According to a quintessential report of market standard, the market size of data warehouses and services is 12967 million us dollars by 2026. Experts have estimated a cage of 22.3% of average growth per year during this time period. The growth of modern technology such as artificial intelligence, machine learning, IoT services, cloud computing, etc has pushed the overall demand for data warehouse services worldwide.
What is a data warehouse?
If we need to explain a data warehouse we have to think of it as a software service that manages the whole pile of data of an institution or business organisation. It acts as a major tool as a data management system is architected to enable and provide substantial support to important tools such as business intelligence and data analytics. In other words, it is developed by keeping in mind to run queries and detailed analysis and even use extensive historical data to perform the crucial process for an organisation.
It has the major function to centralize and collect a huge pile of data from many sources. The unique ability to perform precise analysis for organizations to pull out quantifiable as well as revenue-generating insights proved as a boon for multiple spheres of the economy.
For example – Diceus, a company known for its top-tier IT services offers a host of features for its clients. They develop, test, and implement data warehouse software as a service for their clients. To know more click here on the link given below https://diceus.com/expertise/data-warehouse-and-etl-consulting-services/.
Advantages of data warehouse
1. Boost efficiency
The implementation of data warehouse technology massively pushes the efficiency of a business organisation. Having a traditional form of tools for digging out data takes quite a huge amount of time for a data scientist to pull crucial information out of it. Now with data warehouses, this work has become much easier. The advanced tools of data warehouses gather information from multiple sources in one place. In the further stage data scientists with several steps can churn out crucial data insights out of it. Hence it creates an advantage for the companies to gain an extra edge in the competitive market.
2. Upgraded business intelligence
As we know, insights play a crucial role in any modern-day business. Now executives and experts do have to plan or make strategies based on their gut feeling, but now decisions are influenced by credible facts and informative data support. As the evidence and fact is the only key for reliable data that equips the business owners to make precise decisions based on deep analysis. Therefore data warehouses act as a crucial tool to influence the decisions and strategy of a firm by providing the desired information.
3. High revenue
It is a fact that data is modern-day currency and every business firm wants to exploit data to generate revenue. In this race of attaining maximum amount of revenue. Data warehouse acts as a major tool to take advantage of data and make profitable income within less period of time. Additionally generating high standard and quality data is the major advantage of a data warehouse tool in an organisation. The data generated is highly transparent for their clients so that it can influence market strategies to take high revenue. The precise generation of information attracts a large amount of investment which ultimately adds value as well as equips the organisation with modern tools to grow magnificently.
The data warehouse is highly scalable with current market conditions and also highly compatible with future technologies. An efficient data warehouse is itself highly scalable and pushes the owners or organisations to scale or grow their businesses. It automatically updates on a regular basis according to the deployment of the scalable architecture of warehouse management. These major improvements enable it to handle increased queries as the business expands or grows.
5. Data security
There are a number of features that provide data warehouse a strong position in tackling the security challenges thrown at them. There are some major security arrangements such as slave read-only set up, SQL codes, modern encryption, etc which enables the sensitive data of the enterprise. Data warehouse implementation of these major security tools makes a rigid and impregnable infrastructure to have any kind of data compromise. Additionally, developers add several improvements in the software to deflect any kind of future threat to the data.