Research report published by Proficient Market Research ” Data Warehousing as a Service Market, By Deployment Type (Cloud-based and On-premises); By End-use Industry (Government, Healthcare, BFSI, E-Commerce and Retail and Others) Market Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028″, states that the global data warehousing as a service market is expected to grow at a CAGR of 19.3% during the forecast period from 2021 to 2028.
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Data warehousing as a service is used to construct data warehouse for various industries which extracts data from different heterogeneous data sources and store it in data marts. The data-driven companies and businesses are completely dependent on data warehousing and analysis of this data. The analytical activities helps the companies generate revenue, optimize profit and also help to contain the cost. The data warehousing as a service is used in different end-use industries that provides robust solutions for analyzing and managing huge amount of data and these solutions are reliable, secure and flexible to support various use cases and data types. Moreover, there is rise in need for various storage systems due to increase in volume of data, surge in demand for data warehouse solutions for performing advanced analytical algorithms on operational data, and rise in demand for real time view of data, are some of the major factors that drives the growth of the data warehousing as a service market. Apart from this, various enterprises utilizes several streams of data from different data sources and adoption of modern and innovative solutions such as business intelligence (BI) tools for extraction of data by the enterprises also enhance the growth of the market.
In addition, most of the e-commerce and online banking and other businesses deals with huge amount of data and they do not have effective tools to analyze this data and to detect threats, which makes different fraudulent activities. Threat management and fraud detection is considered as major challenge that is faced by most of the industries. Therefore, small and medium and large enterprises have adopted different tools and technologies for preventing threats and frauds. Therefore, due to upsurge in online businesses, e-commerce and online banking, leads to the adoption of threat management and fraud detection solutions which increase the growth of the data warehousing market. Moreover, companies across various industries adopts cloud-based solutions for storage of their structured and critical data in their data warehouses, which helps to detect frauds and threats. On the other hand, due to onset of COVID-19 pandemic, the data warehousing as a service market has witnessed positive growth. As most of the companies across the world have initiated work from home culture, which has triggered the demand for data warehousing as a services and solutions for managing and analyzing the data. Apart from this, there has been rise in adoption of fraud detection solutions for various data warehouses in the COVID-19 pandemic, which has also created the demand for the data warehousing as a service market.
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Furthermore, the data warehousing as a service can be deployed in two types such as cloud-based data warehousing and on-premises data warehousing. Whereas, cloud-based data warehousing dominates the market because it widely used in various sectors such as government and public sector, e-commerce, BFSI, and manufacturing sector, among others. Apart from this, the rising adoption of column-oriented data warehouses for executing various analytical techniques, increase in adoption of private cloud for data storage and rapid increase in volume of data creates various opportunities and increase the demand for the market. On the other hand, these deployment types are used in different end-use industries such as, government, healthcare, BFSI, e-commerce and retail, among others. Whereas, BFSI industry dominates the market because of banking, financial services and insurance firms are extensively adopting data warehousing solutions and implementing various analytical tools for monitoring and analyzing the data. Moreover, different banks such as BNY Mellon, Bank of America, Morgan Stanley, PNC and Credit Suisse are working on various approaches for performing big data techniques in banking and have broadly adopted the data warehousing services and solutions for their data handling solutions.
Additionally, most of the data warehousing providers of cloud services are collaborating with different IT companies and offering clients with scalable and flexible data warehouse services as per their requirement. Major players in the global data warehousing as a service market are International Business Machines Corporation, Google LLC, Microsoft Corporation, Amazon Web Service (Amazon.com, Inc.), SAP SE, Snowflake Inc., Teradata Corporation, Oracle Corporation, Actian Corporation, Cloudera, Inc. and Micro Focus International plc.
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Trends and Future Outlook:
Increasing use of advanced technologies such as machine learning (ML) and artificial intelligence (AI) for creating smart data warehouses, which automatically optimizes data
Rising adoption of virtual data warehouses, which helps to filter the important data and requires less cost for its development