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According to a new market research report “Cloud Database and DBaaS Market by Database Type (SQL and NoSQL), Component, Service, Deployment Model, Organization Size, Vertical (BFSI, Telecom and IT, Manufacturing, Healthcare and Life Sciences), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the global cloud database and Database as a Service (DBaaS) market size is expected to grow from USD 12.0 billion in 2020 to USD 24.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period. The growing demand to process low-latency queries is one of the major factors driving the growth of the market.
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The Banking, Financial Services and Insurance vertical segment to account for the highest market share during the forecast period
The Banking, Financial Services and Insurance (BFSI) vertical is one of the most data-centric verticals where large volumes of databases are generated at an exponential rate. Various factors are expected to contribute to the growth of the database in the financial sector. Some of these factors include electronic transactions, Automated Teller Machines (ATMs), credit cards, call centers, and mobile-based sources. The database generated from these sources is scattered across various branches and departments across various financial institutions and needs to be interlinked together. The linking of this database is important to derive meaningful insights and sustain in the competitive market. The BFSI vertical demands an additional secured environment to secure its online transactions 24*7, which can be achieved by cloud database and DBaaS. Hence, the adoption of cloud database and DBaaS solution helps BFSI companies to store, manage, access, and modify data for further processes. Cloud database and DBaaS ensure the seamless execution of transactions. These solutions further improve the accuracy and efficiency of various processes and assist in the regulatory and compliance reporting by collating data from multiple sources. Most banks are increasingly deploying cloud database and DBaaS solutions to enhance performance and improve cost-savings.
The Not only Structured Query Language segment to grow at a higher CAGR during the forecast period
The growing amount of digital data in unstructured data format generates the need for dynamic scalable database. Structured Query Language (SQL) offers databases only in the tabular format, but Not only Structured Query Language (NoSQL) offers database and queries in various formats: column, graphical, document, and others. Thus, the need is fulfilled by the non-relational database with its highly scalable and easy to program model. NoSQL is also known as non-relational database. It offers great features to the clients; scalability is apparently the most important one. In addition to this, NoSQL allows users to store and retrieve unstructured data. Today, most of the cloud database and DBaaS vendors provide NoSQL compatible cloud database services. Owing to this, dealing with huge data processing on the web has been made cost-effective.
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North America to lead the cloud database and DBaaS market during the forecast period
North America is expected to account for the highest share of the cloud database and DBaaS market in 2020. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adoption of advanced technologies. The North American region exhibits a wide presence of key industry players offering cloud database and DBaaS solutions and services, and its financial position enables the region to invest majorly in leading tools and technologies for effective business operations.
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), and MemSQL (US) are some of the leading companies operating in this market.
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