The global cloud analytics market size is projected to reach USD 72.40 billion by the end of 2026. The increasing use of cloud platforms in fraud detection software will have a positive impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Cloud Analytics Market Size, Share & Industry Analysis, By Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), By Organization Size (Small And Medium-Sized Enterprises (SMEs) and Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Education, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 13.15 billion in 2018 and will exhibit a CAGR of 24.3% during the forecast period, 2019-2026.
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Cloud analytics is a platform through which businesses can help make faster strategic decisions. It helps them get faster access to real time data. The ability of cloud analytics to enhance the overall business operations will have a direct impact on the growth of the market in the coming years. Additionally, the increasing use of the product in fraud detection activities will lead to a wider product adoption across the world. The use of concepts such as the IoT and AI will contribute to the growing demand for the product. Cloud analytics help companies obtain detailed information of the users and subsequently eliminate the need for complex processes. The increasing number of product launches by major companies, with the aim of catering to increasing consumer demand will aid the growth of the market in the forthcoming years.
A few of the leading companies that are operating in the global cloud analytics market are:
- Oracle Corporation
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- SAS Institute Inc.
- Tableau Software
- TIBCO Software Inc.
- Cloud 9 Business Analytics Ltd
- GoodData Corporation
- Panorama Software
- Rackspace Inc.
- VMware, Inc.
Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches have made the highest impact on the market. In January 2020, GoodData Corporation announced that it will be extending its new Freemium tier pricing to more users. Through Freemium tier pricing, GoodData will look to extend its cloud analytics services to all companies that are using the cloud or on-premise. GoodData latest initiative will not only help the company grow but will also have a direct impact on the growth on the market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies Wil Emerge in Favor of Market Growth
The report analyzes the ongoing dialysis market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years, driven by the presence of several large scale companies in several countries across this region. As of 2018, the market in North America was worth USD 34.81 billion and this value is likely to increase further in the forthcoming years.
November 2019: Tableau announced that it has partnered with Amazon Web Services for the launch of a new cloud analytics services.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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