Source: Protech Insights
The global cross-cloud analytics market has seen a remarkable surge recently. Starting at $3.6 billion in 2018, it recorded an impressive annual growth rate of 15.3% by 2022.
According to Future Market Insights, the market is headed towards a $8.6 billion valuation in 2024. If this trend continues, it could reach a valuation of $59.8 billion by 2033, driven by an expected yearly growth rate of 21.3%.
So, what is fueling this extraordinary growth?
The driving force behind this surge is the growing complexity of the hybrid cloud world. Today, companies are all about flexibility and scalability. They often mix-match a lot of different cloud providers and analytics tools. That is where cross-cloud analytics comes in.
It effectively collects data from various sources like Google Cloud Platform (GCP), Microsoft Azure, and Amazon Web Services (AWS), and then converts it into a unified view. So, no matter where your data comes from, your organization will get to see the bigger picture.
Regional factors also contribute to the evolution of cross-cloud analytics. Thus, companies that wish for successful integration must take regional differences into consideration. When businesses tap into these regional insights, they will open doors to a range of opportunities that can cater to their specific needs and preferences.
While the future looks promising, there are still problems to overcome. According to FMI, organizations that dive into cross-cloud analytics are primarily concerned about 3 things:
To tackle them, it is advisable to incorporate forward-thinking and innovative solutions.
The cross-cloud analytics market is clearly on the rise. It’s all about getting a complete view of data in today’s complex cloud world. To survive in this constantly changing market, staying ahead is a must. That’s when you are going to need competition benchmarking.
Comparing your cross-cloud analytics solutions with your competitors will help you gain a lot of knowledge. This may include the good (strengths), the not-so-good (weaknesses), potential opportunities, and threats. By arming yourself with this intel, you can fine-tune your business strategies to ensure you always stay at the top and dominate the booming market.
