Cloud Database and DBaaS Market worth $57.5 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 12, 2023 /PRNewswire/ -- The future of the cloud database and DBaaS market looks promising with continued growth, multi-cloud and hybrid deployments, integration with AI and machine learning, focus on security and privacy, and advancements in edge computing. Providers will prioritize developer experience and continuous innovation to meet evolving customer needs and drive digital transformation.
The global Cloud Database and DBaaS Market size is expected to grow from USD 21.3 billion in 2023 to USD 57.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period, according to a new report by MarketsandMarkets™. The Cloud Database and DBaaS Market is currently expanding, and vendors are adopting a strategic focus to attract customers. The emphasis is on providing a straightforward and elegant user experience. As more users turn to Cloud Database and DBaaS to streamline their asset creation process, software providers must respond to the demand for simple, user-friendly solutions.
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Scope of the Report
SQL segment to hold the largest market size during the forecast period
In a short period of time, SQL can process a lot of data. Due to their efficiency, fundamental operations—such as deletion, insertion, and any type of data manipulation—occur at breakneck speed. SQL is free software that is backed by a large user base. No matter where they are in the world, users can find documentation and troubleshooting advice. Numerous business sectors, including those in technology, finance, retail, music, and even medicine, make extensive use of SQL. It is very user-friendly, scalable, and accessible. The NoSQL segment is expected to grow at a higher CAGR during the forecast period compared to the SQL segment. Data analytics is increasingly in demand as more and more processes generate data, which reveals important business insights that fuel the market's expansion. Appropriate database technology is required to analyze the data. NoSQL accomplishes this goal in the case of unstructured data by supporting basic data analytics. Data analytics will become more important, particularly for unstructured data. In addition, over the past few years, the big data market has grown quickly. Users can perform intricate tasks using SQL, such as querying, inserting, updating, and deleting data from a database. Even non-technical users can interact with databases and retrieve data using its straightforward syntax without having to write a lot of code. Additionally, SQL offers a standardized method of interacting with databases, guaranteeing that data is uniform and consistent across various systems. It is widely used in many different applications, including web development, data analytics, business intelligence, and more, making it a must-have skill for data professionals and developers. Because of its many benefits, SQL is well-liked and in high demand. It is a trustworthy and effective language for interacting with databases. For SQL, no coding knowledge is necessary. Large numbers of lines of code are not necessary for data retrieval. The use of all fundamental keywords like SELECT, INSERT INTO, UPDATE, and others, as well as the simplicity of the syntactical rules, make SQL a user-friendly language.
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Retail & Consumer Goods vertical to record the highest CAGR during the forecast period.
Beyond conventional ERP, CRM, and supply chain management, retail is growing. Online retail is now more crucial than ever because of how fiercely businesses are competing with one another. Every business must manage multiple stores and supply chains while offering a distinctive customer experience if they want to survive in this fiercely competitive sector. The best option to streamline all of these processes is to integrate cloud computing into retail. Adoption of the cloud lowers IT costs, streamlines processes, and enhances productivity and user experience. Many stores continue to run in a disconnected, siloed, and offline fashion without updating. Quick and real-time data exchange between the systems, such as inventory, orders, and shipping, is prohibited by this type of operational ecosystem. They could establish an operations team with real-time data by moving to the cloud. An omnidirectional data flow of this kind can assist retailers in timely fulfilment, restocking products before they run out, assigning orders to the last-mile delivery team wisely, and ultimately enhancing the customer experience.
Every customer who comes to the online retail store will interact digitally. These interactions produce a tonne of useful data. Important data like inventory, customer information, and more are available on the website. Business information should unquestionably be protected as it is confidential. Loss of personal data resulting from network intrusion, DDoS attacks, and ransomware is one of the major reasons for business failure. One of the key issues that need to be addressed is data security. Most retailers keep track of their sales data, client reviews, inventory reports, and other locally hosted servers that are a little bit risky. Using internal firewalls, advanced firewalls, encryption, event logging, and physical security, the cloud helps secure the data. Customers and sales information gathered by retailers is typically underutilized. High-performance computing resources and statistical models are made available by cloud services to analyse customer purchasing patterns. Understanding consumer behavior, market trends, and brand interactions will help retailers use this data to better tailor their business models. With data, retailers can learn all about seasonal spikes, product bundling, and whether or not their representation of the products is accurate, and they can analyse the most popular shipping options, such as door delivery, online shopping, curb side pickup, in-store pickup, etc. Every retailer can change their business model in this way to increase their revenue.
North America is projected to have the largest market size during the forecast period.
North America is expected to have the largest market size in the Cloud Database and DBaaS Market, and the trend is expected to continue till 2028. During the forecast period, it is anticipated that the market for cloud databases and DBaaS in North America will expand significantly. The market is primarily driven by a number of crucial factors, such as a sizable number of US-based businesses and widespread use of cloud database services across a range of sectors, including BFSI, healthcare, retail, energy & utilities, and others. Cloud data storage is now welcomed by businesses as a viable and economical alternative. Since individuals and organizations with different corporate storage needs may wish to store their data in the cloud, data storage companies offer tailored solutions to suit their clients' preferences. Because it enables them to use other people's infrastructure and storage equipment as needed, cloud storage appeals to most people. It costs less, is less stressful, and offers value compared to a company maintaining all of its local storage on-site with an IT specialist managing and watching it. New goods and services are being introduced by businesses in the area to gain a competitive edge.
To manage and optimize customers' on- and off-premise clouds, Hewlett Packard Enterprise, for instance, introduced HPE GreenLake Hybrid Cloud. Continuous management and optimization of customer environments in top cloud solutions like Microsoft Azure, AWS, and Azure Stack are offered by HPE GreenLake Hybrid Cloud. The use of hybrid on-premises and off-premises clouds is growing in the area. A hybrid cloud is the best operating environment for a resilient government; 92% of federal IT managers agreed in 2021, according to MeriTalk, research from a government news analysis organization. Additionally, more than two-thirds (67%) claimed that COVID-19 sped up the adoption of hybrid clouds in their companies by a year or more. In a report released by Stormforgein in April 2021, 18% of North American respondents claimed that their company spends between USD 100,000 and USD 250,000 per month on cloud computing. Furthermore, 32% of respondents predicted that their organization's cloud spending would increase significantly over the following 12 months, while 44% predicted that cloud spending would increase somewhat over that period. The preference of organizations for SaaS-based offerings and the adoption of digital business strategies are the main drivers of widespread adoption. Furthermore, it is anticipated that during the study period, demand for cloud services based on data integrity and privacy will continue to rise, giving leading vendors more opportunities to expand their market share. Additionally, Northern Virginia had the highest net absorption from data centers among the top data center markets in the US last year, totaling 303.3 megawatts. The market for cloud databases and DBaaS is anticipated to expand more quickly as a result of these trends in data center adoption.
Top Key Companies in Cloud Database and DBaaS Market:
Some prominent players across all service types profiled in the Cloud Database and DBaaS Market study include Google (US), Microsoft (US), AWS (US), IBM (US), Oracle (US), Alibaba Cloud (China), SAP (Germany), MongoDB (US), EnterpriseDB (US), Redis Labs (US), Tencent (China), Rackspace (US), Teradata (US), CenturyLink (US), Neo4J (US), Datastax (US), Tigergraph (US), MariaDB (US), RDX (US), SingleStore (US).
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Cloud Database and DBaaS Market Advantages:
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