Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "ODBC Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The open database connectivity (ODBC) market is poised for significant growth, projected to expand from $1.5 billion in 2023 to an estimated $1.8 billion in 2024, showcasing a vigorous compound annual growth rate (CAGR) of 20%. This market expansion is attributable to a constellation of influential factors: the proliferation of relational databases improving data management, heightened cross-platform software compatibility, stringent regulatory compliance requirements, and the pervasive impact of the internet on business growth and innovation.
Looking ahead to 2028, forecasts indicate the ODBC market will continue on its growth trajectory, reaching a valuation of $3.67 billion at a consistent CAGR of 19.5%. Market momentum is expected to be sustained by the continued adoption of cloud computing, the advancements in big data and analytics, the integration of the Internet of Things (IoT), rising cybersecurity concerns, and the emergence of edge computing. Trends such as increased cloud service integration, expansion of big data capabilities, and advancements in AI-driven data connectivity solutions are anticipated to propel the market forward.
The Cloud Services Factor
The surge in cloud-based services adoption serves as a primary engine driving the ODBC market. As businesses increasingly operate remotely and require secure, anywhere-access to data and applications, ODBC's essential role in enabling connections to cloud-hosted databases becomes ever more critical. This facilitation of cloud and application database interaction underpins the expansion of the ODBC market.
Market Innovations
Key players in the ODBC market are at the forefront of innovation, developing solutions like open-source ODBC drivers to satisfy surging demand. These drivers play a pivotal role in translating between applications and the diverse dialects of database management systems, thus enabling compatibility and seamless integration within the business intelligence (BI) ecosystem.
Strategic Market Movements
In strategic industrial maneuvers, leading corporations are actively engaged in acquisitions that enhance their market presence. For instance, a recent acquisition by a renowned information technology corporation is set to amplify the enterprise value derived from distributed cloud environments through sophisticated data and API integrations.
Regional Market Overview
North America currently leads the ODBC market, while Asia-Pacific is projected to be the fastest-growing region in the forecast period. The global coverage extends across diverse regions encompassing Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Conclusion
The ODBC market's robust growth signifies its irrefutable importance in today's digital landscape. The industry's consistent expansion and innovation underscore the vital need for standardized interfaces that ensure seamless interaction between varying database management systems and the software that relies on them for data intelligence and operational efficiency. The trajectory of the ODBC market indicates its strategic role in enabling businesses to harness technological advancements for competitive advantage.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $3.67 Billion |
| Compound Annual Growth Rate | 19.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Alphabet Inc
- Microsoft Corporation
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- OpenLink Software
- Databricks Inc.
- Tableau LLC
- Snowflake Inc.
- MongoDB Inc.
- Cloudera Inc.
- Progress Software Corporation
- FairCom Corporation
- MariaDB Corporation Ab
- Simba Technologies
- Devart
- Delphin Technology AG
- actualtechnologies LLC
- eGenix.com Software
- CData Software Inc.
- Easysoft Limited
- NexusQA Pty Ltd.
- Skills and Services GmbH
For more information about this report visit https://www.researchandmarkets.com/r/b1qwdp
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