Tue. Jun 25th, 2024

Snowflake is a cloud-based data platform. A lot of data is accumulated inside a company, and in particular, as we enter the era of big data, data is increasing exponentially. Snowflake’s basic role is to provide software that allows you to organize, store, manage, and analyze the accumulated data.

Unlike traditional data warehouse architectures, by separating storage and computing, performance was greatly improved, and based on this, it succeeded in optimizing the cost structure.

It should also be noted that Snowflake is evolving into a data sharing platform. Now is the time to buy and sell data. This means that an intermediary is needed to connect buyers and suppliers.

Evolution of Snowflake Data Platform

Snowflake started evolving into a data sharing platform with the launch of Data Exchange in 2019. Now, if any company has valuable data, it can be sold to the market through Snowflake’s data marketplace. It is beneficial from the point of view of the consumer as it can easily derive the insights necessary for purchasing management from the necessary data. In other words, data sharing is a win-win structure for everyone. This is why it is important to pay attention to Snowflake’s data-sharing platform.

Finally, we need to understand that Snowflake’s neutral position is competitive. Snowflake and global cloud companies (Amazon, Microsoft, Google) are both competitors and partners. The three also offer competing database solutions.

Better than all other companies

Snowflake’s service runs on the cloud infrastructure of the three companies and is a cooperative relationship. The important point is that multi-cloud is becoming the mainstream because corporate customers are reluctant to be dependent on a single cloud platform, so Snowflake, which can act as a database hub for each cloud platform, has an advantageous structure compared to the three companies.

Customers can access each cloud data from a single interface and manage them all at once on a single platform. It is a structure that the big 3 cloud companies cannot follow in the competitive landscape, and this independence is Snowflake remote support.

Data will inevitably increase exponentially in the future. A data platform is needed to manage it, and Snowflake is a company at the centre of the big data era. This is why we should pay attention to snowflakes in the mid to long term.

How data is generated and used?

As we continue to expand our product applications, we include data engineering, data lakes, data science, data applications, and data exchanges as services. To put it simply, the platform helps customers store, organize, share and analyze data and gain meaningful business insights. The billing method is based on the amount of data storage, data movement, and computing service usage time.

Therefore, if it is a fast-growing need, it is a positive business model in which sales per customer increase as usage increases. The company’s platform is completely cloud-based and uses cloud infrastructure such as AWS, Azure, and Google Cloud.

If you look at the sales structure, it is divided into “product” and “service” sales, and service sales include consulting services, technical problem-solving services, and platform-related training costs.

By Meets Patel

Meets Patel is a well-know business and tech advisor with the abilities to keep a track and predict the market trends with the utmost accuracy.

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