Cloud database is a database service which can be used in storing and managing files through the cloud. Enterprises can host databases on the cloud without access to hardware. The ability to scale business at a rapid pace using cloud is likely to lead to its adoption by businesses of all sizes. The global cloud database market report compiled by Market Research Future (MRFR) evaluates various growth opportunities and trends amid the COVID-19 pandemic and changes in business models for the period of 2018 to 2023 (forecast period).
The global cloud database market is expected to reach USD 21.66 billion growing at 46.78% CAGR over the forecast period. The advent of internet of things (IoT) and rise of cloud computing are major drivers of the market. Implementation of cloud databases for improving service, lowering cost, and expediting services can benefit the market. Rise in digitization of data and the move towards cloud by organizations of all sizes can be a golden opportunity for cloud database providers.
Rise of application development and mass computing can drive the adoption of cloud databases by organizations making it easier for app developers in storing, migrating, and sharing data. The virtual nature of cloud databases allow it to recover from crashes and failures in programs quicker and the disposability nature can drive the market demand in the global cloud database market. It can cover machines and entire data centers.
But concerns of data security can impede market growth.
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By database, the cloud database market is divided into SQL database and NoSQL database.
By model, this market is segmented into service model and deployment model. By service model, the market is further segmented into private cloud, virtual private cloud, public cloud, and hybrid cloud. Deployment model segmentations include infrastructure as a service (IaaS), database as a service (DBaaS), and platform as a service (PaaS). By deployment model, the DBaaS segment can provide security to data with tight surveillance and software upgrades designed to maintain the integrity of data stored in the database.
By component, the market is segmented into software and service. By software the market is segmented into database application builder, database encryption, data scaling and replication, backup and recovery, and others. By service, the market is segmented into training and consulting service, system and network integration service, and deployment and maintenance service.
By organization size, the market is segmented into large enterprise and small and medium-sized enterprise.
By end-user, the market is segmented into academic, BFSI, healthcare, IT and telecom, government, and others.
The regional analysis of cloud database market is considered for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Rapid adoption of new technology is driving the growth of the cloud database market in North America. The region is expected to dominate the market, owing to this, with the largest market share during the forecast period. Technical advancements, increasing adoption of cloud-based services and solutions, and investments in data centers in developing regions can expand the growth opportunities for the market in the region.
APAC is expected to be the fastest growing region in the market due to the increasing adoption of IoT and the shift of small and medium-sized enterprise and large enterprise to the cloud. China, Japan, and India are leading countries in the region, due to their vast customer base. The large bevy of applications being developed in these countries coupled with the large number of smartphone users can drive its need exponentially over the forecast period.
Europe is expected to showcase a high growth rate during the forecast period owing to enhanced customer experience along with the growing investments of tech leaders such as Microsoft, Intel, IBM, and others in the European IT market.
SAP AG, CenturyLink, CSC (Computer Science Corporation), Salesforce.com Inc., Google Inc., Oracle, Amazon.com, Rackspace Inc., IBM, and Microsoft are key players in the global cloud database market.
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