Data Warehouse as a Service Market worth $12.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 9, 2021 /PRNewswire/ -- According to a new market research report "Data Warehouse as a Service Market with COVID-19 Impact by Application (Customer Analytics, Business Intelligence, Operational Analytics, Predictive Analytics), Vertical, Deployment Model, Type (EDWaaS & ODS), & Organization Size - Global Forecast to 2026", published by MarketsandMarkets™, the global DWaaS Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, to reach USD 12.9 billion by 2026 from USD 4.7 billion in 2021. Key factors that are expected to drive the growth of the market are the increasing role of business intelligence and data analytics in the enterprise management, growing dependence on data-driven decision-making to improve business performance, and requirement of regulatory governance and security.
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Operational data storage segment to grow at a higher CAGR during the forecast period
Based on the type, the market is segmented into two categories: enterprise data warehouse as service and operational data storage. The market for operational data storage is expected to grow at a higher CAGR during the forecast period. The growth is mainly attributed to the increasing demand for real-time data analytics and reporting. The implementation of ODS in an enterprise complements the existing data infrastructure and supports the current and future needs of the enterprise. In addition, the growing use of AI in data warehouses is likely to provide future growth opportunities for the ODS segment. Companies operating in the DWaaS Market provide advanced solutions to meet the rapid growth of data volumes and to adhere to regulatory compliance mandates.
Public cloud segment to account for a higher market share during the forecast period.
The DWaaS Market is segmented by deployment type into public and private cloud. The public cloud segment account for a higher share of the Data Warehouse as a Service Market during the forecast period due to increasing investments in mobility, collaboration and other remote working technology and infrastructure. While the private cloud model is gaining popularity in organizations to overcome security and data privacy challenges.
Healthcare and life sciences vertical to grow at a higher CAGR during the forecast period.
Healthcare and life sciences is one of the fastest-growing verticals as the industry is undergoing extensive development, with advancements in technologies, thereby enhancing the overall industry vertical. The quality of information and the interest toward quality medicinal administrations have turned out to be progressively imperative. Initially, owing to data complexities and a variety of medical cum clinical data, the adoption of DWaaS solutions in the healthcare sector was comparatively slow. However, over the past years, the increase in the usage of DWaaS solutions has proved to be handy in administrative and clinical areas. The vast amounts of data generated over the years have been used in a variety of areas, right from enhancing patient health to pharmaceuticals testing.
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APAC to grow at a higher CAGR during the forecast period.
There is an increasing demand for DWaaS, which is cloud-driven and cloud-supported, in the APAC region, thereby resulting in increasing investments and technological advancements across various industries. BFSI is one of the biggest industry verticals in the APAC region, followed by manufacturing, and retail, and e-commerce. Due to the global competition, lower operational costs and higher productivity have become major concerns for local manufacturers, which need to be addressed immediately to stay competitive in the market. Companies in this region continue to focus on improving their customer service to drive competitive differentiation and revenue growth. This is pushing companies to explore hosted and cloud alternatives for on-premises-based DWaaS solutions. China, Japan, and Australia and New Zealand (ANZ) are the leading countries in terms of the adoption of the data warehouse services in the region.
The Data Warehouse as a Service Market comprises major providers, such as AWS (US), IBM (US), Microsoft (US), Google (US), Oracle (US), SAP (Germany), Snowflake (US), Micro Focus (UK), Teradata (US), 1010Data (US), Cloudera (US), Pivotal (US), Yellowbrick (US), Veeva Systems (US), Actian (US), Marklogic (US), Netavis Software (Austria), Solver (US), Accur8 Software (US), AtScale (US), Panoply (US), SingleStore (US), and Transwarp (China). The study includes an in-depth competitive analysis of key players in the DWaaS Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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