Asia Pacific region is forecast to increase the data warehousing market due to the increased smartphone penetration that releases a vast amount of data. Additionally, the Indian government initiatives to implement digitalization are increasing the BFSI and telecom sectors. These sectors release sensitive data, which are needed to be stored properly. North America dominates the market due to the availability of technologically advanced infrastructure. The high adoption of cloud-based services in Canada is accelerating the growth of the cloud-based data warehousing in the region.
Data Warehousing Market will be driven by increasing penetration of internet services and the rapid adoption of smart devices. Internet users generate approximately 2.5 quintillion bytes of data each day, which will be increasing in the following years. The increasing requirement for dedicated storage systems along with the surge in the demand for column-oriented solutions and real-time view & analytics will help the market to grow over the forecast period.
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The data warehousing market is used across many industry verticals such as government & defense, IT & telecom, healthcare & and pharmaceuticals, retail, and e-commerce. It is used in the BFSI for market research, performance analysis, interchange, and exchange rate, develops marketing programs and analyzes cardholder transactions, spending patterns, and merchant classification. Data warehousing is being used in the retail industry to study consumer buying trends by accessing historical data. This historical data will help retailers to formulate strategy and understand fast-selling and slow-selling product lines.
The increasing competition among data warehousing market players and the rapidly changing customer demand are also accelerating the adoption of data warehousing among enterprises. As the competition is increasing and customers are becoming more empowered, organizations are starting to focus on providing better customer experience to gain customer loyalty. They are leveraging the historical customer data to analyze their behavior and requirement to fulfill their demand, encouraging the adoption of data warehousing solutions among enterprises to store data and extract actionable insights from it.
Data warehousing is the accumulation of integrated data from various sources, supporting analytical reporting, structured or ad-hoc queries, and decision making. It comprises data cleaning, data integration, and data consolidations. The demand for cloud technology is increasing with its functionality of data storage in the data warehousing market. The companies are moving toward the adoption of cloud-based data warehouse services. The cloud services are cost-effective, quick to set up, and instantly scalable.
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