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DWaaS Market Provides Detailed Insight by Trends, Challenges, Opportunities, and Competitive Analysis
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One of the key growth drivers for the market is the burgeoning demand for real-time data analysis owing to the rapid digitization. The accelerating digitization rate is resulting in the generation of a large volume of structured, semi-structured, and unstructured data, which is being leveraged by public and private organizations to improve productivity, enhance profit, retain customers, and mitigate future risks. To reap such benefits, business entities across the world are increasingly using data storing, managing, and analyzing solutions offered via the DWaaS model.
Additionally, the expanding e-commerce sector will create ample growth opportunities for the players operating in the data warehouse as a service market. The surging engagement on e-commerce platforms on account of the growing internet penetration and rising smartphone usage is generating a huge volume of data, which can be effectively managed and analyzed through DWaaS solutions. People are inclining toward e-commerce platforms as they offer better deals, easy price comparison, extensive product range, home delivery, and 24*7 shopping. Retailers are leveraging business intelligence (BI) tools on data warehousing solutions to offer a personalized experience.
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At present, companies operating in the data warehouse as a service market are undertaking product launches to consolidate their position. For instance, in March 2018, Oracle Corporation launched Autonomous Data Warehouse, a DWaaS solution based on self-driving, self-securing, and self-repairing technologies. This solution automatically tunes, patches, upgrades, monitors, and secures the database by leveraging machine learning (ML). Other players following the same pursuit include International Business Machines (IBM) Corporation, Micro Focus International plc, Pivotal Software Inc., Netavis Software GmbH, Accur8 Software, Veeva Systems Inc., and Huawei Technologies Co. Ltd.
Geographically, North America accounted for the largest share in the data warehouse as a service market in 2019, and it will keep dominating the industry during the forecast period. This can be attributed to the burgeoning customer demand for personalized services and surging use of data analytics in the healthcare, government, retail and e-commerce, and banking, financial services, and insurance (BFSI) sectors. Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the forecast years due to the increasing adoption of cloud-based data warehousing solutions by the BFSI sector.
Thus, the escalating demand for real-time data analysis and flourishing e-commerce industry will steer the market growth.
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