What Advantages of Hybrid Cloud are leading to Growth of DWaaS Market?

The global data warehouse as a service (DWaaS) market is expected to generate a revenue of $23.8 billion by 2030, increasing from $1.4 billion in 2019, registering a strong growth of 29.2% during the forecast period (2020–2030), according to a report by P&S Intelligence. The major factors leading to the growth of the market are the swift adoption of cloud-based solutions and increasing focus on real-time data analysis. In terms of tool, the market is divided into visualization, data mining, analytics, and reporting. 

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Out of these, the analytics division is predicted to witness the fastest growth during the forecast period, owing to the increasing investments in AI and data analytics. The penetration if these technologies is growing due to the fact that companies are looking for predicting consumer behavior and preference for offering them with enhanced experience. The reporting division held the major share of the market in 2019. 

In terms of industry, the DWaaS market is categorized into IT & telecom, BFSI, manufacturing, retail & e-commerce, government, and healthcare, out of which, the retail & e-commerce industry is projected to register the highest CAGR during the forecast period. The online retail sector is expanding rapidly all around the world and enterprises are widely adopting AI for predicting consumer behavior through data analytics. The BFSI industry accounted for the largest share of the market in the past. 

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Geographically, North America dominated the DWaaS market in 2019 and is further expected to account for the major share of the market during the forecast period as well. The increasing use of data analytics in healthcare, BFSI, government, and retail and e-commerce industries and rising demand for personalized services from consumers are driving the growth of the regional market. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the rising adoption of cloud-based data warehousing solutions by financial institutions, banks, and insurance companies in the region.