In today’s data-driven world, efficient management of data volumes is paramount. Moreover, with the rising demand for personalized services, the BFSI sector is increasing adopting autonomous data platform to enhance their data management capabilities. The autonomous data market also derives its strength as big data becomes the Holy Grail for businesses. As real-time data becomes the need of the enterprises are transforming their existing platforms to the autonomous data platform.
This rising popularity of cloud-based platforms has prompted TMR analysts to conduct an exclusive analysis of the autonomous data platform market. In its recent study, TMR provides a comprehensive view of the market enabling the stakeholders to take important data-driven decisions. It analyzes the market objectively and states the key developments impacting the market’s expansion.
Autonomous Data Platform Market: Notable Developments and Competitive Analysis
As enterprises move away from traditional data management solutions, there have been remarkable new developments in the market. The degree of competition in the market is high, mainly characterized by the development of new products. Listed below are a few new developments in the autonomous data platform market:
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- In a bid to help businesses handle multiple cloud platforms and simplify the management of their resources, IBM extended its partnership with ServiceNow in November 2018. This move helped IBM deliver its new solution Multicloud Manager with help of ServiceNow’s IT operations and service management solutions.
- In January 2017, Teradata launched Teradata Database on Azure, for Q1 2007. This helped the company enhance its customer base by providing them with a pool of cloud options. Moreover, the introduction of its pervasive data intelligence platform called Teradata Vantage helps businesses owners with analytics-driven decision making.
- In 2019, OpenSDS community conducted a mini-summit at KubeCon Europe 2019. This summit focused on data management challenges and the need for collaboration to build new solutions. OpenSDS is now working on building a new open data autonomous platform that overcomes the data management challenges across multiple clouds.
Some of the leading enterprises operating in the global autonomous data platform market include:
- Gemini Data
Autonomous Data Platform Market: Key Drivers
The organizations holding sensitive customer data require on-premises delivery models in their systems to protect the data. This is why financial institutions are the highest contributors to the autonomous data platform market. The retail sector has also provided a major thrust to the market’s expansion due to rising customer demand for real-time order tracking services. This platform helps the retail enterprises fulfill the demand for an omnichannel experience.
Lack of skilled workforce and challenges in maintaining sync between quality and safety may act as bottlenecks in the progress of the autonomous data platform market. However, the rising popularity of cognitive computing technology and the increasing need for advanced analytics may present lucrative opportunities for the autonomous data platform market.
Autonomous Data Platform Market: Regional Analysis
On the regional front, Europe is anticipated to grow at a promising pace during the forecast period. Germany, France, and the UK are expected to make the highest contribution to the market’s growth in this region. The reason for this is attributable to the rise in inconsistent data generated across enterprises. Introduction of new technologies and the changes in business-models of industries have also driven the market’s growth in this region.