Cloud Database and DBaaS Market to Grow with a CAGR of 15.8% Globally through to 2028
The Global Cloud Database
and DBaaS Market is witnessing significant growth due to the increasing
adoption of cloud-based solutions for efficient data management and scalability
in businesses in the forecast period
2024-2028.
According to TechSci Research report, “Global Cloud
Database and DBaaS Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, Global Cloud Database and DBaaS Market
has valued at USD 14.5 Billion in 2022 and is anticipated to project robust
growth in the forecast period with a CAGR of 15.8% through 2028. The Global
Cloud Database and Database as a Service (DBaaS) Market is currently undergoing
a remarkable transformation, driven by the escalating demand for flexible and
scalable data management solutions. Organizations around the world are recognizing
the advantages of migrating their data operations to the cloud, as it enables
them to streamline their database management, reduce infrastructure costs, and
improve accessibility. Cloud-based databases and DBaaS providers offer a range
of services, including data storage, processing, and analytics, all hosted on
cloud platforms. This shift allows businesses to focus on their core operations
while leaving the intricacies of database management to expert service
providers. Furthermore, the global proliferation of data, fueled
by the Internet of Things (IoT) and Big Data analytics, has led to an
exponential growth in data storage needs. Cloud databases offer the scalability
required to accommodate this data deluge. They also provide real-time data
access from anywhere with an internet connection, facilitating remote work and
enhancing collaboration. Additionally, the market is witnessing increased
adoption in sectors such as finance, healthcare, e-commerce, and manufacturing,
as they leverage cloud databases to streamline their operations, enhance
customer experiences, and gain data-driven insights. With the continuous
evolution of cloud technology and a growing recognition of its benefits, the
Global Cloud Database and DBaaS Market is expected to sustain its upward
trajectory in the coming years, promising improved data management and
operational efficiency for businesses worldwide.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "Global Cloud Database and DBaaS Market”.
The global cloud database and Database-as-a-Service
(DBaaS) market has witnessed significant growth and transformation in recent
years. As organizations increasingly adopt cloud computing and seek more
efficient ways to manage their data, the demand for cloud-based database
solutions has surged. Cloud databases offer numerous advantages over
traditional on-premises databases, including scalability, flexibility,
cost-effectiveness, and ease of management. DBaaS, in particular, has emerged
as a popular choice for businesses of all sizes, as it allows them to outsource
the management of their databases to third-party providers, freeing up valuable
IT resources and reducing operational costs. One of the key drivers behind the
growth of the global cloud database and DBaaS market is the exponential growth
of data generated by organizations. With the proliferation of digital
technologies and the Internet of Things (IoT), businesses are generating vast
amounts of data on a daily basis. Cloud databases provide the scalability and
storage capacity required to handle this ever-increasing volume of data,
enabling organizations to store, process, and analyze their data more
effectively. Furthermore, the global cloud database and DBaaS market is
benefiting from the growing trend of digital transformation across industries.
As businesses strive to become more agile, innovative, and customer-centric,
they are increasingly relying on cloud-based technologies to support their
digital initiatives. Cloud databases offer the flexibility and agility required
to adapt to changing business needs, allowing organizations to quickly scale
their database resources up or down as required. This scalability is
particularly valuable for businesses experiencing seasonal or unpredictable spikes
in demand.
Cost-effectiveness is another key factor driving the
adoption of cloud databases and DBaaS. Traditional on-premises databases often
require significant upfront investments in hardware, software licenses, and IT
infrastructure. In contrast, cloud databases operate on a pay-as-you-go model,
allowing organizations to pay only for the resources they actually use. This
eliminates the need for large upfront investments and enables businesses to
better align their database costs with their actual usage. Additionally,
outsourcing database management to third-party providers through DBaaS can
further reduce operational costs by eliminating the need for in-house database
administrators and infrastructure maintenance. Security and data privacy
concerns have historically been barriers to the adoption of cloud-based
solutions. However, cloud database providers have made significant advancements
in addressing these concerns, implementing robust security measures and
compliance frameworks to protect sensitive data. Many cloud database providers
offer encryption, access controls, and regular security audits to ensure the
confidentiality, integrity, and availability of data stored in the cloud. As a
result, organizations are becoming more confident in the security of cloud
databases and are increasingly willing to migrate their data to the cloud.
In conclusion, the global cloud database and DBaaS
market is experiencing rapid growth as organizations recognize the benefits of
cloud-based database solutions. The scalability, flexibility,
cost-effectiveness, and improved security offered by cloud databases make them
an attractive option for businesses seeking to manage and analyze their data
more efficiently. As the volume of data continues to grow and digital transformation
becomes increasingly prevalent, the demand for cloud database and DBaaS
solutions is expected to further accelerate in the coming years.
The Global Cloud Database and DBaaS Market is
segmented into Database Type, Component, End-use Industry, Enterprise Size, Deployment,
regional distribution, and company.
