Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Global Cloud-based Data Management Services Market by Service Type (Integration, Data Security & Backup, Quality-as-a-Service), Service Model, Deployment Mode, Vertical (BFSI, IT & Telecom, Retail & Consumer Goods) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global cloud-based data management services market is expected to grow from USD 40.2 billion in 2023 to USD 141.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 28.7%
The market study covers the cloud-based data management services market across segments. It aims to estimate the market size and the growth potential of this market across different segments, such as service type, service model, deployment mode, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The demand for scalability, accessibility, and flexibility among businesses offers opportunities for the growth of the cloud-based data management services market. The higher expense of storing data on the cloud and data security concerns are challenging the development of the cloud-based data management services market.
Some of the major vendors offering cloud-based data management services market across the globe include IBM (US), Fujitsu (Japan), Cisco (US), Dell Technologies (US), HPE (US), NetApp (US), Informatica (US), SAS (US), Actian (US), Oracle (US), SAP (Germany), Google (US), AWS (US), Accenture (Ireland), Snowflake (New Zealand), Talend (US), Hitachi Vantara (US), Cloudera (US), Teradata (US), Experian (Ireland), Alibaba Cloud (China), TIBCO Software (US), Cohesity (US), and Commvault (US).
As per the service model, the IaaS segment holds the largest market share during the forecast period
Enterprises increasingly turn to IaaS to enhance their data management capabilities, driven by its scalability and cost-effectiveness. For instance, major players like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) have reported substantial growth in their IaaS offerings.
AWS reported a 32% increase in revenue from its cloud services, including IaaS, in its Q3 2022 financial results. Organizations such as Netflix and Airbnb have successfully leveraged IaaS to handle massive data loads during peak times, showcasing the ability of IaaS to scale resources seamlessly. The trend towards IaaS adoption is likely to continue, fueled by the growing demand for flexible, on-demand infrastructure in the evolving landscape of cloud-based data management services.
As per vertical, the IT & telecom vertical is to hold the second largest market share in 2023
The IT and telecom industries increasingly turn to cloud-based data management services to address many challenges and capitalize on numerous opportunities in their dynamic environments. The adoption of cloud-based solutions in these sectors is underpinned by several compelling factors that collectively drive the transformative shift toward more agile, scalable, and efficient data management practices.
One paramount factor driving the IT and telecom industry's embrace of cloud-based data management is the inherent scalability offered by cloud services. The demand for IT and Telecom services often experiences significant fluctuations, influenced by technological advancements, market dynamics, and global events. Cloud-based data management allows companies in these industries to seamlessly scale their infrastructure up or down in response to changing requirements.
This not only enhances operational efficiency but also helps manage costs effectively. Traditional data management systems often struggle to match cloud services' scalability and flexibility, making the cloud an attractive solution for IT and Telecom companies seeking to optimize resource utilization.
Cost efficiency is another compelling driver for adopting cloud-based data management in the IT and Telecom sectors. Substantial capital investments in hardware, software, and infrastructure characterize these industries. With their pay-as-you-go model, cloud services enable organizations to shift from capital-intensive models to operational expenditures (OPEX), reducing upfront costs significantly.
This cost-effective approach allows IT and Telecom companies to allocate resources strategically, directing capital toward innovation, research and development, and core business functions rather than maintaining and upgrading on-premises infrastructure.
As per region, Europe is projected to witness the second largest market share during the forecast period
Europe has a well-developed ICT landscape with high internet penetration rates and widespread use of mobile devices. The region focused on advancing ICT infrastructure to support emerging technologies, emphasizing data privacy and cybersecurity regulations such as the General Data Protection Regulation (GDPR).
Cloud adoption in Europe increased, with businesses and governments leveraging cloud services for storage, computation, and collaboration. Major cloud service providers, including Amazon Web Services, Microsoft Azure, and Google Cloud, expanded their regional presence to meet growing demand. According to Eurostat, the European Union's statistical office, businesses across Europe increasingly embraced cloud computing services, with more than 40% of enterprises utilizing cloud solutions for hosting data and applications in 2021.
Furthermore, prominent cloud service providers reported substantial growth in the region. For instance, Amazon Web Services (AWS) noted a 29% year-over-year revenue increase in the third quarter of 2022. Microsoft Azure and Google Cloud also experienced notable gains, underscoring the pervasive shift toward cloud-based data management services across diverse European sectors. The trend reflected a strategic response to the demands of modern business environments, emphasizing scalability, flexibility, and data accessibility.
The report provides insights on the following pointers:
- Analysis of key drivers (simplified data backup and disaster recovery, increase in demand for improved data usability and quality, growth in necessity for workplace collaboration, higher emphasis on business continuity), restraints (performance issues, lack of training, and skill gap) opportunities (demand for scalability, accessibility, and flexibility, among businesses, growth in adoption of hybrid and multi-cloud environments), and challenges (higher expense of storing data on cloud, data security and privacy concerns) influencing the growth of the cloud-based data management services market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the cloud-based data management services market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the cloud-based data management services market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the cloud-based data management services market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like IBM (US), Fujitsu (Japan), Cisco (US), Dell Technologies (US), HPE (US), NetApp (US), Informatica (US), SAS (US), Actian (US), Oracle (US), among others in the cloud-based data management services market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 257 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $40.2 Billion |
| Forecasted Market Value (USD) by 2028 | $141.7 Billion |
| Compound Annual Growth Rate | 28.7% |
| Regions Covered | Global |
Company Profiles
- Accenture
- Actian
- Alation
- Alibaba Cloud
- Aws
- Cisco
- Cloudera
- Cohesity
- Commvault
- Dell Technologies
- Experian
- Fujitsu
- Hevo Data
- Hitachi Vantara
- Hpe
- IBM
- Informatica
- Komprise
- Matillion
- Nakivo
- Netapp
- Oracle
- Panoply
- Polestar Solutions
- Qubole
- Rubrik
- SAP
- Sas
- Snowflake
- Starfishetl
- Talend
- Teradata
- Tibco Software
For more information about this report visit https://www.researchandmarkets.com/r/pepbo2
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