The burgeoning requirement for real-time data analysis is one of the major factors fueling the demand for data warehouse as a service (DWaaS) solutions across the globe. With increasing digitization, huge volumes of semi-structured, structured, and unstructured data are being generated. Many organizations around the world are leveraging this information for improving their productivity, retaining customers, augmenting their profits, and reducing future risks. Due to this reason, the worldwide demand for big data analyzing and storing solutions is rising rapidly.
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.
As per many reports, 3.47 billion people across the world are currently using the internet. This is making companies switch to digital platforms for selling their products and services. Moreover, online platforms provide better deals, easy price comparisons, home deliveries of products, greater product varieties, and 24X7 hassle-free and comfortable shopping experience to customers. Many retailers are increasingly adopting BI tools on data warehousing solutions for providing a personalized experience to customers.
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.
Depending on type, the market is divided into operational data store (ODS) and enterprise data warehouse (EDW) categories. Between these, the ODS category is predicted to exhibit faster growth in the DWaaS market in the forthcoming years. This will be because these solutions enable the integration of data from various sources on a single platform, which, in turn, makes operational reporting easier and hassle-free. Furthermore, ODS utilizes BI tools for deriving useful inferences from the generated data.
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.
