Cloud Data Warehouse Market Size, Share & Trends Analysis growing at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2030
The global cloud data warehouse market size was valued at USD 5.68 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2030. The increasing importance of business intelligence and analytics across different verticals is a major factor driving the market growth. For analytics and business intelligence processes, cloud data warehouses act as a backbone for storing large amounts of data. Moreover, the emergence of cloud services has also accelerated the adoption of business intelligence and analytic practices as they aid organizations in deriving actionable insights. The shift towards the implementation of Artificial Intelligence (AI) and Machine Learning (ML) across different industries is further expected to create new growth opportunities for the market growth.
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The COVID-19 outbreak has been advantageous for the demand of the cloud data warehouse market. The pandemic of COVID-19 and the development of remote work situations generated new complicated challenges for organizations to overcome. The economic downturn caused by COVID-19 highlighted the necessity for alternative business methods. Businesses are increasingly embracing cloud computing and migrating to cloud data warehouses. This is expected to assist firms in maintaining a steady business state in the short term while aiming for long-term growth and expansion.
With the generation of large amounts of data, the need to collect, store, and analyze large data sets has grown exponentially. Cloud data warehousing enables organizations, regardless of their size, to meet this need with considerable agility, effectiveness, and speed. Businesses must connect ERP, CRM, social media, support, and marketing data while retaining speed and performance in order to make data-driven choices. Cloud data warehouses are quick and can handle many data streams at different speeds. Cloud data warehouses typically include multiple servers that may balance the data load and boost processing rates. Cloud data warehouses with many servers can service multiple sectors of the business in different geographies at the same time. Cloud data warehouses can rapidly and efficiently integrate with additional data sources as needed and then deploy the revised solution to production.
Offering Insights
Based on the offering, the cloud data warehouse market is segmented into enterprise DWaaS and data storage. The enterprise DWaaS segment held the largest market share in 2022. With the increasing data volume across different industries, organizations are turning to focus on business functioning. The organization is leveraging data from across different functionalities in the organization to make a strategic decision. To access a large amount of data produced, the end users are turning towards Enterprise Data Warehouse as a Service (DWaaS) solutions, as they store data from multiple sources and applications while being centrally available across the enterprise. However, the low installation cost and flexibility to manage the scalability of the cloud data warehouse also provide organizations with easy availability.
