Cloud Data Warehousing Market Size Forecast to Reach $35.2 Billion by 2026

(IT-NEWSWIRE.COM, January 02, 2022 ) The Global Cloud Data Warehousing market size is forecast to reach $35.2 billion by 2026, growing at a CAGR of 25.3% from 2021 to 2026. Unlimited storage, on-demand computing, pay-per-use model, cost affordability, multiple data support system, better performance levels with higher speed, greater flexibility and higher scalability of cloud data warehouses act as major drivers for its market growth. Increasing adoption of data analytics across various industries, inclination towards cloud computing or related cloud service models, rising digitalization in e-Commerce sector, low infrastructure requirement along with many others are further set to propel the need for cloud data warehousing in the long run.

Cloud Data Warehousing Market Segment Analysis - By Type

SQL data warehouse segment is analyzed to grow with the highest CAGR of around 9.6% in the global cloud data warehousing market during the forecast period 2021-2026. Adoption of data storage within SQL databases have been facing wide popularity across enterprises as well as several end use sectors with high scalability benefits. SQL based data warehousing solutions are capable of dividing data as well as processing capabilities across multiple nodes, while separating out storage and computing requirements, adding to its wider adoption. Combination of cloud scale storage with SQL databases help the users to pay for query performances or storage as per usage, with benefits like easy transfer and reduced extra costs for the organization. In November 2020, Databricks announced about the launch of SQL analytics as a part of expanding scope of data science or machine learning to include all data workloads including business intelligence or SQL. This development was done to offer an architecture capable of combining data warehousing performance with data lake economics, resulting upto 9x better price/performance, compared to traditional cloud data warehouses. Such developments will further aid the market growth of SQL cloud data warehousing market in the long run.

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Cloud Data Warehousing Market Segment Analysis - By Industry Vertical

BFSI sector is analyzed to witness the fastest growth in the global cloud data warehousing market, with a CAGR of 8.5% during 2021-2026. Factors such as increasing demand of data mining for BI and data analytics to defend this sector against frauds, increasing fake insurance claims or credit risks, and so on have been attributing towards its market growth. In addition, growth of e-commerce sector coupled with increasing online transactions majorly amidst the COVID-19 pandemic had eventually raised issues like credit risks, frauds, exploitation of financial information and many others, thereby driving the need for efficient data warehousing solutions capable of handling bulks of data with ease and flexibility, alongside curbing potential threats. In February 2020, RBI data had revealed about during 10 year period from April 2009 to September 2019, total amount of Rs 615.39 crores was lost due to debit and credit card frauds. Moreover, in FY20, more than 50,000 debit card, credit card and internet banking related frauds were reported in India. The rise of financial crimes or frauds overtime is further set to boost the need for cloud data warehousing solutions in the coming time.

Cloud Data Warehousing Market Segment Analysis - Geography

North America had dominated the global Cloud data warehousing market in 2020 with a share of around 38% and is analyzed to maintain a significant growth during 2021-2026. Factors such as advancements in digital technologies, increasing focus on data analytics, development of cloud infrastructure and many others have attributed towards its market growth. High investments on R&D activities by some key market vendors like Oracle Corporation, Amazon Web Services, Cloudera Inc. and others, growing adoption of cloud services among enterprises, along with establishment of cloud data centers in the region have further impacted the growth of cloud data warehousing. In February 2020, Microsoft announced about its plans of investing around $1.1 billion as a part of driving digital transformation in Mexico over the next five years alongside setting up of a new cloud datacenter in the country. Such factors are further set to drive the market growth of cloud data warehousing in the region in the long run.

Cloud Data Warehousing Market Drivers

Low associated cost:

One of the major drivers boosting the growth of cloud data warehouse market is the low cost associated with them, due to which enterprises are able to reduce the overall expenses. Cloud data warehouses are independent of costly hardware requirements, time consuming upgradation processes, server rooms, regular maintenance or management services compared to on premise models, reducing overall operational costs for the organizations, gaining it wide popularity. Due to rise of data overtime, the amount of storage requirement keeps on varying overtime, cloud data warehousing helps the organizations to purchase storage independently unlike on premise warehouses, acting as a prime advantage. In September 2019, the Information & eGovernment Authority of Bahrain had announced about its plans of migrating most of their services to cloud by mid-2020, as a part of reducing IT infrastructural spending by upto 90%.

Increasing investment in cloud infrastructure:

Increasing investments in cloud infrastructures act as one of the major drivers boosting the growth of cloud data warehousing market. Factors such as rapid digitalization, growth in e-Commerce sector as well as growing adoption of data analytics across industries, have been raising the demand towards cloud-based services, which in turn drives the need for making cloud based infrastructure investments. In November 2020, Amazon Web Services had revealed about its plans of investing around $2.77 billion for setting up cloud infrastructure region in Hyderabad, India by mid-2022. This investment was meant to serve growing customer bases across the country, which is further set to influence the growth of cloud data warehousing in the long run.

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Cloud Data Warehousing Market Challenges

Security concerns:

With rising adoption towards cloud, data security acts as a major challenge impeding the market growth for cloud data warehousing. Cloud data storage becomes an easy target of cyber criminals, leading to misuse or exploitation of sensitive data of the organizations, as large amounts of confidential data is getting stored on cloud premises for better scalability and rising shift of migration from traditional storage. Loss of such important data from any reason can cause an adverse impact on market reputation of the organization. In April 2020, Marriot International suffered a data breach which affected approximately 5.2 Million customer’s personal information. Such type of data breaches and cyber-attacks restrain the deployment of cloud data warehouse regarding organization’s security system.

Cloud Data Warehousing Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Cloud Data Warehousing market. The major key players include Amazon Web Services, Oracle Corporation, SAP SE, Snowflake Inc., Cloudera Inc., IBM Corporation, Yellowbrick Data Inc., Actian Corporation, Google Inc., Teradata Corporation among others.

Acquisitions/Technology Launches

In April 2021, Amazon Web Services announced about the availability of a distributed and hardware accelerated cache, named AQUA for Amazon Redshift. This development was meant to help deliver ten times better query performance compared to other types of enterprise cloud data warehouses.

In March 2021, Yellobrick Data announced about the launch of a channel partner program, named Velocity Partner Network, in order to offer unmatched cloud data warehousing for enterprises, through game-changing simplicity, performance and return on investment, catering to customer needs.

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Cloud Data Warehousing Market Size Forecast to Reach $35.2 Billion by 2026