Data Warehouse as a Service Market Trends
Growth Drivers
- Need to Enhance Customer Experience
In order to enhance the experience of the customer historical data could be utilized. In order to give a better customer experience, the data warehouse has completely changed the means by which service models are created and deployed. Companies could analyze the stored data in the warehouse and further might make changes in their service in order to satisfy customers.
- Growing E-Commerce Activity
Currently, there are approximately 3 billion digital consumers which equates to about 32% of the population doing online shopping around the world. Hence, the demand for DWaaS is on the rise. Moreover, e-commerce stores supervise a lot of sensitive data, such as credit card details and client contact information, thus rendering them a tempting target for criminals. Furthermore, e-commerce enterprises may be subject to legislation that includes the GDPR or CCPA that governs the manner in which they handle, process, and keep this information. Hence, it makes it easy for e-commerce organizations to protect sensitive data by storing it in the data warehouse.
- Surge in the Use of AI in DWaaS
Data cleansing in data warehousing is increasingly being automated using artificial intelligence (AI). By utilizing AI to find and eliminate errors, inconsistencies, and missing data from a data warehouse, automated data cleansing, also known as data preparation, makes sure that the data is correct and trustworthy.
Challenges
- Rise in Cyber Attacks - Security is crucial since the DWaaS's data is sensitive and crucial to its operation. Cyber attackers continuously develop new ways to undermine cloud security, necessitating ongoing innovation in security practices. Additionally, although DWaaS suppliers also need to continue developing solutions to this issue, the majority of security breaches are caused by customer negligence. Hence, all this factor is estimated to hinder the market demand.
- Inefficient Architecture & Data Rigidity
- High Cost of Data Warehouse as a Service (DWaaS)
Data Warehouse as a Service Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
22.8% |
|
Base Year Market Size (2024) |
USD 5.05 billion |
|
Forecast Year Market Size (2037) |
USD 52.8 billion |
|
Regional Scope |
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