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Transforming Storage: 2024 Data Warehousing Global Market Report
Data Warehousing Market Size
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According to The Business Research Company's, The data warehousing market size has grown rapidly in recent years. It will grow from $30.57 billion in 2023 to $34.52 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to growth in enterprise data volume, increased complexity of data analysis, business intelligence and reporting needs, expansion of cloud computing, adoption of data warehousing for decision support.
The data warehousing market size is expected to see rapid growth in the next few years. It will grow to $59.05 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to demand for real-time data analytics, growth in edge computing and iot data processing, emphasis on hybrid and multi-cloud data warehousing, increased focus on data security and privacy, growing demand for business intelligence and analytics solutions. Major trends in the forecast period include integration of artificial intelligence and machine learning in data warehousing, adoption of data lake architecture, use of in-memory processing for faster analytics, augmented analytics for enhanced business insights, focus on sustainable and green data warehousing practices.
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Market Drivers and Trends:
The escalating proliferation of cloud technology is expected to propel the growth of the data warehousing market going forward. Cloud technology refers to the supply of computer services over the internet, including servers, storage, databases, networking, software, analytics, and intelligence. Cloud data warehouses enable customers to access and safeguard valuable data while maintaining processing speeds. For instance, according to Eurostat, the statistical office of the European Union (EU), in 2021, cloud computing was used by 41% of EU businesses, primarily for file storage and e-mail, and the usage grew in 2021 compared to 2020, especially in the retail sector. So, the escalating proliferation of cloud technology among enterprises is driving the data warehousing market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Actian Corporation, Cloudera Inc., Amazon. com Inc., IBM Corporation, Google LLC, Oracle Corporation, Microsoft Corporation, Snowflake Inc., SAP SE, Amazon Redshift, Amazon Web Services, 1010DATA, Accur8Software, AtScale Inc., Attunity, Dell Technologies Inc., Informatica LLC, Micro Focus International plc, MarkLogic Corporation, Netavis Software Gmbh, Panoply Ltd., Pivotal Software Inc., Hewlett Packard Enterprise Company, VMware Inc., Huawei Technologies Co. Ltd., Kognitio Ltd., TIBCO Software Inc., Vertica Systems, Yellowbrick Data Inc., Alteryx Inc.
Data Warehousing Market 2024 Key Insights:
• The data warehousing market size is expected to see rapid growth in the next few years. It will grow to $59.05 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Fueling The Growth Of The Data Warehousing Market
• Oracle's Autonomous Data Warehouse Redefines Innovation
• North America was the largest region in the data warehousing market in 2023
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