In this report, Technavio covers the present scenario and growth prospects of the global cloud analytics market for 2016-2020. The market size has been calculated based on revenues generated from the sales of cloud analytics solutions, software, tools, applications, services, support, and maintenance.
“The text analytics market, in particular, is predicted to reach a market size of over USD 922 million by 2020. Text analytics has several applications in the BFSI and healthcare sectors, which is a key factor driving the growth of the market. The growing demand for text analytics for use in fraud detection and security management applications is another major driver that is expected to accelerate the global demand for cloud analytics,” said Amrita Choudhury, one of Technavio’s lead industry analysts for enterprise application research.
“In 2015, the healthcare industry emerged as one of the biggest consumers of cloud computing and cloud analytics. These cloud-based applications and analytics solutions for the healthcare sector are most popular in developed countries of Americas and EMEA, a trend that is likely to continue through the forecast period,” added Amrita.
Geographical segmentation of global cloud analytics market 2015
Source: Technavio research
Americas: largest region for the global cloud analytics market
The global cloud analytics market was dominated by the Americas in 2015, who accounted for close to 52% of the market. The increasing interest of American enterprises to enhance visibility of their financial performance and the need to comply with financial standards like the International Financial Reporting Standard, have prompted many organizations in the region to install analytics applications for financial management to increase their financial transparency. In addition, the increased use of cloud technology with analytics in the government sector also drives the growth of the market in this region.
Organizations in Americas will also look to reduce maintenance and upgradation costs. It has also increased the demand for software provided on the cloud as cloud-based solutions offer advantages like low cost, rapid scalability, easy access, and uninterrupted services.
EMEA: second largest region for the global cloud analytics market
The cloud analytics market in EMEA is expected to undergo a major transformation because of changing attitudes toward software as a service (SaaS) based cloud services. Strict budget constraints for IT, cost advantages for on-demand software subscriptions, and insufficient time for building in-house software are the primary factors responsible for the increased adoption of SaaS-based analytics solutions by enterprises.
EMEA accounted for close to 26% of the overall market share of the global cloud analytics market in 2015. Enterprises in Europe have increased their use of cloud-based analytics to gain insights and make strategic changes to their business, while they discover new market opportunities.
Cloud analytics market in APAC
The video analytics market on the cloud is expected to reach close to USD 290 million by 2020, growing at an impressive CAGR of more than 26%. The increase in demand for enhanced security and insights for understanding customer behavior is driving the global video analytics market.
APAC in particular, is an emerging and attractive market for surveillance solutions. With the planning of smart cities in developing regions, officials and concerned authorities are installing video analytics solutions to improve security in the region. Our research shows, these trends will significantly improve revenues for the overall cloud analytics market during the forecast period.
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