MarketsandMarkets forecasts the Global Cloud Database and DBaaS Market size to grow from USD 12.0 billion in 2020 to USD 24.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.7% from 2020 to 2025. The rising need for self-driving cloud databases and growing demand to process low-latency queries are expected to increase the adoption of cloud database and DBaaS across the globe during the forecast period.
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The Global cloud database and DBaaS market includes major vendors, such as 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). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the important strategies adopted by the major players to grow further in the cloud database and DBaaS industry.
The Banking, Financial Services and Insurance vertical segment to account for the highest market share during the forecast period
The Banking, Financial Services and Insurance (BFSI) vertical is one of the most data-centric verticals where large volumes of databases are generated at an exponential rate. Various factors are expected to contribute to the growth of the database in the financial sector. Some of these factors include electronic transactions, Automated Teller Machines (ATMs), credit cards, call centers, and mobile-based sources. The database generated from these sources is scattered across various branches and departments across various financial institutions and needs to be interlinked together. The linking of this database is important to derive meaningful insights and sustain in the competitive market. The BFSI vertical demands an additional secured environment to secure its online transactions 24*7, which can be achieved by cloud database and DBaaS. Hence, the adoption of cloud database and DBaaS solution helps BFSI companies to store, manage, access, and modify data for further processes. Cloud database and DBaaS ensure the seamless execution of transactions. These solutions further improve the accuracy and efficiency of various processes and assist in the regulatory and compliance reporting by collating data from multiple sources. Most banks are increasingly deploying cloud database and DBaaS solutions to enhance performance and improve cost-savings.
The Not only Structured Query Language segment to grow at a higher CAGR during the forecast period
The growing amount of digital data in unstructured data format generates the need for dynamic scalable database. Structured Query Language (SQL) offers databases only in the tabular format, but Not only Structured Query Language (NoSQL) offers database and queries in various formats: column, graphical, document, and others. Thus, the need is fulfilled by the non-relational database with its highly scalable and easy to program model. NoSQL is also known as non-relational database. It offers great features to the clients; scalability is apparently the most important one. In addition to this, NoSQL allows users to store and retrieve unstructured data. Today, most of the cloud database and DBaaS vendors provide NoSQL compatible cloud database services. Owing to this, dealing with huge data processing on the web has been made cost-effective.
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