The cloud analytics market is expanding rapidly as it finds utility in many industries. The emergence of easy implementation of cloud technology and its integration with analytics and BI tools drives this market. The market research analysts predict the cloud analytics market to grow at a CAGR of approximately 21% until 2020.
According to the cloud analytics market report, one of the major drivers in this market is the increased amount of data generated by organizations. Enterprises need data warehousing solutions to automatically track the performance and behavior of the information stored in their systems because of the large amount of data generated. In addition, they require analytics to develop innovative business strategies and improve their overall operational efficiency.
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Smart devices like mobiles, smartphones, and tablets are being increasingly adopted by consumers. In addition, organizations are providing work-from-home options to reduce costs and enhance employee mobility. This has resulted in an increase in the number of employees working from remote locations. With increased adoption of smart devices, several vendors are launching mobile analytical applications that enable users to use high-quality services on the move.
To improve customer experience, it is important for organizations to analyze huge amounts of data generated from social media, television, and connected devices. Thus, organizations are looking for cloud solutions that offer real-time analysis of unstructured data to aid their decision making.
Cloud analytics is a service model in which one or more key elements of data analytics are provided through a public, private or hybrid cloud. Cloud analytics solutions offer high-end analysis of data stored in the cloud. Several factors, including the continuous growth of structured and unstructured data necessities the deployment of cloud analytics.
Organizations are shifting to cloud-based analytical solutions as these provide better visibility apart from regular monitoring of online traffic, and overall presence of the end-user organization. Cloud analytics also offers great ROI for tracking inbound and outbound marketing campaigns.
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Market segmentation of the global cloud analytics market by application – Analytics, BI, DW and EPM
Further segmentation and analysis of the global analytics market
The global analytics market is projected to grow at a CAGR of more than 25% over the next four years. The use of the social media for conversations and the increasing availability of cloud technology largely drive the global analytics market – Predictive analytics, Text analytics, Web analytics, Video analytics and Speech analytics
The cloud analytics market in the EMEA region is undergoing significant transformation as a result of changing attitudes in enterprises towards cloud services in Middle East countries. The EMEA region accounts for approximately 26% of this market, and it will continue to grow during the forecast period.
Key players in the cloud analytics market: HP, IBM, Microsoft, Oracle and SAP
Other Prominent Vendors in the market are: Actuate, Adaptive Insights, BIME, Birst, Cloud9, Exafort, GoodData, Google, Host Analytics, Indicee, Infor, Informatica, Information Builders, Jaspersoft, Kognitio, MicroStrategy, Newvem, Panorama Software, PivotLink, Qlik Technologies, Rackspace Hosting, Razorsight, SAS Institute, Tableau Software, Teradata, Tibco Software, and VMware.
Further, the cloud analytics market report states that a lack of skilled personnel, who provide customized cloud analytics solutions to end-users, may inhibit the market growth in the forecast period.
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