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According to the latest report by IMARC Group, titled " Database as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global database as a service market reached a value of US$ 16.9 Billion in 2021. Database as a service refers to a software model that is generally utilized by multiple businesses to offer easy access to databases without the need for physical hardware. It usually has two primary consumers: the information technology (IT) organization that maintains the cloud platform and the end-user who consumes the cloud resources. As a result, its utilization helps in simplifying database management tasks and eliminates the need for hiring and training a team for managing the database. Additionally, it also aids in increased productivity, enhanced security and improved reliability and performance in a cost-efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Database as a Service Market Trends:
The global market is primarily driven by significant growth in the IT industry. Moreover, continual technological advancements, including the introduction of cloud-based solutions, are creating a positive outlook for the market. Coupled with rapid digitization and the penetration of high-speed internet connectivity, there has been a significant increase in the adoption of the database as a service solution across the corporate sector. Additionally, the rapid outbreak of coronavirus (COVID-19) disease has encouraged numerous organizations to adapt work-from-home (WFH) models to maintain business continuity, which, in turn, is providing a boost to the market growth. Furthermore, the widespread utilization of database as a service solution across the healthcare and banking, financial services and insurance (BFSI) sectors is positively influencing the market growth. Other factors, including a considerable rise in data generation, continuous innovations in the service solution and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 56.9 Billion by 2027, growing at a CAGR of 21% during 2022-2027.
Market Summary:
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