Increasing complex business data, increased adoption of analytic tools for business intelligence, and reducing operational costs, research, and constant innovation are some of the factors driving the Cloud Augmented Analytics market.
Market Size – USD 7,868.5 Million in 2020, Market Growth - CAGR of 24.30%, Market Trends – Technological advancements in the analytic techniques to propel the Cloud Augmented Analytics market
The global Cloud Augmented Analytics market was valued at USD 7,868.5 Million in 2020 and is expected to reach USD 46.26 Billion by the year 2028, at a CAGR of 24.30%. Cloud Augmented Analytics market research study offers an all-inclusive analysis of the revenue generated by the online investment vendors locally and globally. It includes the analysis of critical strategies, business models, geographic presence, market dynamics, industry outlook, competitive landscape, and Cloud Augmented Analytics market revenue for all segments. The study provides an overall insight into the factors responsible for the growth in the Cloud Augmented Analytics market. The factors driving the Cloud Augmented Analytics market are increasing complex business data, increased adoption of analytic tools for business intelligence and reducing operational costs, and technological advancements in the analytic techniques. Owing to rising urbanization and digitalization across the world, end-user sectors like BFSI, Government, and retail industries have experienced growth, which is expected to supplement the growth of the Cloud Augmented Analytics market. An increasing number of key players are partnering up with the significant core companies in the above sectors to provide a superior and more efficient platform to help them grow their business as well as redefine experiences for the customers.
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The Cloud Augmented Analytics market presents several opportunities for the vendors due to increasing higher implementation of Cloud Augmented Analytics solutions among SMEs. The growth of the Cloud Augmented Analytics market is expected to be restrained due to them is the lack of skilled professionals required for operating these systems, data privacy, and security issues, and reluctant to implement new technology due to heavy dependence on traditional analytical methods. It is anticipated that extensive research and development funded by various companies, along with the enhancements of the cloud computing services would help in overcoming this challenge and convert it into an opportunity for the Cloud Augmented Analytics market to thrive upon. The ecosystem of the Cloud Augmented Analytics comprises of several small and large enterprises. These players are developing in house solutions by spending a larger share of revenue in the innovation of the products. The companies are indulging in partnerships, collaborations, agreements, and mergers to gain a competitive edge in the Cloud Augmented Analytics market.
Further key findings from the report suggest
- The Cloud Augmented Analytics market is growing at a CAGR of 9% in the Asia Pacific due to the rapid industrialization, urbanization, and digitalization of the developing countries and the increased use of real-time analytics techniques for business intelligence in developing countries such as India, China, and Singapore.
- Global modernization and emergence of technologies like Big Data, AI, ML, and BI, has increased the number of analytical applications in all business functions of the enterprise, which is expected to increase the use of Cloud Augmented Analytics and expand its market size.
- Governments are investing in the digitalization of the various industries to help modernize the state-run services, which are availed by people for the day to day activities. These services critically contribute to the revenue generated by countries. It is expected this factor would help the Cloud Augmented Analytics market growth.
- The cloud deployment model is expected to dominate the Cloud Augmented Analytics market owing to its low-cost implementation and flexible subscription models suitable for the end-users.
- The sales and marketing business function are estimated to dominate the market in 2018. The enterprises are using Cloud Augmented Analytics solutions to derive actionable insights from the existing data using buying patterns and targeting customers for sales and marketing activities reducing failure rates
- The BFSI is estimated to be the fastest-growing end-use industry due to the increasing use of Cloud Augmented Analytics solutions for reducing the financial losses and calculating the risk and get a greater return on investments.
- The vendors in the market have adopted various strategies to increase the product ecosystem and gain a competitive edge over their competitors. For instance, in 2019, Salesforce acquired Tableau, a data visualization company, to improve its data visualization and analytics capabilities.
- In March 2019, Qlik introduced a new range of online technologies and improved expertise. Now Qlik can offer its software via broad multi-cloud deployments, all of which are provided under a one-stop license
- In June 2019, Google acquired Looker, a BI software provider for data analysis. The acquisition enabled Google to complement its Google Cloud and analytics by integrating BI software to it.
- Key participants include Microsoft Corporation, QlikTech International AB, IBM Corporation, Salesforce.com inc., SAP SE, SAS Institute, Inc., TIBCO Software Inc., Sisense Inc., ThoughtSpot Inc., MicroStrategy Inc., and GoodData Corporation.
Component type (Revenue in USD Million; 2018–2028)
- Training and Consulting Services
- System Integration and deployment
- Technical Support
Business Function (Revenue in USD Million; 2018–2028)
- Sales Marketing
Deployment type (Revenue in USD Million; 2018–2028)
Organization Size (Revenue in USD Million; 2018–2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
End-User (Revenue in USD Million; 2018–2028)
- Banking, Financial Services, and Insurance
- Telecom and IT
- Retail and Consumer Goods
- Healthcare and Life Sciences
Regional Outlook (Revenue in USD Million; 2018–2028)
- North America
- Asia Pacific
- Middle East Africa
- Latin America
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