Global Cloud Database And DBaaS Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Definition Of The Global Cloud Database And DBaaS Market?
A cloud database is a database service provided through a cloud computing platform, offering scalable storage and computing resources. DBaaS (Database as a Service) is a specific type of cloud database offering, where the service provider handles tasks such as installation, configuration, and maintenance, allowing users to focus solely on using the database for their applications or services.
Cloud Database And DBaaS Global Market Report 2024 provides data on the global cloud database and dbaas market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Cloud Database And DBaaS market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Cloud Database And DBaaS Market Size And Annual Growth Rates?
The cloud database and DBaaS market size has grown exponentially in recent years. It will grow from $19.86 billion in 2023 to $24.03 billion in 2024 at a compound annual growth rate (CAGR) of 21%. The growth in the historic period can be attributed to data breaches, regulatory compliance, increased cloud adoption, security incidents, and digital transformation initiatives. The cloud database and DBaaS market size is expected to see exponential growth in the next few years. It will grow to $52.13 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to IoT expansion, edge computing, AI and machine learning adoption, hybrid and multi-cloud environments, and remote workforce trends. Major trends in the forecast period include increased emphasis on zero trust architecture, rise of cloud-native security solutions, integration of security orchestration and automation, enhanced threat intelligence sharing, and heightened regulatory scrutiny.
Which Key Drivers Are Propelling The Cloud Database And DBaaS Market's Growth?
The increasing digitalization is expected to propel the growth of the cloud database and DBaaS market going forward. Digitalization refers to the process of leveraging digital technologies to transform business operations, processes, and models. This digital transformation has enabled businesses of all sizes to leverage digital tools to streamline operations, improve decision-making, and create new value propositions. Cloud databases and Database-as-a-Service (DBaaS) offer various database options, including relational and NoSQL databases, allowing businesses to choose the database type that best suits their application requirements. For instance, in May 2023, according to the report published by the European Investment Bank, a Luxembourg-based European Union's long-term finance institution, in 2022, 42% of European firms invested further in digitalization, marking a 9% point increase compared to 2021. Moreover, one in two firms in the United States, or 50%, pursued additional investment in digitalization during the same period. Therefore, increasing digitalization drives the growth of the cloud database and DBaaS market.
Get Your Free Sample of the Global Cloud Database And DBaaS Market ReportWhat Are The Key Segments Within The Global Cloud Database And DBaaS Market?
The cloud database and dbaas market covered in this report is segmented –
1) By Component: Solution, Service
2) By Database Type: Not Only Structured Query Language (NoSQL), Relational Database
3) By Deployment: Public, Private, Hybrid
4) By Enterprise Size: Large Size Enterprises, Small And Medium Sized Enterprises (SMEs)
5) By End-use Industry: Information Technology (IT) And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Healthcare, Government And Public Sector, Manufacturing, Automotive, Retail And Consumer Goods, Media And Entertainment, Others End-use Industries
How Are New Trends Impacting The Size Of The Cloud Database And DBaaS Market?
Major companies in the cloud database and DBaaS market are advancing technologies like proactive self-healing architecture to enhance database management services. This architecture autonomously identifies and rectifies issues within a database environment before they impact performance. For instance, in January 2024, Silk Technologies Inc., a US-based technology firm, launched a Cloud Database as a Service (DBaaS) that offers a comprehensive managed service including patching, monitoring, updates, and optimization across various database platforms. This service allows clients to focus on strategic initiatives while leaving routine management tasks to experienced database administrators (DBAs). It features 24/7 DBA support and a proactive self-healing framework.
Which Region Drives The Highest Growth In The Cloud Database And DBaaS Market?
North America was the largest region in the cloud database and DBaaS market in 2023. The regions covered in the cloud database and dbaas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.