Rising Demand for Cloud Based Solutions is the major Factor driving the Cloud Analytics Market
As stated in our extensive report, providing insights on product and procedure the Global Cloud Analytics Market accounted for 28.12 USD Billion in 2021.
In recent years Cloud Analytics been considered to be the most advanced system in the manufacturing and commercial sector. Large enterprises are moving in cloud analytics for better communication and quicker results. However, there are still concerns about connectivity and IoT which need to be upgraded to cope with the smooth running of Cloud Analytics.
The major factors driving the market growth are increased demand for cloud-based solutions, the advent of huge data, and government initiatives for developing advanced technology in the manufacturing sector. Moreover, the need for upgrading efficiency and productivity are the key factors for implementing Cloud Analytics in organizations.
Furthermore, the most important factor to consider in advanced analytics is the response to the advent of cloud technology. Existing analytics established itself as a system that integrates and manages a company’s overall business processes. However, recently, since it is combined with the latest technologies such as machine learning, analysis, and the cloud, advanced Analytics is garnering attention as a core system that can help executives make more informed and rapid decisions during the forecast period.
Cloud Analytics Market has been adversely affected in recent months due to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in analytics, which is decreasing the demand for cloud analytics.
North America is expected to grow at the fastest CAGR in coming years owing to the high demand for Cloud Analytics in the manufacturing sector. Additionally, this region has the most advance manufacturing facilities which are boosting the market to grow. Countries such as U.S. & Canada are considered to be the most developed countries in the field of Cloud Analytics technology. Also, initiatives passed by the government authorities on establishing Cloud Analytics in processing industries are further fueling the market demand in this region. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of Cloud Analytics technology. North America held the largest share of the Cloud Analytics Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Cloud Analytics Market such as Google (US), Microsoft (US), IBM (US), Oracle (US), SAP (Germany), Salesforce (US), SAS Institute (US), TIBCO Software (US), Teradata (US), MicroStrategy (US), AWS (US), Sisense (US), Hewlett-Packard Enterprise (US), Cloudera (US), Atos (France), Hitachi ThoughtSpot (US), Vantara (US), Domo (US), Qlik (US), GoodData (US), Absolutdata (US), Alteryx (US), Yellowfin (Australia), Infor (US), Guavus (US), Board International (Switzerland), Looker (US), and Pyramid Analytics (Netherlands)..
Browse the full Report - Cloud Analytics Market Size, Share & Trends Analysis Report by Solution (Analytics Solutions, Hosted Data Warehouse Solutions, Cloud BI Tools), by Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)