The Cloud Analytics market is worth $20.120 billion for the year 2019 and is expected to grow at 16.41% CAGR to reach a market volume of US$58.296 billion by 2026.
Cloud Analytics is a marketing terminology for businesses carry out analyses using cloud computing services. Cloud analytics aids in streamlining various business intelligence processes of processing, gathering, integrating, analyzing and presenting insights to enhance the business decision-making capacity of the organisation. Moreover, cloud analytics aids enterprises in organizing and analyzing unstructured data flowing through various platforms, especially connected devices. Furthermore, the growing adoption of cloud analytic solutions across industries is driving demand in the market.
The cloud analytics market offers widespread adoption across business verticals including BSFI, Healthcare, retail, consumer goods, government, media, entertainment and IoT among others. However, the BSFI sector is estimated to hold a significant market share owing to the large-scale adoption of cloud analytics solutions in the segment. Cloud analytics aids in providing the BSFI sector with enhanced payment gateway support, CRM, ERP Systems and regulatory compliance. Additionally, the rising adoption of artificial intelligence and machine learning spectrums is anticipated to aid growth in the cloud analytics market over the forecasted period.
Cloud Analytics provides varied benefits by helping businesses function more efficiently and offers faster decision-making through enhanced collaboration. Cloud analytics offers scalability and agility in its services by facilitating the autonomy to add data storage and data analysis capacity as needed. Moreover, cloud analytics yields a unified approach by allowing quick access to integral business data, thereby aiding in the organisation's decision-making process. Additionally, cloud analytics aids in achieving cross-organisational integration of data through effective collaboration, communication and decision making. Businesses realise a fundamental position to access data and share information through the use of the cloud analytics platform. Besides, cloud analytics platforms provide enhanced data security and governance by giving access controls for who has access to what data and audit capabilities to understand who accessed the data.
Prominent players in the Machine Condition Monitoring market are SAP, Oracle Corporation, Microsoft Corporation, IBM Corporation, Teradata Corp., Alphabet Inc., Hewlett and Packard, SAS Institute Inc., Microstrategy Inc. and Tableau Software among others.
The Surge in Demand Among the Business and Iot Segment Will Drive the Market Growth
The growing demand for cloud analytic solutions among business is expected to drive demand in the cloud analytics market. Increasing digitalization in various industries has led to a huge amount of data being generated and companies are using this data in everyday decision-making processes, thereby augmenting growth in the cloud analytics market. Moreover, Cloud analytics also aids in enhancing customer satisfaction provides high operational levels and supports in achieving robust profits and revenue levels. Furthermore, the growing demand for businesses to introduce cost-effective solutions to collect data in a streamlined way has resulted in a growing demand for cloud analytics solutions in the IoT segment. Also, the use of cloud analytics in the IoT segment aids businesses to garner valuable insights regarding the data produced.
Trends in Cloud Analytics Market by Region:
Notable market players around the world have adopted various business strategies to sustain, grow and develop in the cloud analytics market by applying business solutions across various business verticals including healthcare and life sciences, entertainment, IoT, communications and technology, government and manufacturing among others. Leading corporations such as Microsoft, IBM, SAS have employed various business strategies including partnerships, takeovers, mergers, and other related commercial agreements to develop and provide innovative and technologically advanced services across varied business verticals worldwide. Through such collaborative agreements and innovative practices, the North American region has resulted in the considerable development of the market on the whole. The North American region endures a notable market share and is anticipated to grow at a decent CAGR over the forecasted period.
The growth in the North American region is majorly driven by increasing investments in the cloud analytics market by leading market players. For instance, in recent market developments, SAS recently announced the expansion of its Viya platform for Amazon web services and Google Cloud, with Redhat Open Shift expected later this year. Moreover, rapid technological advancements and increasing momentum towards subscription based services are also integral reasons for growth in the region. Similarly, Google recently unveiled Data share for financial services, a new product based o google cloud analytics services such as BigQuery and also leverages the newly launched analytics hub.
Whereas, the APAC region is projected to grow at the fastest rate and dominate the market over the forecasted period. The growth in the region can be attributed to rapid technological advancements in the region. Amazon Web Services(AWS) and Google cloud are dominant players in the region. For instance, enterprise data storage company, Cloudian A/NZ announced the extension of its AWS alliance. The alliance facilitates the employment of Amazon Simple Storage Service Solutions on-premises. Similarly, Ocean Network Express(ONE), owner of the world’s sixth-largest fleet of containerships have announced their partnerships with Google. The partnership aims to integrate its SAP system with Google's cloud analytics solutions to garner significant competitive advantage through a real-time and unified view of data across its global operations.
The novel coronavirus negatively impacted the cloud analytics market. Furthermore, The decline in Global ICT spending coupled with a decline in the hardware business owing to a reduction in manufacturing capacity has impacted the supply of hardware solutions. Besides, The decline has resulted in slowed-down infrastructure growth in the IT sector, thereby impacting the cloud analytics industry. However, the growing adoption of various collaborative applications, analytics, AI, and related security solutions are estimated to boost demand in the cloud analytics market. Furthermore, the use of Artificial intelligence and machine learning has aided business in the decision-making process in this challenging time of COVID.