According to forecasts, the market for data warehousing as a service will be worth US$ 5,484.9 million in 2023 and US$ 41,511.6 million in 2033. From 2018 to 2022, the global industry experienced a CAGR of 20.3% growth.
Data warehouses as a service are being heavily used by financial consulting businesses to relieve them of the burden of having to update their on-premise software on a regular basis. Furthermore, customers may access services from anywhere with quick internet connectivity, which is driving up demand for data warehousing as a service in the BFSI sector. In contrast to this, less qualified workers and significant investments in outdated systems are limiting the worldwide market.
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Potential Market Opportunity
During the forecast period, the market is estimated to witness significant growth due to the factors such as
- Rising investments in machine learning and artificial intelligence (AI).
- The growing BYOD (Bring Your Own Device) trend.
- The use of AI in numerous industry verticals.
Key Takeaways:
- By 2033, the data warehouse as a service market in the United Kingdom is likely to expand, with a CAGR of 21.6%.
- In 2022, the United States dominated the data warehouse as a service sector, with a share of 17.3%.
- The DWaaS market was significantly expanding, with a size of US$ 4,540.5 million in 2022.
- By 2033, the data warehouse as a service market in China is likely to expand, with a CAGR of 21.7%.
- In 2022, Australia expanded the DWaaS business, with an expected share of 4.3%.
- The market is anticipated to expand at a US$ 10,058.03 million valuation by 2026, with rising cloud solutions.
- By 2033, India is projected to expand significantly in the data warehouse as a service market, with a share of 22.6%.
- Japan’s data warehouse as a service industry share expanded significantly, with a 6.8% share in 2022.
- In 2022, the enterprise DWaaS dominated the market with a share of 54.8%. It is anticipated to control the market by 2033 in terms of type.
- Based on application, business intelligence dominated the market with a share of 26.5% in 2022.
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Effective Approaches by Key Players
Key organizations have adopted efficient solutions to defend corporate data from threats. The company’s data warehouse stores organized and vital data for the firm. Due to benefits like enterprise-grade security, low latency, scalability, and high availability, businesses from multiple industries are using various data warehouse services.
Recent Developments:
- Amazon Web Services and HCL Technologies joined forces in June 2022. HCL can provide enterprise data warehousing solutions that are scalable, economical, and high-performing thanks to AWS.
- HCL Technologies receives data-driven business insights from Amazon Redshift that are supported by cutting-edge AI/ML capabilities. It is to enhance decision-making, and operational effectiveness, and accelerate time to market.
- The Vertical Accelerator, a brand-new, comprehensive software-as-a-service (SaaS) offering, became publicly accessible in September 2021, according to Vertica Systems, a provider of analytical database management software with a United States base.
Key Segments
By Type:
- Enterprise DWaaS
- Operational data storage
By Application:
- Customer Analytics
- Operational Analytics
- Business Intelligence
- Predictive Analytics
- Data Modernization
By Vertical:
- BFSI
- Energy and utilities
- IT and ITeS
- Media and Entertainment
- Retail and consumer goods
- Healthcare and life sciences
- Government and public sector
- Manufacturing
- Others
By Deployment Mode:
- Public Cloud
- Private Cloud
By Organization Size:
- Large Enterprises
- SMEs
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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