FREMONT, CA: Technavio, a provider of market trends and technology research reports, forecasts the cloud analytics market to grow at a CAGR of 21 percent until the period of 2020 as it finds utility in many industries.
The growth of cloud analytics market is driven by the implementation of cloud technology with ease, and its integration with analytics and Business Intelligence (BI) tools. Organizations analyzing huge amounts of generated data from social media, television and connected devices to improve customer experience are focusing on cloud solutions offering real-time analysis of unstructured data to aid their decision making. The continuous growth of structured and unstructured data also necessitates organizations to deploy cloud analytics.
The cloud analytics service model provides one or more key elements of data analytics through a public, private or hybrid cloud. The cloud analytics solution offers high end analysis of data stored in the cloud, and it provides better visibility apart from regular monitoring of online traffic, and overall presence of end-user organization. It also offers great Return on Investment (ROI) for tracking inbound and outbound market campaigns.
The report segments the global cloud analytics market by Application as Analytics, BI, Data Warehousing (DW) and Enterprise Project Management (EPM), and also covers the market share of Asia Pacific (APAC), Americas, and Europe, the Middle East and Africa (EMEA) regions in its geographical segmentation.
The global analytics market is projected to grow over the next four years at a CAGR of more than 25 percent, and factors such as the use of social media for conversations and the increasing availability of cloud technology mostly drive the global analytics market.
The report further articulates the global analytics market as Predictive analytics, Text analytics, Web analytics, Video analytics, and Speech analytics.
The Geographical division of the global analytics market report elaborates the market trend in the regions of APAC, Americas and EMEA. The changing attitude of enterprises towards cloud services in Middle East countries has resulted in a transformation of EMEA region cloud analytics market, and the region has a market share of approximately 26 percent and will grow in the forecast period also.
The report includes analysis of vendors in the global cloud analytics market such as HP, IBM, Microsoft, Oracle and SAP. Many cloud computing and big data analytics vendors are entering in the global cloud analytics market and are competing with traditional and on-premise vendors. During the forecast period, the core cloud computing vendors will expand their reach with mergers and acquisitions.