Analyzing all the big data being generated by cloud computing amounts to big bucks, according to new research from MarketsandMarkets. The research firm forecasts the Cloud Analytics Market will reach $23.1 billion by 2020, up from $7.5 billion this year and representing a 25.1 percent growth rate.
The new report breaks down the market according to solution, examining cloud BI tools, hosted data warehouse solutions and complex event processing. It also looks at enterprise information management and performance management, governance risk and compliance and, of course, analytics solutions.
MarketsandMarkets further breaks down the cloud analytics market by deployment model, examining both public and private cloud models as well as hybrid clouds and community clouds. The new research is complementary to a previous report examining the Analytics-as-a-Service (AaaS) market, which is also gaining traction as companies seek new ways to aggregate and gain insight from massive amounts of data being generated.
IBM, Oracle, SAS, CSC (News - Alert) and HP are the market leaders in the AaaS space, offering solutions to structure data, reduce operational costs and provide customers with timely insights and information.
According to MarketsandMarkets, the cloud analytics market is being impacted by a number of factors like political, economic, social and technological trends. Vertical markets adopting these technologies include the financial services sector, healthcare, retail, education, media, government and the technology sector.
The report further finds that big data is driving major growth in the cloud analytics market in North America, Europe and the Asia-Pacific regions. Security concerns are cited as a hindrance to growth, as some customers still have reservations about storing data in the cloud.
Edited by Dominick Sorrentino