There are several drivers, restraints as well as opportunities influencing the cloud analytics market in Latin America. Technology advancements coupled with the demand to extract useful information from big data is likely to drive the market in years to come.
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A set of analytical tools and systems designed to help users extract particulars from extensive data is termed as cloud analytics. Cloud analytics enables organizations to perform business analysis or intelligence procedures on a public or a private cloud.
The technology is built to make critical statistical information available through end-users web browser. Emergence of cloud analytics has now enabled enterprises to add users as well as share dashboards in less time.
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Furthermore, the system ensures a range of features including enhanced protection and security, simplified mobile access and easy data sharing with consumers as well as partners.
However, the fact that cloud analytics is time consuming along with data security concerns has hindered the market growth to a greater extent. Nonetheless, emerging markets such as Mexico as well as Brazil are anticipated to create major growth opportunities for cloud analytics in Latin America.
The SMBs adopting cutting-edge design strategies and social media to evaluate their potential customer behaviour is also likely to create greater opportunities.
The cloud analytics market is further segmented in terms of solutions, industries, geography as well as organization size. In terms of solutions the market covers performance management, cloud BI tools, information management, analytics solutions data warehouse solutions, and others.
Furthermore, the industries served by cloud analytics include government, banking, financial and insurance services, telecommunication, retail, media, manufacturing, education and others. On the basis of deployment model, the market is segmented into private cloud, public cloud, and hybrid cloud.
The market extends its services to end-customers such as large enterprises and small and medium business enterprises. Countries experiencing tremendous growth in cloud analytics include Columbia, Brazil, Mexico, and others.
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To maintain a competitive edge in the Latin America cloud analytics market, the companies in the region are seen investing generously on research and development. On the other hand, brands are acquiring local enterprises to increase their service offering as well as product portfolio.
The number of joint ventures, acquisition and mergers, and collaboration in the Latin America cloud analytics market is on the rise. There are many prominent market leaders active in this market.
Some of the major players include International Business Machines Corporation (or IBM), Systems, Applications & Products in Data Processing (or SAP), Oracle Corporation, SAS, Microsoft Corporation among others.
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