Why are Data Warehousing Services in India growing faster?
Global “Active Data Warehousing Market” forecast report delivers important insights and provides a complete analysis of key market trends, dynamics, and the future scope of Data Warehousing Services in India.
The study examines key drivers, top market players, important segments, and geographies in depth. The global active data warehousing market was valued at USD 5.67 billion in 2018 and is predicted to grow at a CAGR of 11.17 percent to USD 10.75 billion by 2024.
Data warehousing has sparked tremendous interest in real-world applications. Particularly in banking, business, healthcare, and other areas, as worries about data manageability and complexity have grown.
The expanding relevance of business intelligence and real-time data analytics, which rely on real-time data warehousing solutions, has risen considerably. Due to the increased requirement for swift business decisions and increased competition.
The demand for more sophisticated data warehousing developers and administrators has risen in response to the growing reliance on big data analytics and business intelligence solutions. Top Key Players in the Active Data Warehousing Market Report are:
- ORACLE CORPORATION
- HEWLETT PACKARD ENTERPRISE CO.
- MICROSOFT CORPORATION
- AMAZON WEB SERVICES INC
- IBM CORPORATION
Key Market Trends Showing The Growth of Data Warehousing Services in India
Several trends will help you understand the increasing significance of data warehousing services in India in multiple sectors. One of the most important among them is the Hybrid Deployment. Market expect it to witness rapid growth.
Although most businesses benefit from a cloud-based data warehouse because it is cost-effective, simple to set up, and instantly expandable. Also, businesses that demand complete control, flexibility, accessibility, and predictability may find that an on-premise solution is a better fit.
Suppose organizations are unsure of choosing the best model fit for their needs. In that case, they opt for a hybrid approach, storing their data in an on-premise data center. They also use the cloud for data processing and analytics.
They can also store the data in a cloud data warehouse and do analytics locally. A suitable solution would be to implement a hybrid approach. We can protect the internal systems through private servers on-premise and cloud services on the private server cloud.
Another interesting reason behind adopting the hybrid model is that investment organizations have already settled into on-premise hardware and software. Software and hardware infrastructure are costly.
Hence, the businesses may be hesitant to forego these investments in order to shift to the cloud. Therefore, rather than migrating to the cloud infrastructure entirely, the best workable alternative will be to inherit the hybrid model and maximumly the use of both models.
Role of Cloud Computing in Data Warehousing Services
As cloud-based solutions become more widely available and used, the market environment for cloud computing continues to develop. As a result, almost all enterprises are looking for a solution to reduce the time taken to search for data.
Businesses also want to improve the efficiency of the employees and organizations. It has expanded the use of data warehousing systems, resulting in greater business process efficiency.
Various SMEs are boosting their investments in IT products and services, which is driving growth. In addition, government agencies are also increasing their spending on cloud-based services as a part of cost-cutting initiatives.
Cloud-based data warehousing is a type of infrastructure that has more potential than traditional data warehouse deployment methods. Thus, organizations can use their private cloud to support their data warehouse and analytics.
Enterprises are increasingly adopting cloud-based data warehousing solutions due to budget restrictions in IT. Also due to lack of time to develop in-house software and the cost advantages associated with a host of on-demand software subscriptions.
Market Overview of Data Warehousing Services in India
The market for data warehouses as a service was worth USD 1.44 billion in 2020 and is predicted to grow to USD 4.3 billion by 2026, with a CAGR of 20% from 2021 to 2026.
The growing interest of companies to understand the information regarding business processes, products, customers, and services has increased. All this to grab new business opportunities is positively impacting the market.
The market demand is predicted to be driven by the growing demand for low latency and high-speed analytics. Also due to the expanding significance of business intelligence in corporate management across the business ecosystem.
However, the market’s growth may be hampered by the increasing complexity of managing and enhancing data quality. Furthermore, demand for data warehouse services is likely to increase, particularly in cloud-based deployments.
The reason behind this is the tremendous growth in the volume of structured & unstructured data generated across multiple end-user industries. BFSI, retail, e-commerce, government, public sector, and manufacturing industries are the major ones.
The expanding usage of data warehouses for advanced analytics, rapid growth in data volumes, increased regulatory compliance, and multi-cloud architecture. All these present significant potential for cloud-based data warehouse solutions adoption.
Significance of Data Warehousing After the Covid19
Enterprises use reports, dashboards, and analytics tools to extract insights from the datasets, monitoring the business performance that supports decision-making. These reports, dashboards, and analytics tools are a part of the data warehouse.
These data warehouses store data efficiently and deliver query results at high speeds across multiple users. Driving the adoption of the data-warehouse-as-a-service across the emerging economies plays a major role. Business Intelligence helped businesses to survive the aftereffects of COVID-19.
The global lockdown implemented in response to the COVID-19 outbreak has impacted capital investments and industrial activities. In the first half of 2020, the data warehouse as a service market has seen growth due to faster digital transformation following the global economic slowdown caused by COVID-19.
The market environment for cloud computing continues to develop across the region as the availability and usage of cloud-based data warehouse solutions become more prevalent. As a result, almost all enterprises are looking for a solution to reduce the time taken to search for data and improve the efficiency of both the employees and the organizations.
It has increased the utilization of data warehousing services in India, thereby increasing business processes’ efficiency. In addition, the scope and scale of enterprise alliances and partnerships are growing to support and expand provider capabilities in the data warehouse services area.
Also, the data warehouse providers of cloud services like Thinklayer are becoming essential partners for many IT services firms, offering them flexibility and scale whenever they require.