Top 3 trends promoting data warehousing market growth over 2019-2025
Publisher : Fractovia | Published Date : 2019-12-20Request Sample
The global data warehousing market outlook is poised to exhibit a positive transition over the forecast period, given the technology’s ability to efficiently store, manage and analyze enterprise big data. Technologies like Business Intelligence (BI) and conventional systems for database management are being rapidly superseded by data warehousing solutions.
Data warehouses streamline the process of data management and storage by transforming disparate data types into a common format. This standardization process enables the easy storage and retrieval of large data volumes at a much quicker pace, as compared to conventional data management systems.
Based on estimates from a Global Market Insights, Inc. research report, the data warehousing market size is expected to be pegged at a revenue of over $30 billion by 2025. Enumerated below are a few trends that are currently characterizing the growth graph of data warehousing industry:
Burgeoning requirement for advanced statistical analysis tools
Data warehousing market share from the statistical analysis segment is likely to record prominent growth at the rate of over 15% through 2025 across the globe. The process of statistical analysis comprises the collection and analysis of stored quantitative data from a data warehouse, with the aim of identifying essential statistical relationships.
Burgeoning usage of these systems by government and research establishments for efficient analysis of historic data and the detection of valuable data patterns is likely to spur demand for statistical analysis tools in the overall data warehousing market landscape. These systems provide high reusability (data recycling) prospects for different conditions, allowing enterprises to develop forecast models and extrapolative algorithms for data analysis with minimal data set changes.
Proliferating financial interest in IIOT (Industrial Internet of Things)
The manufacturing application segment of the overall data warehousing market is expected to grow at a CAGR of over 15% through 2025, owing to the introduction of Industry 4.0 and the rising prevalence of cyber-physical production facility systems which generate large amounts of data.
Manufacturing firms are investing heavily in IIOT and integrating data warehousing technologies with their production management systems to facilitate data-driven and precise product planning. An example of this would be the implementation of an in-house data warehousing solution eXtollo by German automotive company Daimler AG, which enabled the firm to incorporate IoT data into their production planning processes, aiming to cut down wastage of materials and mitigate production time as well as minimizing the quality control costs.
Speedy production and efficient inventory management are two of the vital pillars of business operations in the manufacturing landscape, impelling data warehousing industry trends to a significant extent over the predicted timeframe.
Paradigm shift towards cloud-based data solutions in the U.S
Considering the regional spectrum, it would be prudent to mention that North America data warehousing industry outlook has been depicting quite a positive inclination recently. Estimates claim the North American data warehousing industry is expected to hold a dominant position with over 40% shares in the global market in 2025, as a result of cloud service emergence, strong ICT infrastructure and increasing preference towards big data analytics.
Regional industry players are transitioning from conventional data warehousing appliances to cloud-based data storage solutions, in order to reduce the dependency on hardware, enhance expandability and cost-friendliness.
In June 2017, U.S based mortgage bank Sierra Pacific adopted Microsoft’s cloud-based data warehousing system. Merely two months post implementation, the cloud system helped the bank move from over 25 varied analytics reports to just 2 BI-powered dashboards, thereby minimizing the duration for risk assessment and streamlining the tracking of deadline loans.
Furthermore, the presence of eminent industry participants including Oracle, IBM, Microsoft and Google, among others is expected to add significant impetus to the data warehousing market trends in the region.
