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Cloud Database and DBaaS Market Overview
The global cloud database and database as a service market is expected to witness significant growth during the forecast period (2020–2030). DBaaS vendors offer cloud database services that facilitate the management of the fundamental infrastructure that maintains and manages large-scale databases over the cloud, thus enabling companies to benefit from the related services. The growing demand for an autonomous cloud database and the rising focus on low-latency query response are the key factors driving the growth of the market.
The cloud database and DBaaS market, on the basis of database type, has been classified into structured query language (SQL) and not only structured query language (NoSQL). Between the two, the SQL database type is projected to continue dominating the market during the forecast period. SQL database is a relational database that has been in use for years for structured data management, wherein relationship between various variables and entities of data is established.
Moreover, to perform dynamic and complex querying and reporting, SQL database is preferred to NoSQL. SQL database is well suited for transaction-oriented systems, for instance, customer relationship management tools, e-commerce platforms, and accounting software, owing to its atomicity, consistency, isolation, and durability (ACID) compliance. Such factors are contributing to the growth of the cloud database and DBaaS market in this category.
The cloud database and DBaaS market has been categorized into telecom and IT; banking, financial services, and insurance (BFSI); consumer goods and retail; government; media and entertainment; energy and utilities; manufacturing; healthcare; and others, when segmented on the basis of vertical. Among these, the BFSI sector dominated the market in 2019, as it is one of the largest data-centric industries generating a high volume of data at a rapid pace.
The growing focus on automated teller machines (ATMs), electronic transactions, call centers, credit cards, and mobile-based sources is one of the key factors resulting in enormous data generation. Thus, the vertical is increasingly deploying the cloud database as a service technology to not only access, manage, store, and modify data for further processes but also ensure seamless execution of transactions. These factors are, thus, propelling the growth of the cloud database and DBaaS market in the BFSI sector.
Geographically, North America is expected to continue being the largest revenue generator in the cloud database and DBaaS market in the near future. In addition, the U.S. is projected to be the major contributor to the regional market, as the country is technologically advanced and, hence, rapidly adopting latest technologies, such as cloud, machine learning (ML) and artificial intelligence (AI), for meeting data management needs. Furthermore, many industries in the country have deployed cloud-based technologies to advance their risk management. Such factors are resulting in the increased usage of the technology, further boosting the market growth in the region.
Cloud Database and DBaaS Market Dynamics
The growing demand for self-driving cloud databases is one of the key factors driving the growth of the cloud database and DBaaS market. To progress in the digital economy, companies are creating and leveraging complex database systems. The rising focus on data-intensive activities supported by the AI and internet of things (IoT) technologies is resulting in substantial workloads for data managers. As a result, they are increasingly opting for self-driving cloud databases. These databases are built as cloud databases and use the ML technology to eliminate the human effort associated with database security, tuning, updation, backup, and other routine management tasks that are traditionally performed by database administrators. Such advantages associated with these databases are resulting in their high adoption, thereby boosting the growth of the market, globally.
Cloud Database and DBaaS Market Competitive Landscape
Some of the major players operating in the global cloud database and DBaaS market are Amazon Web Services Inc., IBM Corporation, Microsoft Corporation, Alibaba Group Holding Limited, Oracle Corporation, MongoDB Inc., SAP SE, Redis Labs Ltd., EnterpriseDB Corporation, Rackspace Inc., Tencent Holdings Ltd., CenturyLink Inc., Teradata Corporation, DataStax Inc., and Neo4j Inc.
Players in the cloud database and DBaaS market are focusing on the introduction of new features in their solutions to expand their customer base and gain a larger market share. For instance, in June 2019, MongoDB Inc. announced new cloud features and services. The beta versions of MongoDB Atlas Data Lake and MongoDB Atlas Full-Text Search enable users to access new features in a fully managed MongoDB environment, with no additional infrastructure to manage.
The report also covers country-wise market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Saudi Arabia, the U.A.E, and South Africa.
Cloud Database and DBaaS Market Size Breakdown by Segment
Based on Database Type
Based on Deployment
Based on Component
Based on Enterprise
Based on Vertical