Data analytics and cloud computing have made groundbreaking evolutions in cloud analytics market. Cloud analytics is a great service model that offers various data analytics processes through private or public cloud. These services are typically offered pay-per-use pricing model, which is subscription-based utility. Both data analytics and cloud computing help the process of data analysis in various small, medium and larger enterprises. Considering the initial response that cloud analytics received, one has to say that the current scenario in the cloud computing and analytics market are rather refreshing. Cloud analytic services are gaining immense popularity, creating business opportunities for numerous enterprises. In fact, this market has become one of the fastest growing business sectors in the world.
Market Trends in Cloud Analytics Market
The crucial services that Cloud Analytics Market offer include data integration tools, cloud business intelligence tools, reporting and OLAP tools, CRM software programs, complex event processing, hosted data warehouse solutions, enterprise performance management, risk, governance and compliance. Some analytic solutions offered by cloud services include predictive analytics, video analytics, spatial analytics, and speech analytics, along with text, machine and web analytics.
Cloud analytics market works on various delivery models, which include public cloud, community could, hybrid could and private cloud. Various industry verticals that are covered by this market include banking, insurance and finances (BFSI), healthcare and life sciences, consumer good and retail, IT and telecommunication, government, media and entertainment, energy, manufacturing, research, education, business and consulting services.
As mentioned before, cloud analytics market is one of the fastest growing markets, which is reaching most industries and business models across the globe. This has increased into the demand and supply ratio within the industry. The market has a great level of competition amongst the service providers and enterprises that want to enter this industry for expansion. Innovation and constant improvement s in service are the basic tools that open numerous business opportunities in this sector.
The demand reach of cloud analytics is highly remarkable. According to the recent market research reports, more than 13% of the companies across the globe share their business data with help of cloud analytics and such business intelligence (BI) solutions. Forecasting reports for this market are very positive. The current percentage of cloud analytics users, which is 13%, is likely to grow up to 50% within next five years. The cloud business intelligence (BI) market is showing rapid growth.
North America is the leading region with greater demand and space for supply. Middle East, Eastern Europe, APAC, Japan and Latin America will also be major contributors to the cloud analytics market.
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