The increasing sales of smartphones, which are tied to an increase in demand for mobile apps, are one of the key factors driving market expansion.
Covid-19 Impact & Market Status
As a consequence of the coronavirus infection (COVID-19) epidemic and lockdowns implemented by governments in numerous countries, businesses are also creating remote working methods and cloud computing services in order to maintain company continuity. This has increased demand for DBaaS systems, which enable remote document sharing, globally.
Requirement of More Data Storage will boost the market
The expansion of the DBaaS market has been driven by rising need for huge storage space and rising demand for self-driving cloud databases from various end users including BFSI and communications. The market is expanding as a result of fast digitalization and rising data volumes produced by the healthcare and life sciences sectors. The market is also anticipated to increase as a result of the increasing use of high-speed internet network infrastructure, which allows consumers to access data from anywhere.
Additionally, the incorporation of database as a service (DBaaS) into software as a service (SaaS) lowers operational costs and enhances workflow processes by offering improved monitoring, upgrades and patches, disaster recovery, and security, driving market expansion.
North America to dominate the market
The market for databases as a service is anticipated to be dominated by the North American region, which is anticipated to hold the largest market share throughout the forecast period. The dominance of the United States and Canada in the DBaaS market is attributable to factors like the widespread usage of DBaaS for industrial purposes with cutting-edge database technology like Microsoft SQL Server, MongoDB, and Elasticsearch. Additionally, the market expansion in this region is boosted by the rising innovation in database as a service by regional players like Microsoft, AWS, and Oracle Corporation.
Additionally, the fast digitalization of services within the banking, financial services, and insurance (BFSI) sector makes it more crucial than ever to manage the expanding volume of data that is driving market progress.
Without using an on-premises database management system, users of the cloud computing service database-as-a-service (DBaaS) can explore cloud DBMS. A cloud service provider takes care of everything to make sure the database system is always available and secure to use. The DBaaS's integrated management capabilities, including as logging, key management, and activity tracking tools, simplify the process of creating, maintaining, and administering databases. Furthermore, it helps with risk management, marketing that is customer-focused, and cost-savings for deploying, installing, and maintaining database hardware and software. Consequently, DBaaS is gaining worldwide traction among small and medium-sized enterprises (SMEs).
The DBaaS market size is expected to increase at a CAGR of 12.50% from 2022 to 2029 to reach USD 335.95 billion from an estimated USD 147.48 billion in 2021. A cloud-based software programme known as "database as a service" (DBaaS) allows businesses to conveniently and economically access complex data. Business analytics are used in the data warehouse along with DBaaS to manage and analyse data. By utilising a common set of abstractions, software as a service (SaaS) technology enables users to manage, provision, configure, consume, and run database software. This software has improved and standardised the efficiency, dependability, and digital security of databases.
Additionally, DBaaS provides options for backup & recovery and database replication across several sites, which reduce security issues. The service provider is responsible for managing every aspect of management, including periodic upgrades and backups, to ensure the database system runs well. In the meantime, the growing frequency of cyberattacks that have given rise to privacy and security concerns is one of the issues restricting the market's growth. DBaaS, on the other hand, provides test on-site and cloud-based solutions to assist organisations in avoiding the upfront capital costs of IT infrastructure, which is projected to provide lots of growth chances for the market in the years to ahead.
Additionally, a growing emphasis on individualised preventative treatment and health management, as well as the prevalence of chronic diseases and widespread usage of modern healthcare services, are all contributing factors to the rise of DBaaS applications in the healthcare industry. Due to the coronavirus illness (COVID-19) outbreak and the lockdowns implemented by various governments, businesses are also employing remote working arrangements and cloud computing services in order to guarantee business continuity. This is what is driving the demand for DBaaS solutions to enable remote document interchange globally.
CenturyLink, Amazon Web Services, Google (Alphabet Inc.), Oracle, IBM, Microsoft Corporation, Rackspace Technology Inc., and SAP SE are just a few of the major businesses whose competitive landscape has been examined in the paper.
Latest Innovations in the Global Database as a Service (DBaaS) Platform Market: A Snapshot
- . For instance, Microsoft announced the private preview of SQL Server 2022, their flagship database solution, in November 2021. Customers will benefit from these potent new capabilities before the on-premise product's general availability (GA). Additionally, it gives Microsoft the benefit of closely observing user behaviour and performance.
- The availability of NoSQL databases and the ability for businesses to load their data using vScyllaDB Cloud on Google Cloud were both announced by ScyllaDB in August 2021. It reduces data infrastructure expenses, produces high performance with low latency, and eases administrative burden.
In order to assist diverse enterprises, Hitachi Vantara and Informatica entered into a strategic agreement in March 2020 to enable the integration of databases with cutting-edge NoSQL data platforms like MongoDB. MongoDB and Hitachi Vantara are collaborating to make a modernization solution available, which will make it easier for users to transfer data from legacy data platforms like Oracle to MongoDB.
Database as a Service (DBaaS) Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 335.95 billion.|
|Growth Rate||CAGR of 12.50 % during 2021-2029|
|Segment Covered||Type, Component, Application, Deployment, Organization, Industry Vertical, Distribution Model, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||CenturyLink, Amazon Web Services, Google (Alphabet Inc.), Oracle, IBM, Microsoft Corporation, Rackspace Technology Inc.|
Key Segments of the Global Database as a Service (DBaaS) Platform Market
Type Overview, 2019-2029 (USD Billion)
Component Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
- Public Cloud Service
- Private Service
Deployment Overview, 2019-2029 (USD Billion)
- Cloud Based
Organization Size Overview, 2019-2029 (USD Billion)
- Small And Medium Enterprises
- Large Enterprises
Industry Vertical Overview, 2019-2029 (USD Billion)
- Telecommunication & IT
- Retail & E-commerce
- Healthcare & Life Sciences
- Energy & Utilities
- Media & Entertainment
- Professional Services
- Academic, Defense
- Travel & Hospitality
Distribution Model Overview, 2019-2029 (USD Billion)
- Hybrid Cloud
- Public Cloud
- Private Cloud
Regional Overview, 2019-2029 (USD Billion)
- The U.S
- The UK
- Rest of Europe
The Asia Pacific
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa