Cloud Analytics Market Estimated To Record Highest Cagr By 2026
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Cloud analytics is a primarily a cloud-enabled service model in which data analysis is actually performed on a public or private cloud. The benefits associated with cloud analytics such as increasing accessibility, highly affordability, and data consolidation helps create a real-time mode for efficient data management.
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Additionally, high adoption of cloud services also increases the cloud analytics market, globally. According to the Coherent Market Insights analysis, in 2015, the cloud traffic was 1891 EB (Exabyte) and is estimated to reach 6844EB (Exabyte) by 2020.
Increasing demand of unstructured data in various organization accelerated the growth of the cloud analytics market.
The rising demand of insights from unstructured data to understand customer and market trends is one of the major driver for the growth of the cloud analytics market. The companies understand the real insights of the market that is present on social media websites in the form of comments, posts, tweets, photos, and many more. This helps companies to understand the insights regarding customer experience, product description and many more that will help them in gaining the competitive advantage.
According to International Data Group reveals that unstructured data is growing at the rate of 62 percent per year, and that by 2022, 93 percent of all data will be unstructured. Thus, as amount of unstructured data increases, it will positively impact on increasing the demand of cloud based data storage and cloud analytics tools. Therefore, unstructured data will help in propelling the growth of the market.
Data security is one of the key challenge that will hampering the growth of the market
Data security has consistently been a major issue in the cloud computing environment. As the data is located in different places even in all the globe. Data security issues that occurs in the cloud are system vulnerabilities, data breaches, fraudulent use of cloud services and etc. Therefore, security issues associated with cloud services is one of the key challenges that hamper the growth of the market.
Global Cloud Analytics Market: Regional Insights
The North America held a dominant position in the global cloud analytics market in 2016. Organisation shifting their workload in the cloud is one of the major driving factor for the growth of the market. According to the Coherent Market Insights analysis, in 2015, the cloud traffic was 1891 EB (Exabyte) and is estimated to reach 6844EB (Exabyte) by 2020.
Therefore, with increase in cloud traffic requirement of analytics tools for analysing will directly propel the growth of the cloud analytics market. Moreover, due to the presence of leading players such as IBM Corporation, Google, Oracle Corporation also help in uplifting the cloud analytics market in this particular region.
Global Cloud Analytics Market: Competitive Background
Some of the dominant players operating in cloud analytics market include IBM Corporation, Oracle Corporation, Google, Vmware Inc., Tibco Software, Teradata, Tableau Software, Sas Institute Inc., SAP, Rackspace, Qlik Tchnologies Inc., Pivotlink, Panorama Software,, Microsoft Corporation. For instance, 2017, IBM Corporation integrate with Integrated Analytics System, a new unified data system designed to give users fast, easy access to advanced data science capabilities and the ability to work with their data across private, public or hybrid cloud environments.
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