DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global cloud analytics market size is expected to grow from USD 23.2 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 23.0%.
Cloud computing environments, wherein the data is remotely stored in distributed storage systems, are making it possible to quickly scale-up or scale-down the IT infrastructure. These environments are also facilitating pay-as-you-go models. This means that organizations that want to process huge quantities of data, and have large storage and processing requirements, do not need to invest in setting up a large IT infrastructure. They can instead license the storage and processing capacity they need and only pay for the amounts they use. As a result, most big players that deal with large data volumes are leveraging the possibilities of cloud computing to deliver their solutions to enterprises. Traditional data warehouses and difficulties in running input/output-intensive applications are one of the major challenges in the cloud analytics market. Moreover, security and privacy concerns for confidential data acts as a key restraining factor in the market.
The current climate around COVID-19 has created challenges for every single industry and function by impacting customer traction, delivery models, production priorities, and budgets. Businesses are in unprecedented flux, and the only real way to assess and examine the impact of this situation is with data-driven insights. Analytics helps assess the impact of a business' environment and how mature or equipped it is to handle it.
Among Solutions, the analytics solution segment to record the highest growth rate during the forecast period
By solution, the analytics solutions segment is expected to account for a higher market share 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 helps 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.
Among deployment mode, the hybrid cloud deployment segment to record the higher CAGR during the forecast period
The deployment mode in the cloud analytics market includes public cloud, private cloud, and hybrid cloud. 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.
Among regions, 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.
Market Dynamics
Drivers
- Increasing Data Connectivity Through Hybrid and Multi-Cloud Environments
- Cost Benefits of Cloud-Based Analytics Solutions
- Growing Trend of Digitalization and Massive Rise in Big Data
- Ease of Access Offered by Cloud and Online Services During COVID-19
Restraints
- Security and Privacy Concerns for Confidential Data
Opportunities
- Insufficient In-House It Expertise and Equipment
- Growing Use of Mobile Apps Due to the COVID-19 Pandemic
Challenges
- Traditional Data Warehouses
- Difficulties in Running Input/Output-Intensive Applications
- Cumulative Growth Analysis
Company Profiles
- Sap
- IBM
- Oracle
- Microsoft
- Teradata
- Hewlett Packard Enterprise
- Sas Institute
- Microstrategy
- Salesforce
- Amazon Web Services
- Tibco Software
- Sisense
- Atos
- Hitachi Vantara
- Cloudera
- Thoughtspot
- Qlik
- Domo
- Gooddata
- Alteryx
- Absolutdata
- Infor
- Yellowfin
- Guavus
- Looker
- Board International
- Pyramid Analytics
For more information about this report visit https://www.researchandmarkets.com/r/2e3rf5
