Data Warehouse as a Service Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Data warehousing is increasingly gaining traction as it offers a wide range of advantages that computer resources and on-site storage can’t match. As companies are becoming highly data-driven, organizational leaders as well as top managers require in-depth analysis related to different aspects of business. With the speed of business today, employees can’t sit back and wait for an IT technician to provide data from data warehouse so they can start with their analysis.
With data warehouse as a service, businesses don’t need to worry about data warehouse set up and management as the service provider takes care of all management and administration. Companies are increasingly adopting data warehouse as a service as it sets them free from the burden of updating software. Moreover, they can access data warehouse as a service anywhere if they have access to Internet connection, which in turn is adding gains into data warehouse as a service market.
As data warehouse as a service performs data administration and management, companies don’t need to worry about staffing data warehouse, which in turn is making data warehouse as a service an optimal choice for firm with small or limited IT departments.
Data Warehouse as a Service Market - Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global data warehouse as a service market include –
Data Warehouse as a Service Market: Market Dynamics
Rising Adoption of Private Cloud Creating Growth Opportunities
Several companies have been opting for cloud data warehouse solutions to bring structured data from legacy on-premises data warehouses together. With cloud solutions, firms get insights they were previously unaware of, thus, several enterprises have started deploying cloud-based solutions to maintain their enterprise data. This can also be attributed to unique features of private clouds, as they offer simplicity in tandem with immense control over enterprise applications and data. Furthermore, a private cloud gives enterprises an exhaustive view of supply chain, helping them gain valuable insights to better manage their value chain in order to understand and forecast demand, regulate supply, and track inventory in real time. The growing adoption of private cloud by companies is likely to underpin gains in data warehouse as a service market.
Surging Data Privacy & Security Requirements to Drive Adoption of Data Warehouse as a Service
With cloud-based data warehouse allowing companies to get an inclusive view of their customer transactions as well as data, they can quickly and seamlessly assort data and evaluate it to drive customer engagement initiatives. Moreover, in case of data warehouse as a service, data is stored in a single repository enabling companies to ensure security and privacy of their customer as well as transactional data. As data warehouse as a service alleviates risks associated with failure in compliance with diverse industry regulations and requirements, data warehouse as a service market is likely to witness gains in forthcoming years.
Growing Adoption of Advanced Technology Solutions in BFSI
Banking, financial services and insurance (BFSI) continue to remain highly lucrative for growth in data warehouse as a service market as it deals with massive customer data generated regularly. BFSI has been observing high adoption of cutting-edge technology solutions to manage and evaluate this data, thereby driving the uptake of high-tech solutions required to comply with growing stringent regulations and requirements. With advancing cloud-based solutions such as data warehouse as a service, companies in BFSI industry are efficiently managing their data scattered across diverse regions and departments. The growing adoption of data warehouse as a service in BFSI can also be attributed to cloud-based data warehouses presenting a viable substitute to existing on-premise legacy data warehouses, thereby enabling organizations to use cloud to cut their operational costs.
Unwillingness to Shift from Traditional ETL Tools to Cloud Dampening Market Growth
The growing unwillingness of several businesses to shift from conventional ETL tools to cloud in tandem with shortfall of skilled individuals to monitor data warehouse as a service are expected to hamper growth of data warehouse as a service market.
Data Warehouse as a Service Market- Segmentation
Data warehouse as a service market can be bifurcated on the basis of:
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