May 26, 2020
According to the research report titled ‘Global Cloud Database and DBaaS Market Size study, by Database Type (SQL and NoSQL), Component (Solution, Service) by Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Vertical (BFSI, Telecom and IT, Manufacturing, Healthcare and Life Sciences) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global cloud data & DBaaS market was worth USD 10.37 billion in the year 2019 and is expected to grow with a CAGR of 15.7% during 2020-2026.
For the record, a cloud database operates using a cloud computing platform where the database access is offered as a service. A database is a type of service model application that allows for easy installation and maintenance of the database themselves.
Growing demand for self-driving cloud databases is a major factor propelling the cloud database & DBaaS market growth. There has been an upsurge in the adoption of cloud services for data storage activities since they offer benefits including expenditure, accessibility, savings and upgradation among others. Moreover, these services have allowed companies to relocate their operations online. Various companies from insurance, banking, and healthcare domain rely on their websites and thus, opt for cloud storage services in order to reduce operational expenditure as well as to improve efficiency.
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Additionally, shifting preferences towards mobile banking, online transactions, and net banking have impelled the demand for cloud data base and DBaaS services, which in turn is stimulating the industry outlook, cites the study. However, rising concerns regarding security and privacy associated with databases may act as a restraining factor to the overall market growth. But increasing utilization of NoSQL databases will create lucrative growth avenues for this business vertical. Additionally, utilization of these cloud databases in online gaming, social networking, and music store platforms are further aiding the market expansion.
Considering the geographical landscape, the cloud database and DBaaS industry in North America is poised to generate substantial returns in the forthcoming years, primarily due to early adoption of such services, easy availability of high speed internet, and high concentration of market majors. Parallelly, the Asia-Pacific market is reckoned to record a decent growth rate during the forecast period. Growing demand for advanced intelligent solutions is favoring the market outlook in APAC.
The major contenders in cloud database and DBaaS industry are Redis Labs, Enterprise DB, MongoDB, SAP SE, Alibaba Cloud, Oracle Corp., IBM, Amazon Web Services, Microsoft Corp. and Google LLC among others.