United States/WA: Cloud Analytics Market Will Boom In Near Future
Report Pages:[130 Pages]
Global Cloud Analytics Market, by Deployment Models (Public, Private, Hybrid, and Community), by Organization Size (Small Business, Medium Business, and Large Enterprises), by Industry Verticals (BFSI, Retail, Telecommunication, Healthcare & Life-science, Media & Entertainment, Government Business and Consulting Services, Research & Education, Manufacturing, and Other), and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Industry Insights, Trends, Opportunity Analysis, 2015-2026
Market Overview:
Cloud analytics is a marketing term for businesses to carry out analysis using cloud computing. Cloud analytics involves the deployment of scalable cloud computing algorithms with powerful analytic software to identify patterns in data and to extract new insights. It is a type of analytics model that moves data processing and storage operations to a private or public cloud network. Cloud analytics encompasses any kind of business intelligence or data analytics performed on a cloud in conjunction with a service provider. It is the process of storing and analyzing data in the cloud and using it to extract actionable business insights
Competitive Landscape:
Key players operating in the global cloud analytics market are Microsoft Corporation, Qlik Tchnologies Inc., Panorama Software, Pivotlink, Rackspace, SAP, Sas Institute Inc., Tableau Software, Teradata, Tibco Software, Vmware Inc., Google, Oracle Corporation, and IBM.
Key Market Drivers:
Increasing number of cyber-attacks and increasing utilization of cloud worldwide is expected to augment the growth of the cloud analytics market during the forecast period. The number of cyber-attacks has increased during the pandemic. For instance, in March 2023, Google Cloud and Deloitte launched a new platform for enterprises to help them thwart cyber threats as the global workforce has gone remote and cloud usage has exploded.
Moreover, growing trend of digitalization and growing adoption of artificial intelligence (AI) and machine learning (ML) is expected to augment the growth of the cloud analytics market. For instance, in MAY 2023, IBM rolled out a new product to help businesses automate tasks, capitalizing on the rise of chatbots or virtual assistants during the pandemic and taking another step in its pivot toward cloud services and artificial intelligence (AI).
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COVID-19 Impact Analysis:
There is now growing recognition of the potential of cloud technologies that help provide data storage and computing resources managed by service providers to improve healthcare quality, safety, and efficiency. Businesses increasingly adopting advanced analytics such as ML and AI to make business decisions to respond to the challenges caused by the pandemic. Moreover, the adoption of cloud analytics has increased due to work-from-home and social distancing policies, and the adoption of analytics, collaborative applications, security solutions, ML, and AI is also expected to increase post-pandemic. This in turn is expected to propel the growth of the cloud analytics market, worldwide.
Key Takeaways:
- The cloud analytics market is expected to exhibit a CAGR of XX % during the forecast period owing to the increasing demand for cloud analytics from small and medium-sized enterprises. For instance, in May 2023, Google launched three new solutions across their database and data analytics portfolio to provide organizations with a unified data platform. Organizations can securely predict business outcomes, empower users, and make informed, real-time decisions in today’s dynamic digital environment, with the preview availability of Dataplex, Analytics Hub, and Datastream.
- Among regions, North America and Asia Pacific are expected to witness robust growth in the cloud analytics market due to the increasing adoption of cloud analytics, growing trend of digitalization, and growing adoption of AI and ML in these regions. For instance, in September 2023, Trend Micro, cloud security platform, launched its Cloud One regional data centre in India to uphold data sovereignty and safeguard data privacy, as well as to protect applications, resources, and servers in the cloud.
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