Autonomous Data Platform Market Growth & Trends
The global autonomous data platform market size is expected to reach USD 6.73 billion by 2030 and grow at a CAGR of 23.0% from 2022 to 2030, according to the recent reports of Grand View Research, Inc. A broad array of developing open-source big data tools, the accessibility of ever-larger quantities of data, and a shift in culture inside companies toward content decision-making, make it feasible to adopt autonomous data platforms. As a result of the cloud platform’s improved collaboration, accessibility, and cost-effectiveness it is anticipated to increase the demand for cloud-based autonomous data platforms. The extensive use of autonomous data platforms in real-time analytics, to offer convenient services to customers, in the BFSI and retail sectors is anticipated to drive market growth.
The global rise in automation and digitization has made businesses switch towards using technology-driven solutions to meet the rapid pace of business growth. Emerging businesses that adopt cloud-based services, mainly in developing economies such as the Asia Pacific, are expected to fuel the growth of the autonomous data platform industry over the forecast period. Further, features such as fraud detection, improved security, and increased collaboration opportunities, provided by the cloud-based solutions are expected to increase business productivity and overall growth of an organization.
To address critical business issues and ensure efficient database usage, an autonomous data tool examines a particular customer’s big data infrastructure. Businesses can grow and improve their data management skills due to this platform. They were primarily built to manage and improve big data infrastructure. The platform also offers deployment, safety, error handling, end-to-end automation for updates, efficiency, and availability. Due to the automation of all infrastructure administration, monitoring, and tuning functions, it is also known as a self-driving database. Thus, the benefits offered by autonomous data platforms are propelling the growth of this market.
Autonomous Data Platform Market Report Highlights
- The platform segment accounts for the largest revenue share of over 68.9% in 2021. The segment growth can be attributed to the technological advancements in cloud and mobile technologies along with the surge in demand for analytics to improve data storing ability
- The on-premise segment is expected to register a CAGR of 19.8% during the forecast period. Where user passwords and the privacy of corporate activities are highly important, one- premise model is widely used by those businesses, supporting the segment growth
- The small & medium enterprise segment is anticipated to grow at a CAGR of 24.9% during the forecast period, owing to the early adoption of digital technology such as AI and ML by these organizations to accelerate the growth of their products and services
- The BFSI segment is presumed to grow at a CAGR of 20.9% over the forecast period. The rise in demand for big data analytics owing to the increased demand for timely fraud prevention in the BFSI sector and expanding volume of data generated by the equity market due to trade and operations is anticipated to elevate the demand for autonomous data platforms in the BFSI segment
- The Asia Pacific regional market is expected to reach USD 1.72 billion by 2030. The region’s strong economy enables these countries to make significant investments in cutting-edge AI technologies
- The key industry participants include Oracle; Teradata; IBM; Amazon Web Services, Inc.; Hewlett Packard Enterprise Development LP; Qubole, Inc.; Cloudera, Inc.; Gemini Data; Denodo Technologies; and Alteryx, Inc.