Market Trends of Data Warehouse as a Service Industry
This section covers the major market trends shaping the Data Warehouse as a Service Market according to our research experts:
Rising use of Data Warehouse services in BFSI sector to drive the market.
- Banking, financial services, and insurance are highly lucrative for growth in the Data Warehouse-as-a-Service market as it deals with massive customer data generated regularly. Due to the large amount of data generated across the BFSI sector, enterprises need data warehousing solutions to automatically track the performance and behavior of the information stored in their systems.
- Also, they require analytics to develop innovative business strategies and improve their overall operational efficiency through solutions with BI capabilities. Banks like BNY Mellon, Morgan Stanley, Bank of America, Credit Suisse, and PNC are already working on strategies around Big Data in Banking, and other banks are rapidly catching up.
- Several FinTech start-ups are coming up in Silicon Valley, California, United States. This is expected to increase the lending business and upgrade the payments domain of retail banking institutions. This, in turn, will enhance credit underwriting procedures, as firms will lend to many individuals and small businesses with the help of big data analytics.
- The rising volume, variety, and velocity of online data need analytics solutions, such as social media analytics, to understand consumer buying behavior related to its respective products and service offerings. Therefore, insurance firms are increasingly adopting cloud-based data warehousing solutions, thereby implementing social media monitoring and analytical tools to increase insurance product sales and analyze customer sentiments related to insurance products.
- Further, financial consulting companies are increasingly adopting Data Warehouse-as-a-Service to set themselves free from the burden of updating their on-premise software repeatedly. Moreover, they can access Data Warehouse-as-a-Service anywhere by having access to fast internet connectivity, which, in turn, is driving the demand for the Data Warehouse-as-a-Service market across the BFSI sector.
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North America is Expected to Hold the Largest Market Share
- North America is anticipated to have a significant market share owing to the availability of technologically-advanced data warehouse infrastructure. The US organizations are higher adopters of analytics solutions across several verticals. They are considered the leading country in the market due to the significant demand for managing operational data and the increased emergence of cloud solution providers.
- 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. Almost all enterprises are looking for a solution to reduce the time to search for data and improve the efficiency of both the employees and the organizations. This has increased the utilization of data warehouse-as-a-service, thereby increasing the efficiency of business processes.
- Also, the scope and scale of alliances and partnerships among enterprises in the United States are expanding to support and expand upon provider offerings across the data warehouse services space. Also, the data warehouse providers of cloud services are becoming essential partners for many IT services firms, offering them flexibility and scale whenever required.
- Moreover, the adoption of consumerization trends, such as the usage of mobile devices and social networking, is leading to an exponential rise in the volume of informational data that needs an effective way to be stored, analyzed, and managed to stay competitive among the North American market, which is further anticipated to amplify the data warehousing market growth.
- The competitive landscape is consolidated with the presence of some of the prominent players across the region, such as Google LLC, Teradata Corp., SAP SE, IBM Corp., and Microsoft Corp., who are some of the leading vendors, placing significant emphasis on the formalization of professional services to support the data warehousing-as-a-service market.
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