“Growing demand to process low-latency queries expected to drive the growth of the cloud database and DBaaS market”
The global cloud database and Database as a Service (DBaaS) market size is expected to grow from an estimated value of USD 12.0 billion in 2020 to USD 24.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period. The cloud database and DBaaS industry is driven by various factors, such as rising need for self-driving cloud databases and growing demand to process low-latency queries. However, privacy and security of the data stored on databases can hinder the growth of the market.
The services segment is projected to grow at a higher CAGR during the forecast period
With the rising technological advancements, the demand for cloud database and DBaaS solutions is expected to rise. This is projected to fuel the demand for cloud database services. Services offered by most cloud database and DBaaS solution vendors include professional services and managed services. Cloud database and DBaaS services play a crucial role for every solution vendor as clients expect consultation and implementation of the applicable cloud database and DBaaS solution along with support and maintenance of the provided cloud database and DBaaS solution. Services are sometimes provided by channel partners that help strengthen the geographical reach of solution vendors.
The large enterprises segment to account for a higher market share during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The trend of digitalization has been increasing extensively among large enterprises. The growing connectivity of bandwidths and mobility trends can be seen more among large enterprises, due to the presence of a huge workforce. The increasing demand for employees to access computing resources and applications from anywhere and at any time has made it complex for enterprises to store and manage their data. Large enterprises also generate huge amounts of critical business data on a regular basis.
Hence, it has become important for them to store and manage their data and avoid redundancy of the data. Large enterprises in the Banking, Financial Services and Insurance (BFSI), telecom and Information Technology (IT), consumer goods and retail, and manufacturing verticals cannot afford to lose customers due to network issues. These enterprises, therefore, are opting to deploy cloud database services. Organizations are expected to adopt private and hybrid cloud deployments, as these deployment modes have an increasing penetration in the cloud computing landscape and can help organizations serve their clients by delivering better service quality.
Asia Pacific to grow at the highest rate during the forecast period
The cloud database and DBaaS market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In the APAC region, there is a tremendous demand for cloud database solution and services due to the massive and continuous growth of data through various channels, such smartphones and Internet of Things (IoT) devices. China, India, Japan, Australia and New Zealand (ANZ), and Singapore have emerged as undisputed leaders in the cloud database and DBaaS industry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cloud database and DBaaS market.
- By company type: Tier 1: 42%, Tier 2: 38%, and Tier 3: 20%
- By designation: C-level: 32%, Directors: 36%, and Others: 32%
- By region: North America: 35%, Europe: 27%, APAC: 23%, and RoW: 15%
Major vendors offering cloud database and DBaaS solution across the globe are Google (US), Microsoft (US), AWS (US), IBM (US), Oracle (US), Alibaba Cloud (China), SAP (Germany), MongoDB (US), EnterpriseDB (US), Redis Labs (US), Tencent (China), Rackspace (US), Teradata (US), CenturyLink (US), Neo4j (US), DataStax (US), TigerGraph (US), MariaDB (US), RDX (US), and MemSQL (US).
The study includes an in-depth competitive analysis of the key players in the cloud database and DBaaS market, with their company profiles, recent developments, and key market strategies.
The market study covers the cloud database and DBaaS market size across segments. It aims at estimating the market size and growth potential of this market across different segments: database type, component, service, deployment model, organization size, vertical, and region. The study also 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.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cloud database and DBaaS market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.