Cloud Analytics Market Outlook to 2025
The increasing penetration of cloud computing is having the most significant influence on the global market for cloud analytics. Over the coming years, this market is likely to proliferate extensively across various regions, such as Europe, North America, Asia Pacific, the Middle East and Africa, Latin America. North America has surfaced as the leading contributor to this global market ad is expected to maintain its supremacy over the next few years. The high level of industrialization and the increasing usage of software solutions in business operations are expected to boost the market for cloud analytics in North America substantially in the years to come.
Other regional markets for cloud analytics are also reporting healthy growth. Asia Pacific, among these, have been showing the most significant growth potential, thanks to the flourishing economy and the swift rise in the industrial sectors. Latin America also holds a substantial share in the worldwide market for cloud analytics and is anticipated to progress exponentially over the forthcoming years.
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Researchers consider the enterprises functioning in this region as the most innovative and tech-savvy. These enterprises need to have a competitive edge over their competitors, owing to which they are encouraged to explore advanced technologies and come up with state-of-art cloud solutions for their clients, which, as a result, is fueling the demand for cloud analytics in Latin America. Apart from this, the increasing adoption of mobile technology and the extensive usage of social media are also expected to contribute considerably in the rise of the cloud analytics market in Latin America.
Global Cloud Analytics Market: Overview
With a continuous rise in the use of digital tools across every possible application of organizations and the mounting volumes of digital data produced by a vast number of digital terminals, effective ways of storing accessing, using, and analyzing this data to gain rich insights have been long sought. Of the several technologies to have evolved in response to these requirements, cloud computing has established itself as one of the most reliable, flexible, economical, and efficient of the lot. Cloud computing continues to affect how organizations, which are digitally connected and run, organize and use the data produced through their digital channels.
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Much of the data storage, analysis, processing, and usage needs of modern-day digitally advanced companies are easily met by cloud technology. Conventional business intelligence and analytics are not capable enough to cope up with aspects such as changing employee mobility, numerous data access points, and data compliance, security, and safety concerns that invariably come clubbed with digitization. On the other hand, cloud-based solutions provide more flexibility and are capable of expanding or contracting quickly as needed by the user. Cloud business intelligence and analytics enable business leaders to share, manage, and store important data virtually by using mobile devices. In addition to offering these efficiency gains, the cloud is affordable, as the technology is supported by a subscription-based pricing structure and doesn’t incur a huge infrastructure expense.
This report on the global cloud analytics market presents a thorough overview of the present state of the market and its segments and numerous forecasts regarding growth prospects over the period between 2017 and 2025. A detailed overview and analysis of factors such as trends, opportunities, growth drivers, restraints, global and regional regulatory scenarios, and competitive landscape, expected to have a profound impact on the way the market will growth over the said period.
Global Cloud Analytics Market: Drivers and Restraints
Vast advancements in cloud computing technologies and emergence of big data are some of the key drivers of the global cloud analytics market. Businesses are using cloud analytics tools to meet today’s business needs, increase employee mobility, overcome lack of IT expertise, and gain sustainable profits amid high operating costs and lowering profit margins due to intense market competition.
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The demand for cloud analytics is also rising as the technology uses the pay-as-you use structure and software-as-a-service (SaaS) licensing structure, which does not require hardware and software installations on client site. The vast flexibility and ease of connectivity and data communication provided by cloud analytics tools are also some of the important factors compelling enterprises to choose cloud analytics over conventional data analytics solutions.
Global Cloud Analytics Market: Segmentation
The global cloud analytics market can be segmented into types such as predictive analytics, video analytics, spatial analytics, text analytics, web analytics, speech analytics, and machine analytics. The global cloud analytics market can be segmented on the basis of tools into cloud business intelligence tools, complex event processing, hosted data warehouse solutions, enterprise performance management, analytics governance and solutions, and risk and compliance solutions.
The market can be segmented on the basis of organization size into large enterprises, medium business and small business. Furthermore, the global cloud analytics market can be segmented on the basis of delivery modes and end-use industry verticals. The delivery modes segments are community cloud, public cloud, hybrid cloud, and private cloud. Key end-use industries utilizing cloud analytics solutions include banking and financial institutions (BFSI), insurance companies, retail and consumer goods, life sciences and healthcare, telecommunications, media and entertainment, consulting and business services, government, research and education, and manufacturing and energy
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