According to a new market research report "Data Warehouse as a Service (DWaaS) Market by Application (Customer Analytics, Asset Management, Fraud Detection & Threat Management), Usage, Industry Vertical, Deployment Model, Type (EDWaaS & ODS) & Organization Size - Global Forecast to 2023", published by MarketsandMarkets™, the Data Warehouse as a Service Market size is expected to grow from USD 1.2 billion in 2018 to USD 3.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.8% during the forecast period.
The key factors driving the Data Warehouse as a Service Market include increase in private cloud adoption, increased adoption of column-oriented data warehouse to perform advanced analytics, and proliferation of data.
Browsein-depth TOC on"Data Warehouse as a Service (DWaaS) Market"
BFSI to account for the largest market size in 2018
BFSI has been a dominant industry across all regions, dealing with massive volumes of customer data generated on a daily basis. The industry has observed high adoption of advanced technology solutions to manage and analyze this data. Further, the industry drives the adoption of advanced solutions required to cater to the regulatory and compliance requirements in the industry. With advanced cloud-based solutions available in the market, organizations in the BFSI industry are efficiently managing their data spread across various departments and regions. Further, cloud-based data warehouses present a viable alternative to prevalent on-premises legacy data warehouses in the industry, enabling organizations to leverage cloud to lower their operational costs.
The increasing data privacy and security requirements to drive the adoption of data warehouse services in SMEs and large enterprises
Cloud-based data warehouse enables organizations to get a comprehensive view of their customer transactions and data, enabling various teams across the organization to quickly assort information and analyze it to drive customer engagement initiatives. With data stored in a single repository, organizations can easily ensure the privacy and security of their customer and transactional data, reducing the risks associated with failure to comply with various industry regulations and compliance requirements.
The operational data store segment to grow at a higher CAGR during the forecast period
The Data Warehouse as a Service Market by type has been segmented into enterprise data warehouse as a service and operational data store. Operational data stores in the Data Warehouse as a Service Market refer to cloud-based data warehouse solutions to store and analyzes data in real-time. Operational data stores are expected to grow at a higher rate due to increasing demand for real-time analytics and reporting.
North America to account for the largest market size during the forecast period
North America constitutes the largest market size, due to the early adoption of data warehouse solutions and supporting technologies, including data management, data governance, and security, in the region. Further, majority of the vendors in the market are based in the region and have a strong presence across all major industries in the region. These vendors have taken up several market growth initiatives in the form of partnerships with different technology players to offer rapid analytics and data processing solutions. The presence of most of data warehouse as service vendors, as well as, the widespread awareness about these solutions would continue to account for the dominating position of the region in the global market during the forecast period.
The major vendors offering Data Warehouse as a Service Market globally include IBM (US), Microsoft (US), AWS (US), Oracle (US), Google (US), Teradata (US), SAP (Germany), Cloudera (US), Micro Focus (US), Pivotal Software (US), Snowflake (US), Hortonworks (US), Netavis (US), Accur8 Software (US), and 1010data (US). The study includes an in-depth competitive analysis of the key players in the Data Warehouse as a Service Market, along with their company profiles, recent developments, and key market strategies.
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