The cross-cloud analytics market was valued at US$ 3.6 billion globally in 2018. By 2022, the market for cross-cloud analytics was growing at a remarkable pace of 15.3% annually. According to projections, the worldwide market is expected to reach US$ 8.6 billion by 2023.
Looking forward, the cross-cloud analytics market is expected to develop at an impressive 21.3% CAGR between 2023 and 2033, reaching a market value of US$ 59.8 billion by the end of that year.
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Cross-cloud analytics, at its core, involves the practice of aggregating and analyzing data originating from diverse cloud environments or cloud-based services. This encompasses the integration of data from various cloud platforms like Google Cloud Platform (GCP), Microsoft Azure, Amazon Web Services (AWS), and others, into a unified analytics solution.
Key Players in the Cross-cloud Analytics Industry
- Microsoft Corporation
- Amazon
- IBM Corporation
- Snowflake
Drivers and Opportunities:
In today’s hybrid cloud landscape, organizations often employ multiple cloud providers and services to cater to their unique needs. Each cloud platform typically offers its own suite of analytics tools and services for data processing, storage, and analysis. Cross-cloud analytics is the pivotal solution that bridges the divide, consolidating data from these disparate cloud sources. It empowers organizations to obtain a comprehensive and coherent perspective of their data, irrespective of its storage location.
Competitive Landscape – Regional Trends:
The competitive landscape in the cross-cloud analytics market is marked by dynamic regional trends. Different regions across the globe are showcasing varying levels of adoption and preferences when it comes to cross-cloud analytics solutions. This diversity in regional trends is shaping the competitive environment, influencing market players to tailor their offerings accordingly.
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Restraints:
Despite the remarkable growth prospects, the cross-cloud analytics market isn’t without its challenges. Organizations may face hurdles related to data security, compliance, and integration complexities when implementing cross-cloud analytics solutions. These restraints require careful consideration and adept strategies to overcome.
Region-wise Insights – Category-wise Insights:
Regional nuances play a significant role in the cross-cloud analytics landscape. Market dynamics, adoption rates, and specific preferences vary from one region to another. Additionally, the industry vertical or category within which organizations operate can significantly impact their cross-cloud analytics needs and choices. Region-wise and category-wise insights are crucial for businesses aiming to make informed decisions and stay competitive in this evolving market.
Competition Benchmarking:
In this fiercely competitive arena, benchmarking is essential. Assessing and comparing one’s cross-cloud analytics offerings against competitors is vital for market survival and growth. Competition benchmarking helps identify strengths, weaknesses, opportunities, and threats, aiding businesses in refining their strategies and maintaining a competitive edge.
Segmentation Analysis of the Cross-cloud Analytics Market
By Functionality:
Firstly, let’s explore the categories based on functionality:
- Data Integration
- Data Visualization
- Predictive Analytics
- Data Governance
Moving on to the next dimension:
By Deployment Model:
The analysis continues with the deployment models:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Now, let’s delve into the industry-based breakdown:
By Industry:
Within various industries, the breakdown is as follows:
- IT & Telecommunication
- BFSI
- Government
- Healthcare
- E-commerce
- Others
Lastly, let’s consider the geographical perspective:
By Region:
Considering different regions, the distribution is as follows:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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