By end-user, it is segmented into retail, media, government, healthcare, education, BFSI, and consumer electronics.
North America leads the global cloud analytics market thanks to adoption of latest technological infrastructure and continuous developments. It can enjoy a steady growth rate owing to supportive government policies. The growth witnessed in big data and various novel methods designed to store voluminous data can drive market growth.
The Asia Pacific is bound to expand at an ascending trajectory due to deployment of cloud solutions by enterprises for fetching relevant data. This can empower organizations in making business decisions at a robust rate. India is expected to contribute to the market thanks to policies such as Make in India.
Prime players include SAP SE, Oracle Corporation, Microsoft Corporation, IBM Corporation, Hewlett Packard Enterprise, SAS Institute Inc, Google Inc, Teradata Corporation, Informatica, Microstrategy Inc, Salesforce Inc, and Tibco Software Inc. In 2019, Vodafone Idea Limited, one of the biggest telecom operators, signed a deal with IBM for five years which would include modernization of IT infrastructure. The company plans to leverage on cloud services of the latter to expand their customer base.
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List of Tables
TABLE 1 CLOUD ANALYTICS MARKET, BY ORGANIZATION TYPE
TABLE 2 CLOUD ANALYTICS MARKET, BY DEPLOYMENT
TABLE 3 CLOUD ANALYTICS MARKET, BY PRICING
TABLE 4 CLOUD ANALYTICS MARKET, BY SOLUTIONS
TABLE 5 CLOUD ANALYTICS MARKET, BY END – USER
TABLE 6 CLOUD ANALYTICS MARKET, BY REGION
TABLE 7 NORTH AMERICA CLOUD ANALYTICS MARKET, BY ORGANIZATION TYPE
TABLE 8 NORTH AMERICA CLOUD ANALYTICS MARKET, BY DEPLOYMENT
TABLE 9 NORTH AMERICA CLOUD ANALYTICS MARKET, BY PRICING
TABLE 10 NORTH AMERICA CLOUD ANALYTICS MARKET, BY SOLUTIONS
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Name: Abhishek Sawant
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Organization: Market Research Future
Release ID: 523906