There has been a rapid growth rate in structured as well as unstructured or semi-structured data. This means that businesses are now collecting information from heterogeneous sources, including traditional and non-traditional sources like social media, phones, shopping websites, etc. All these activities produce a large amount of data to be stored and analyzed for business decision-making purposes. So big data is another factor behind the rise in the data warehousing market.
The data warehousing market is helpful for retailers as it provides them with access to better transactional insights along with consumer behavior strategies that would help them cater to customers’ needs on time and hence enhance sales and revenue figures.
The business world is now moving towards real-time data analysis, decision making, and customer engagement. The data warehousing market is increasing because of the increased requirement for real-time insights to improve operational efficiency and provide meaningful information to customers on demand which helps in meeting their needs better.
Modern businesses must process vast amounts of highly complex data, and several key players are operating in the data warehousing market. The data warehousing market is expected to show positive prospects in years to come due to its increasing adoption rate across most prominent companies.
The data warehousing market will continue to grow significantly due to factors such as the rise in importance of big data analytics, increasing penetration rates among end-users, etc. The global Data Warehouse as a Service (DWaaS) market size will be rising at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period 2021-26, marking a growth from USD 4.7 billion in 2021 to USD 12.9 billion by 2026.
This increase in data warehousing market demands is because there has been an unending trend towards digitalization across all industries recently, which has resulted in the exponential growth of big data. That’s why organizations are finding an increasing need for data warehousing, and they are willing to spend more money on it than ever before.
With the help of advanced analytics systems offered by big data solution providers, companies in all the significant sectors can develop products and services according to customer requirements.