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Data Warehousing Market - Global Industry Analysis, Growth, Trends, Forecast 2024
Data warehouse is a relational database formed to analyze and perform query processing. Data warehousing is generally used by enterprises as the data stored by these warehouses is of large size. Warehouse stores data retrieved from historical transactions; however, it also contains data from various other sources. Data warehousing contains additional tools compared to a relational database. Extraction, transformation and loading (ETL) tools are available for processing in data warehousing. In addition to the ETL tools, Online Analytical Processing (OLAP) engine, analytical tools for clients are also present to manage the data gathering and delivering processes.
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Data warehousing is used by businesses for data mining, where patterns within the information stored are identified. This pattern between information can prove extremely helpful as business strategies are formulated according to future trends derived from the historical data. Data warehousing has opened multiple opportunities for business intelligence (BI). BFSI sector is increasingly using data warehousing as financial fluctuations could prove harmful for any enterprise.
Data Warehousing Market: Growth Trends and Opportunities
Data generated by organizations worldwide is increasing constantly, which is the major driving force behind the growth of data warehousing market. Telecommunications, BFSI industries need to store billions of records on a daily basis. Growth of IT and related services worldwide is also contributing to increase in data generation. Enterprises all over the world have understood the importance of BI which has resulted in processing of historical data on regular basis. Also, analytical tools are required for processing data. Data warehousing offers tools for such processing. Proliferation of cloud technology has been helping data warehousing market to grow during recent years. Cloud technology provides an infrastructure designed for data warehousing, enhancing its potential further. Budget restraints and time required to build in-house software are the key factors responsible for adoption of cloud-based data warehousing solutions. Overhead costs are reduced with the usage of cloud technology, as space and cooling expenses are non-existent.
Concerns regarding security could hinder the progress of data warehousing market. Important historical data is stored in data warehousing, which is used to make future business strategies. This makes the stored data highly confidential and therefore it must be protected and handled with precaution. Threats to enterprise security are increasing as the global competition increases. Also, as the size of a data warehouse is increasing, filtering this data and finding high quality data usable for analytical purpose is becoming difficult. To deal with increasing size of data storage, big data is used by companies. Big data can store and process large amount of data compared to a data warehouse. Also, Hadoop technology emerged primarily to handle unstructured big data. However, Hadoop can help IT teams to efficiently mix big data systems and data warehouses. Operational data warehousing are seen as the future of data warehousing. These warehouses will be used to process day to day transactions and provide analytical solutions on a daily basis resulting in reduced load.
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Data Warehousing Market: Key Vendors
Major players in the data warehousing market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Teradata Corporation, SAP AG, SAS Institute Inc., Informatica LLC, Amazon.com, Inc., Treasure Data Inc. and Hewlett-Packard Development Company, L.P.
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