Database As A Service (DBaaS) Market is anticipated to reach US$84.983 billion by 2029 at a CAGR of 21.32%

The database as a service (DBaaS) market is anticipated to grow at a CAGR of 21.32%from US$21.964 billion in 2022 to US$84.983 billion by 2029.

NOIDA, UTTAR PARDESH, INDIA, June 14, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the database as a service (DBaaS) market is projected to grow at a CAGR of 21.32% between 2022 and 2029 to reach US$84.983 billion by 2029.

The cost efficiency, scalability, improved security, technological innovations, and expansion of data usage will lead to the growth of the database as a service (DBaaS) market. Businesses are increasingly relying on technologies for cost-cutting, hence the adoption of the DBaaS simplifies the storage, access, and management of the data in the organization.

The innovations in the field is also driving the market, in July 2022, SingleStore, the cloud-native database raised $116 million within Goldman Sachs. The company unifies different types of workloads in a single database. Further, in January 2023, SurrealDB raised $6M for its build back-end APIs and database layers, a database-as-a-service offering. In January 2024, Silk launched Cloud Database as a Service (DBaaS) by this the company launched a fully managed cloud database service.

Additionally, focus on the data compliance with stricter data privacy rules made the DBaaS providers offer features and functionalities to give the data security and privacy regulations. The improved accessibility, simplified management, and security guarantee are the added advantages of the database as a service (DBaaS).

Access sample report or view details: https://www.knowledge-sourcing.com/report/database-as-a-service-dbaas-market

Based on type, the database as a service (DBaaS) market is segmented into SQL and NOSQL. The databases can be distributed into SQL and NOSQL. SQL (Structured Query Language) is operated in SQL language, and this is gaining popularity due to its ease and to retrieve complex data. NoSQL databases are used to handle unstructured or semi-structured data, it offers greater flexibility but it is complex to handle.

Based on deployment, the database as a service (DBaaS) market is segmented into Cloud and On-Premise. Cloud platforms are useful for small and medium-sized organizations where data generation and storage are comparatively small in size, and they have a limited budget. On-premise is allocated to medium and large enterprises where they have big data generation, their data privacy is a concern and they have the required budget and space.

Based on enterprise size, the database as a service (DBaaS) market is segmented into small medium, and large enterprises. The organizational size and amount of data stored an important criteria for deciding the type and deployment of the system. The big data needed might require on-premise databases for better data privacy handling. The budget constraints are also decided by the size of the enterprise.

Based on industry vertical, the database as a service (DBaaS) market is segmented into BFSI, healthcare, retail, IT and Telecom, manufacturing, media & entertainment, and others. With the growing number of chronic disease ailments around the world, the number of healthcare centers has expanded along with that, data upkeeping is required for the patient track records and disease severity.

The BFSI sector will grow with significant CAGR, as the growing number of digital payments around the world. The digital payment transactions in India reached 11,660 crore in 2023 in volume from 8,839 in 2021. IT and Telecom needed to secure their clients' information and systems mostly on-premise database systems. With the exploding social media usage in the world of media & entertainment, will require databases for its users.

The expansion of AI (artificial intelligence) and digitalization around the world took place due to the expansion of the 5G network from 31% in 2022 to 38% in 2023, explaining the growing need for the database as a service (DBaaS).

Based on geography North America will hold a significant portion of the database as a service (DBaaS) market, due to several factors. One significant reason is, that the major players such as IBM Corporation, Microsoft Corporation, Amazon.com, Inc., MongoDB, Inc., Google, Inc., Oracle, and Salesforce Inc., among others, are headquartered in the United States, making it easy to access to consumers. This also helps with the rapid market expansion in the region.

Further, the usage of the fixed-broadband traffic in the region has expanded from 878 exabytes in 2021 to 1,005 exabytes in 2022. The mobile broadband internet traffic per subscription per month is 7.7 GB. With infrastructure upgrades, the deployment of 5G networks, and increasing demand further expanded the need for usage and storage.

Various organizations in the region are looking for early adaptation and deployment of the database as a service (DBaaS) as more data is generated from the AI (artificial intelligence) usage and automation of the industrial processes in the era of Industry 4.0. The data storage and management platforms are also used in the storage and analysis of optimization for sustainability initiatives. The data stored can be used by the subject matter experts (SMEs) to analyze and find operations and engineering teams to drive sustainable practices for manufacturing.

As a part of the report, the major players operating in the database as a service (DBaaS) market, that have been covered are IBM Corporation, Microsoft Corporation, Amazon.com, Inc., MongoDB, Inc., Google, Inc., Oracle, Rackspace Technology, Salesforce, Inc., SAP SE, and ScyllaDB.

This analytics report segments database as a service (DBaaS) market on the following basis:

• BY TYPE

o SQL
o NOSQL

• BY DEPLOYMENT

o Cloud
o On-Premise

• BY ENTERPRISE SIZE

o Small and Medium
o Large

• BY INDUSTRY VERTICAL

o BFSI
o Healthcare
o Retail
o IT and Telecom
o Manufacturing
o Media & Entertainment
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others

Companies Profiled:

• IBM Corporation
• Microsoft Corporation
• Amazon.com, Inc.
• MongoDB, Inc.
• Google, Inc.
• Oracle
• Rackspace Technology
• Salesforce, Inc.
• SAP SE
• ScyllaDB

Explore More Reports:

• Cloud Security Market: https://www.knowledge-sourcing.com/report/cloud-security-market

• Encryption Software Market: https://www.knowledge-sourcing.com/report/encryption-software-market

• Database Management System Market: https://www.knowledge-sourcing.com/report/database-management-system-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
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