DUBLIN--(BUSINESS WIRE)--The "Cloud Database and DBaaS Market by Database Type (SQL and NoSQL), Component, Service, Deployment Model, Organization Size, Vertical (BFSI, Telecom and IT, Manufacturing, Healthcare and Life Sciences), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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 CAGR of 15.7%.
The cloud database and DBaaS industry is driven by various factors, such as the rising need for self-driving cloud databases and growing demand to process low-latency queries. However, the 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.
- Rising Need for Self-Driving Cloud Databases
- Growing Demand to Process Low-Latency Queries
- Privacy and Security of the Data Stored on Databases
- Increase in Production of Database Workload
- Increase in the Growth of NoSQL Database
- Growing Need to Manage Regulatory and Compliance Policy Needs
- Alibaba Cloud
- Redis Labs
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