Based on its Component, In terms of components, the
market is further segmented into solutions and services. The solution segment
is further bifurcated into database management and storage. The solution
segment accounted for the largest revenue share of 54.3% in 2022 and is
expected to continue to dominate the industry over the forecast period. The
solution segment refers to the range of offerings cloud databases and DBaaS
providers provide their customers to meet their specific database needs. The
solution segment includes many services, such as data migration, backup &
recovery, performance tuning, security, and scalability. These services help
businesses optimize their database infrastructure, reduce costs, and improve
their efficiency.
Cloud database and DBaaS providers offer a variety of
solutions to their customers, ranging from primary database hosting to advanced
analytics and data management services. The service segment is anticipated to
witness the highest growth rate of 17.3% during the forecast period. The
service segment is bifurcated into professional services and managed services.
The market refers to vendor offerings help organizations implement, manage, and
optimize their cloud databases. These services further encompass consultation,
support, training, migration, and ongoing maintenance and monitoring.
Consultation services can help organizations determine
which type of cloud database or DBaaS solution is best suited for their needs
and provide guidance on implementing and integrating it with their existing
systems. Support services are essential for ensuring that any issues or
problems with the database are addressed quickly and effectively. Training
services can help organizations get up to speed on using and optimizing their
cloud database, while migration services can help them move their existing data
to the cloud.
Based on region, North America dominated the market
with a share of 35.1% in 2022 and is anticipated to dominate over the forecast
period. There has been a significant increase in the demand for cloud databases
in North America in recent years. This growth is driven by several factors,
including the increased adoption of cloud-based technologies across various
industries and the rise of big data & analytics. Also, the expansion of
cloud computing is one of the main factors driving the growth of cloud
databases in the region. As more businesses move to the cloud, the demand for
cloud-based data storage solutions is rising.
Organizations in the region are launching the latest
updates to their cloud database solutions to gain a competitive edge over their
competitors. For instance, in October 2022, Nutanix announced the launch of the
latest update to its Nutanix Cloud Cluster hybrid cloud component, which allows
organizations to operate the Nutanix Cloud Platform software on Microsoft
Azure. NC2 is a hybrid multi-cloud system, supporting both the AWS and Azure
clouds. It enables consumers' VNets running enterprise applications to utilize
Azure services rapidly.Asia Pacific is anticipated to grow at the highest CAGR
of 19.3% during the forecast period.
The regional market is driven by the rise in
investments by cloud computing companies. For instance, in September 2022,
Alibaba Cloud, the cloud computing subsidiary of Alibaba.com, announced its
plans to invest USD 1 billion to help customers adopt cloud computing
solutions, reignite growth, and bolster the company’s market position. The
investment is specifically focused on offering cloud computing services,
including data storage, Artificial Intelligence (AI), and analytics
capabilities, to customers across various industries. The move comes amid
fierce competition in the cloud computing market in China and globally, with
tech giants like Tencent, Huawei Technologies Co., Ltd., and Amazon Web
Services, Inc. competing over gaining market share.
Major companies operating in Global Cloud
Database and DBaaS Market are:
- Google
LLC
- Nutanix
- Oracle
Corporation
- IBM
Corporation
- SAP
SE
- Amazon
Web Services, Inc.
- Alibaba
Cloud
- MongoDB,
Inc.
- Microsoft
Corp.
- Teradata
- Ninox
Software GmbH
- DataStax
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“The global cloud database and Database-as-a-Service
(DBaaS) market has seen significant growth due to the increasing adoption of
cloud computing and the need for efficient data management. Cloud databases
offer advantages such as scalability, flexibility, cost-effectiveness, and ease
of management compared to traditional on-premises databases. DBaaS allows
businesses to outsource database management, freeing up IT resources and
reducing costs. The exponential growth of data generated by organizations,
driven by digital technologies and the Internet of Things (IoT), has fueled the
demand for cloud databases that can handle large volumes of data effectively.
The trend of digital transformation across industries has also contributed to
the market's growth, as businesses rely on cloud-based technologies to become
more agile and customer-centric. The cost-effectiveness of cloud databases,
with their pay-as-you-go model, eliminates upfront investments and aligns costs
with actual usage. Security concerns have been addressed by cloud database
providers through robust measures and compliance frameworks, increasing
organizations' confidence in migrating their data to the cloud. Overall, the
global cloud database and DBaaS market is expected to continue growing as
organizations recognize the benefits of these solutions in managing and
analyzing data efficiently.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Cloud
Database and DBaaS Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Database Type (NoSQL, Relational Database), By
Component (Solution, Service), By End-use Industry (IT &
Telecommunications, BFSI, Healthcare, Government & Public Sector,
Manufacturing, Automotive, Retail & Consumer Goods, Media & Entertainment,
Others), By Enterprise Size (Large Size Enterprises, Small and Medium Sized
Enterprises (SMEs)), By Deployment (Public, Private, Hybrid), By Region, By
Competition”, has evaluated the future growth potential of Global Cloud
Database and DBaaS Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Cloud
Database and DBaaS Market.
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