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The businesses are moving toward digitization of data and enhance their functional efficiency. The cloud analytics allows the proper analysis and categorization of the vast amount of unstructured data at optimal costs since cloud analytics does not require actual setup of computing resources on the site of business but uses remote cloud. The improvement in business decisions is driving the growth of cloud analytics market. The huge popularity of smartphones and introduction of 5G network connectivity is leading to a spurt in demand for cloud analytics industry.
The analytics solution is expected to be the largest solution segment in cloud compounding market. The reason is the rapid increase in demand for improved customer support worldwide. The analytics solutions improve the efficiency of data centres of organisations while reducing the requirements for resources. The public cloud in the deployment segment will be one of the largest segments because of the lower costs for improving the business efficiency. The private cloud segment will also grow substantially because of the better security and degree of control provided to the users. Banking, financial services and insurance will be one of the major users of cloud analytics owing to the competition and plenty of advantages offered by advanced technology.
The launch of new products with enhanced services is boosting the cloud analytics industry. On July 14, 2020, Google Cloud by Google LLC (NASDAQ: GOOGL), a key player in cloud analytics market announced two new security offerings. One was their product for confidential computing called Confidential VMs and the other was called Assured Workload for Government. The products were claimed to have memory encryption to isolate the workloads saved in the cloud. The products will further drive the demand in security sensitive sectors such as healthcare and finance.
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The major players in the global cloud analytics market are IBM Corporation, Oracle Corporation, Google LLC, Microsoft Corporation, SAP SE, Hewlett-Packard Development Company, L.P. and Salesforce.com, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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