According toa research report "Cloud Database and DBaaS Market by Database Type (SQLand NoSQL), Component, Service, Deployment Model, Organization Size, Vertical(BFSI, Telecom and IT, Manufacturing, Healthcare and Life Sciences), and Region- Global Forecast to 2025", published by MarketsandMarkets, the globalcloud database and Database as a Service (DBaaS) market size is expected togrow from USD 12.0 billion in 2020 to USD 24.8 billion by 2025, at a CompoundAnnual Growth Rate (CAGR) of 15.7% during the forecast period. The growingdemand to process low-latency queries is one of the major factors driving thegrowth of the market.
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TheBanking, Financial Services and Insurance vertical segment to account for thehighest market share during the forecast period
The Banking,Financial Services and Insurance (BFSI) vertical is one of the mostdata-centric verticals where large volumes of databases are generated at anexponential rate. Various factors are expected to contribute to the growth ofthe database in the financial sector. Some of these factors include electronictransactions, Automated Teller Machines (ATMs), credit cards, call centers, andmobile-based sources. The database generated from these sources is scatteredacross various branches and departments across various financial institutionsand needs to be interlinked together. The linking of this database is importantto derive meaningful insights and sustain in the competitive market. The BFSIvertical demands an additional secured environment to secure its online transactions24*7, which can be achieved by cloud database and DBaaS. Hence, the adoption ofcloud database and DBaaS solution helps BFSI companies to store, manage,access, and modify data for further processes. Cloud database and DBaaS ensurethe seamless execution of transactions. These solutions further improve theaccuracy and efficiency of various processes and assist in the regulatory andcompliance reporting by collating data from multiple sources. Most banks areincreasingly deploying cloud database and DBaaS solutions to enhanceperformance and improve cost-savings.
NorthAmerica to lead the cloud database and DBaaS market during the forecast period
NorthAmerica is expected to account for the highest share of the cloud database andDBaaS market in 2020. The region comprises developed countries, such as the USand Canada, and is considered the most advanced region in terms of adoption ofadvanced technologies. The North American region exhibits a wide presence ofkey industry players offering cloud database and DBaaS solutions and services,and its financial position enables the region to invest majorly in leadingtools and technologies for effective business operations.
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) are some of the leading companiesoperating in this market.
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