Data Warehousing Market 2020- key factors behind market's rapid growth
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The requirement for dedicated storage systems with generation of huge amount of data, surge in demand for column-oriented data warehouse solutions and need for real-time view and analytics drive the growth in the market. However, high cost of implementation and complexity restrain the market growth. On the other hand, increase in application of AI in data warehousing and rise in adoption of virtual data warehousing create new opportunities in the market.
According to the report, the global data warehousing market garnered $18.61 billion in 2017 and is estimated to generate $34.69 billion by 2025, registering a CAGR of 8.2% from 2018 to 2025.
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Based on type of data, the structured data would register the fastest growth rate, growing at a CAGR of 12.7% from 2018 to 2025, owing to generation of huge amount of unstructured data in organizations. The semi structured & unstructured segment accounted for nearly four-fifths of the total share in 2017, and will maintain its dominant position throughout the forecast period. This is attributed to advancements in storage technologies and data processing.
North America held the major market share in 2017, accounting for nearly two-fifths of the total share and will maintain its lead position by 2025. This is due to huge chunk of data generated by many organizations, trend of digitization, and adoption of advanced technologies. However, Asia-Pacific is expected to grow at the highest rate, with a CAGR of 9.9% from 2018 to 2025, owing to rise in data storage and analytics requirements in various industry verticals and surge in adoption of big data in the region.
Leading market players analyzed in the research report include Actian Corp., Cloudera, Amazon, IBM Corporation, Google, Oracle Corporation, Microsoft, Snowflake, SAP, and Teradata. They have adopted various strategies including expansions, collaborations, partnerships, joint ventures, mergers & acquisitions, and others to gain a strong position in the industry.
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DRIVING FACTORS FOR THE MARKET
1. Need for dedicated storage system for growing volume of data
2. Rise in demand for column-oriented data warehouse solutions to perform advanced analytics
3 The need for low-latency, real-time view and analytics on operational data
MARKET RESTRAINTS AND OPPORTUNITIES:
2. High implementation cost
3. Emerging trend of adopting virtual data warehousing
4. Growing Application of AI in Data Warehouse
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