Cloud database and DBaaS market was estimated to be USD 12,540 Million in 2020 and is expected to witness a high CAGR of 14.8% during the forecast period (2020-2028). The market is witnessing substantial growth in the upcoming years due to the high demand for self-driving cloud databases, rising use of cloud services for significant data storage, and increasing demand to process low-latency queries.
Introduction of the cloud database & DBaaS Market
A cloud database is a service that typically runs on the cloud platform, and access to the database and gave as-a-service. It accomplished several functions related to the traditional database with the adaptability of cloud computing. A DBaaS is also called managed database service or database cloud service that handles the management of fundamental infrastructure and resources cloud database and permits companies to gain benefits of cloud services. A cloud-based database can help businesses to manage their high workload periods with ease. In addition, it also gives database xerox across various geographical locations, coupled with the recovery and backup options, which lowers security concerns.
Key Players of the Market
Cloud database & DBaaS Market Dynamics
The significant factors stimulating the growth of cloud databases & DBaaS market size are growing use of cloud services for crucial data storage, high process low-latency queries, increasing requirement for self-driving cloud databases. In addition, various other factors, like cost-efficiency, easy availability, consistent integration, flexibility, and switch to cloud database from a traditional database, also play a crucial role in driving the growth of the global cloud database market size. Businesses, like healthcare, BFSI, retail, and others, are situated in various places and are mainly reliable on websites. Hence, to minimize the cost of operation and improve productivity, these businesses are adopting cloud storage. It has been noticed that the companies can reduce more than 30% cost of the same configured on-premises database platform with the help of the DBaaS platform and also remove the labor cost required to manage the onsite database, which increases the DBaaS market size.
Cloud database & DBaaS Market Segmentation
Database Type Market Drivers
The market is classified into SQL and NoSQL. Among these, the SQL category is estimated to rise at a faster CAGR over the forecast period. SQL is a database management system in which organized data can be stored and freely accessible through the user interface. Thus, the data volume has increased, which increases the need for SQL in the cloud database and DBaaS. Therefore, the clients’ generated data need to be stored somewhere, so SQL works with the comparative database & arranges data into rows, columns, and tables, which coincide with the files, records, and fields. Hence, SQL plays an essential role in the segment growth by helping in getting on-demand access to maintain relational databases.
Vertical Type Market Drivers
The retail & consumer goods segment is expected to lead the market over the forecast period due to the rapid implementation of technology to enhance competition and maintain business continuity. At present, many retail & consumer goods enterprises are merging their legacy product information with an inventory management system. The technology is beneficial for retail & e-commerce enterprises to improve process efficiency, thereby developing customer engagement while minimizing operational costs.
North America is estimated to grow at a faster CAGR during the forecast period. In this region, the countries like the US and Canada adopted cloud databases very early; as a result, the global cloud database market share is tremendous in this region. The big Enterprises frequently adopt various advanced technologies like RPA, AI, and cloud computing in the region, increasing the cloud database market share.
Global Cloud database & DBaaS Market Segmentation
Segmentation by Database Type
Segmentation by Component
Segmentation by Deployment Model
Segmentation by Organization Size
Segmentation by Vertical
Segmentation by Region
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