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.
- On the basis of the type, the market has been bifurcated into SQL and NOSQL.
- Based on the deployment type, the market has been segmented into on-cloud and on-premises.
- On the basis of the organization size, the market has been segregated into small, medium and large enterprises.
- Based on the end-user, the market has been categorized into BFSI, healthcare, government and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are Amazon Web Services, CenturyLink, Google (Alphabet Inc.), IBM, Microsoft Corporation, Oracle, Rackspace Technology Inc. and SAP SE.
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