Data Warehouse as a Service Market to Expand with Significant CAGR During 2028 | Snowflake, Pivotal Software, Teradata
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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 leading players operating in data warehouse as a service market are IBM, Veeva, Netavis AWS, LUX Fund Technology & Solutions, Google, Accur8 Software, Microsoft, Transwarp Technology, Snowflake, Pivotal Software, Teradata, AtScale, SAP, Cloudera, Veeva, Micro Focus, Hortonworks, Actian, Yellowbrick, Panoply, MarkLogic, MemSQL, Transwarp Technology, Solver, and 1010data.
In December 2018, a leading player in data warehouse as a service market, Snowflake, announced public availability of Microsoft Azure in EMEA. Snowflake uses Azure infrastructure services for data storage and query processing. The company has added diverse cutting edge features, such as storage soft delete, accelerated networking, among others.
In September 2018, another data warehouse as a service market player Accu8 Software introduced its Data Migration as a Service (DMaaS) for IBMi Series AS/400. IBMi works on IBM PureSystems and IBM Power Systems and helps SMEs in data migration from their existing IBMi environment to cloud platform, like Microsoft Azure or Amazon AWS.
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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.
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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.
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