Data Warehousing Market Highlights Over 2022 - 2031
The data warehousing market is estimated to garner a large amount of revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for next-generation business intelligence, and rising need for dedicated storage systems for surge in volumes of data across the globe. Along with these, growing usage of mining for business intelligence and data analytics, and escalating proliferation of cloud technology among enterprises globally are also expected to drive significant market growth in the upcoming years. Furthermore, notable hike in the number of smartphone users, coupled with evolution of programming techniques with advancements in memory and core technologies are projected to offer abundant growth opportunities to the market in the near future. In 2020, more than 6 billion people around the world used smartphones, which is evaluated to grow up to more than 7 billion users by the end of 2024.
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The market is segmented by end user into retail, telecom & IT, BFSI, manufacturing, healthcare, government, and others, out of which, the BFSI segment is anticipated to hold the largest share in the data warehousing market. This can be accounted to the growing usage of big data analytics and data mining in this sector, and rising emphasis of banking companies to cut down on financial losses caused by malicious cyberattacks. Apart from these, advent of internet of things in the BFSI with connected devices such as ATMs, smart credit cards and mobile banking is also predicted to bolster the growth of the market in the coming years. Additionally, on the basis of offering, the cloud segment is assessed to observe significant growth during the forecast period owing to the multiple data type support, unlimited storage, and flexible pricing models offered by cloud warehousing.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Data Warehousing Market Regional Synopsis
Regionally, the data warehousing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the increasing establishment of data centers for providing big data solutions, and rapidly growing IT infrastructure. In addition, surging spending on cloud technologies is also predicted to boost the market growth in the region in the coming years. In 2019, China spent approximately USD 13 billion on public cloud services, whereas Australia and India spent about USD 4 billion and USD 3 billion respectively. Moreover, the market in North America is expected to occupy the largest share during the forecast period ascribing to the presence of technologically advanced infrastructure for data warehousing, and strong footprint of market players in the region.
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The data warehousing market is further classified on the basis of region as follows:
Our in-depth analysis of the data warehousing market includes the following segments:
By Data Type
By Deployment Model
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for next-generation business intelligence, and rising need for dedicated storage systems for surge in volumes of data worldwide.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the increasing establishment of data centers for providing big data solutions, and rapidly growing IT infrastructure in the region.
The major players in the market are AtScale Inc., Cloudera, Inc., IBM Corporation, Microsoft Corporation, MarkLogic Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by data type, deployment model, offering, end user, and by region.
The BFSI segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
High deployment cost of data warehousing is estimated to hamper the market growth.
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