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Data Warehouse as a Service Market Size, Status, Top Players, Trends in Upcoming Years
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The adoption of DWaaS solutions allows the deployment of third-party business intelligence (BI) applications. Besides these factors, the surging adoption of cloud-based solutions is also positively impacting the demand for DWaaS technology all over the globe. Furthermore, the surge in e-commerce sales, on account of the growing internet penetration and the mushrooming usage of smartphones, is creating lucrative growth opportunities for the DWaaS technology developing companies all over the world.
Due to the above-mentioned factors, the demand for DWaaS solutions is growing rapidly across the globe. This is, in turn, driving the expansion of the global data warehouse as a service (DWaaS) market. As a result, the valuation of the market is predicted to grow from $1.4 billion in 2019 to $23.8 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 29.2% between 2020 and 2030.
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Across the globe, the DWaaS market will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This will be because of the growing usage of cloud-based data warehousing solutions by financial institutions, insurance companies, and banks in the region. Moreover, various regional countries such as India, Singapore, Hong Kong, and Australia are witnessing surging digital transformation, which is subsequently pushing up the requirement for DWaaS solutions in the region.
Hence, it is safe to say that the demand for DWaaS solutions will skyrocket all over the world in the coming years, primarily because of the growing penetration of the internet, the rising digital transformation, and the burgeoning requirement for real-time data analysis.
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