A data warehouse is an effective tool to store your data and use it. Data warehouse software allows you to process, transform and use your data to make decisions. As data warehouses are popular tools, it is not surprising that the market is growing and developing in new and innovative ways.
Data is essential for effective decision-making, but it is only valid if used. Data warehouses help organize business data but must provide the tools to turn data into meaningful information. Data warehouses provide the analytical capabilities needed to make informed, fact-based decisions.
Trends show that everyone is investing in a data warehouse. It may be time for you to do the same. Below are ten key data warehouse statistics to help you find out, keeping you up-to-date with the latest trends in this exciting field.
1. By 2028, an estimated $7.69 billion is projected for the data warehouse market.
This is an estimated annual growth rate of 24.5% for the data warehouse market. This growth will be driven partly by increased investment in technologies such as machine learning and artificial intelligence, which are expected to grow significantly by the end of the decade.
2. The global data warehouse market comprises more than 37 000 companies.
Many companies deal with large volumes of data, but only a few are active in the global data warehouse market. There are 37 708 companies in the global data warehouse market, 39 of which produce this technology. According to data warehouse statistics, more than 64 tools and technologies are on the market.
3. Snowflake has the largest share of the data storage market, with 19.5%.
Snowflake leads the data warehouse sector with 3 174 domains, followed by SAP Business Warehouse with 1 866 domains and a market share of 11.94%.
4. The main reasons for data analytics are process improvement and cost efficiency – 60%.
According to a recent study covering five countries, the main reasons for using data analytics are to improve processes and reduce costs. In addition, most users answered, “strategy and change” (57%). The third most common use of data analytics is to monitor and improve financial performance (52%).
5. Not more than 28 percent of Fortune 500 companies have a data culture in place.
Although nearly all Fortune 500 company executives (92%) are increasing their investment in artificial intelligence and big data, only some companies have created data-driven organizations. Of these companies, 55 percent have spent more than $50 million on AI and big data investments and 62 percent have achieved tangible results. But data warehouse statistics show that only 31% of organizations are data-driven.
6. All data stored in the cloud are backed up automatically, providing 99.99 percent availability of data and a tolerance of errors.
This is just one of the benefits of the cloud storage model. Scalability and flexibility are also important, as it easily adapts to changing data volumes. However, changes in data volume do not affect the overall performance of the data storage. Data storage statistics show that cloud solutions are also scalable in terms of cost.
7. 31% of organizations want to be able to quickly increase their analytics investments to handle more users and more data.
According to data warehouse statistics, integrated support for cloud, on-premises, and regional computing (28%) is another key reason for investing in infrastructure change. Other reasons include the following:
Easier real-time data processing (17%).
Cheaper and simpler data management (13%).
Shorter response times (11%).
8. 37% of companies have a central data warehouse.
Data warehouse statistics show that only a few companies use a central data warehouse. In addition, 37% of executives reported having multiple data warehouses for different data. Similarly, 26% have a data warehouse with linked data sets. This means that 63% of respondents use more than one data warehouse.
9. By 2026, global cloud storage market is projected to be $10.42 billion.
This represents a growth rate of 22.56% by 2026 and a three-fold increase in the market from $4.7 billion in 2021. By 2022, the growth rate is expected to be 20.62%, according to Data Warehouse. Technavio’s report warns that increasing cybersecurity threats to sensitive data will hamper growth over the forecast period.
10. It costs the U.S. economy $3.1 trillion a year in data quality.
According to the second report, companies lose between $9.7 billion and $14.2 billion yearly due to insufficient data. Data quality can lead to errors that damage customer relationships and a company’s reputation, leading to reduced sales and profits.
Some industries have been using big data for decades. Others are in the emerging or expanding stage. As a result, the power of data warehouses is available to more people than ever.
Areas such as user experience and customer data are particularly important. The volume of customer data is greater today than ever before. In addition, companies are increasingly successful in reaching larger but more fragmented audiences.
This creates unique challenges and opportunities for the data warehouse market.
Have a data warehouse project in mind? Let’s see how our Data Warehousing consulting team can help you harness the power of your data and transform it into reliable, actionable intelligence that can drive business success!