(PRWEB) April 02, 2013
MarketsandMarkets recently conducted a study on Cloud Analytics Market [Cloud BI; Cloud Business Intelligence] - Text; Web; Speech; Machine; Video; Predictive Analytics: Global Advancements, Delivery Models, Market Trends, Enterprise Road-map, Market Forecasts & Analysis (2013 - 2018) ", which analyzed and studied the major market drivers, restraints, and opportunities in North America, Western Europe, Eastern Europe, Middle East and Africa, Japan, Asia-Pacific and Latin America.
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The study reports that the global Cloud Based Business Analytics market is expected to grow from $5.25 billion in 2013 to $16.52 billion by 2018, at an estimated CAGR of 25.8% from 2013 to 2018.
The Cloud Analytics market is driven by the emerging trends in Big Data and cloud computing technology. Businesses have started using cloud based solutions over the past few years. In 2011, Tier 1 players and startups shifted towards cloud BI or business analytics solutions. Traditional BI and analytics solutions are striving to meet the requirements of today's business needs. Enterprises are struggling with high operating cost, lack of IT expertise and increasing employee mobility.
This has forced BI vendors to use new and innovative ways of delivering business analytics. Analytics on cloud is the emerging trend that combines services and enables enterprises to move their BI, data warehousing and OLAP workload over the cloud platform. The adoption of cloud BI or business analytics enables enterprises to collect, access, monitor and share key performance indicators virtually, through any mobile device. Cloud BI utilizes the software-as-a-service (SaaS) licensing model and it is also based on a pay-as-you use model, which doesn’t need software and hardware installations. These services are easily scalable, allowing enterprises to include anyone with a authentic email ID in their BI solution.
The report also draws the competitive landscape of the Cloud Analytics market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors. Some of the major players in this market are IBM, HP, Oracle, Birst, Kognitio, Adaptive Planning, BIME, Cloud9 Analytics, GoodData, Google, Host Analytics and Microsoft.
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