New York, USA, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cloud Database Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 14.80% to attain a valuation of around USD 38.6 Billion by the end of 2030.
Cloud Database Market Key Players
- Google Inc. (US)
- Amazon.com (US)
- Oracle (US)
- Microsoft (US)
- IBM (US)
- Salesforce.com Inc. (US)
- Rackspace Inc. (US)
- SAP AG (Germany)
- CenturyLink (US)
- and CSC (Computer Science Corporation) (US).
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Cloud Database Market Report Scope:
| Report Metrics | Details |
| Cloud Database Market Size by 2030 | USD 38.06 Billion |
| Cloud Database Market CAGR during 2022-2030 | 14.80% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Growing implementation of cloud database and DBaaS results in value proposition which drives business agility, reduces costs, improves service resilience, performance guarantee and a couple of other benefits. |
Drivers
Growing Need for DBaaS to Boost Market Growth
Cloud databases eliminate physical infrastructure and offer quicker and less expensive application development. Moreover, DBaaS systems offer advantages including immediate scalability, performance assurances, failover support, dropping pricing, and specialist knowledge. The demand for servers and DBaaS has grown significantly as a result of the rise in cloud computing. In particular, the benefits of DBaaS provision, such as lower database licensing and infrastructure costs, are having an impact on the rise in DBaaS market demand, which in turn is boosting the market growth for cloud database market.
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Opportunities
Need for High Data Storage to offer Robust Opportunities
The storage capacity of a user automatically rises when it approaches its limit. The user benefits because less effort is spent calculating future data storage demands and less money is spent on capacity that is not needed. To allow transactions while upholding strong consistency & high availability across the regions and continents, a scalable database service called Cloud Spanner was developed. The listing consistency that the cloud spanner offers users reduces the possibility of missing files among a vast volume of data. Also, cloud storage with No SQL implementation provides cheap and easy data access from any part of the world, which promotes market expansion. The popularity of cloud databases powered by SQL has accelerated due to the increase in cloud computing and will continue to increase.
Restraints and Challenges
Privacy Concerns to act as Market Restraint
Privacy and security concerns, high deployment cost, and rise in cyber crimes may act as market restraints over the forecast period.
Market Segmentation
The global cloud database market is bifurcated based on end user, organization size, component, model, and database.
By database, SQL will lead the market over the forecast period.
By model, the market is bifurcated into deployment and service model.
By component, the market is bifurcated into service and software.
By organization size, large enterprise will domineer the market over the forecast period.
By end user, IT and telecom will spearhead the market over the forecast period.
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Regional Analysis
North America to Command Cloud Database Market
The cloud database market is anticipated to grow to be quite lucrative in North America. Digital transformation is a top priority for American businesses, and they are frequently recognized as quick adopters of advanced technologies such as Internet of Things, big data analytics, additive manufacturing, connected industries, augmented reality, AI, machine learning, & virtual reality (VR), along with the current telecommunications technologies including 4G, 5G, & LTE. Future growth is encouraged by American businesses' continuous use of cutting-edge technology. Due to the presence of several providers including Oracle Corporation, Microsoft Corporation, Amazon.com Inc., & International Business Machines Corporation and a faster rate of new technology adoption, this sector is predicted to maintain its position in the market. They increase the market over the projection period by offering consumers in this area improved advanced technical architecture & cloud database security.
APAC to Have Admirable Growth in Cloud Database Market
APAC is anticipated to experience a favorable CAGR. The emergence of regional firms like Alibaba Group & the quick ascent of China and India both aided in the market's progress. Demand for the nation's cloud computing industry has grown as a result of significant investments being made in the manufacturing & IT industries through initiatives like Make in India. Providers of hyper-scale cloud service such as Amazon.com Inc., Microsoft Corporation, and Google LLP are also constructing data centers in places like Thailand and Indonesia in order to match the goals of the governments on data sovereignty. China is anticipated to have tremendous development potential in the cloud databases industry. It is anticipated that China's cloud databases market will grow steadily. It is likely that the region's simplified government regulations and technical advancements will drive the market for. Due to the rising use of IoT and the significant organizational migration to cloud computing, APAC will grow at the fastest rate throughout the projected period. Also, the huge increase in expenditures in business transformation and the usage of IoT in several applications, such as smart homes, highways, and others, are fueling the global cloud database market.
Industry Update
April 2023- A new version of the second-generation cloud database service MariaDB SkySQL is now immediately accessible, according to MariaDB. For optimum resilience and scalability, SkySQL provides fully managed databases, including their flagship distributed SQL offering MariaDB Xpand. According to the firm, the release enables organizations to more effectively control their cloud database expenditures.
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COVID-19 Analysis
Many industries were shut down or unavailable for an extended length of time as the epidemic sparked lockdowns all around the world. The need for cloud databases & DBaaS has soared as a result. The markets for cloud databases and DBaaS that were made available as essential services did not develop as expected. Sales of the cloud databases & DBaaS are increased by the distant nature of industry activities. Furthermore, businesses are employing remote working arrangements and cloud computing services to protect business continuity as a result of the coronavirus infection (COVID-19) outbreak & government lockdowns in a number of nations. There is increasing demand for DBaaS and cloud databases, which allow for remote document management, on a worldwide scale. A year-over-year decline in U.S. exports amid April 2020 & April 2021, and a surge in imports over the same period, show that COVID-19 was also a serious problem for economies globally. The market for DBaaS and cloud databases is seeking to make up for its slight losses. In any case, there will likely be a direct impact on the healthcare, information technology, and chemical industries, which will increase the need for cloud databases & DBaaS.
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