The annual growth rate in this rapidly expanding area could be as high as 46 percent.
It's no secret that cloud computing and data analytics are both rapidly growing areas of IT. Put them together, and you get a winning combination that's expected to grow by more than 26 percent annually over the next five years.
That's according to market-tracking firm Research and Markets, which has released a new report on the global cloud analytics market.
Increased adoption of data analytics is one of the major drivers in this market, Research and Markets found. More specifically, many organisations are adopting data analytics in order to better understand consumption patterns, customer acquisition and various other factors believed to increase revenue, cut costs and boost customer loyalty.
HP, IBM, Microsoft, Oracle and SAP are among the dominant vendors in this arena, the company said in a press release.
Big Data is one of the particularly significant trends in the market, Research and Markets said.
"Cloud analytics deals with the management of unorganised data, which helps organisations access important data and make timely decisions regarding their business," the company said.
The rates of growth in this arena might actually be much higher than those suggested by the report, said analyst Ray Wang, founder of Constellation Research.
In fact, Constellation Research predicts an annual growth rate of closer to 46 percent until 2020, he said.
Early-arriving cloud companies like Salesforce "had great reporting, but they didn't necessarily have great analytics," Wang said.
It's for that reason that challengers such as Actuate have popped up, he noted.
"More and more, because of the size and complication, we're seeing analytics move to the cloud," Wang said.
"People are not spending money on data centers or data warehouses when they can just stick to Azure, Amazon Redshift and others," he said. "It's a very different game."
The third and final episode CMO’s 3-part video series on how CMO50 luminaries are achieving greater marketing agility is now live!
I always enjoy those oft-forgotten, in-between moments in any experience. These moments are not necessarily part of any defined experience per se. They likely wouldn’t show up in an organisation’s plans or ideas to help make the customer journey or user flow as simple, easy and seamless as possible.
There’s been a lot of buzz in the advertising industry lately about what’s coined the ‘attention economy’. And it’s fast becoming the new battleground for media channels to prove their wares and to develop and espouse new attention metrics.
Exceptional CMOs do exceptional things for themselves and for those they inspire. At your best you are creative, innovative and inspirational. We have a problem though. We now live in a corporate world that demands sensibility where everything you do is measurable and stakeholders demand predictability – the antithesis of breakthrough and transformation.
Introducing Branch's mobile referrals https://branch.io/referral/
Bruce Ma
How this ecommerce upstart is building its brand proposition
I couldn't understand one things why on earth people only talk aboutimpact of digital transformation on banking and finance field instead...
Rajesh Acharya
Digital take-up and experiences help drive Suncorp's solid FY21 performance
Good afternoon,This is a complaint of the process of refunds which does not comply with Australian legislation. Despite a exhaustive req...
shiree Gilroy
Catch Group combines commercial and marketing role
I really appreciate your article. Love your Article. By reading your article, its created an idea in my mind about loyalty strategy to ke...
Jack Reacher
Report: Marketers failing to realise the benefits of customer loyalty programs
One month’s research and we’ve handpicked this generation’s 50 most talented Women CEOs, leading the top multinational companies around t...
Vaishnavi Pillai
Women in leadership the focus on International Women’s Day