MarketsandMarkets forecasts the cloud database 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 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 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.
North America to lead the cloud database and DBaaS market during the forecast period
North America is expected to account for the highest share of the cloud database and DBaaS market in 2020. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adoption of advanced technologies. The North American region exhibits a wide presence of key industry players offering cloud database and DBaaS solutions and services, and its financial position enables the region to invest majorly in leading tools and technologies for effective business operations.
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