Press Release: April 21, 2020
Cloud database is a database service that is built and accessed through the cloud platform. It performs multiple functions similar to the traditional database with the flexibility of cloud computing. A DBaaS is a database cloud service that undertakes the management of underlying infrastructure and resources cloud database and allows companies to take advantages of cloud services. Running a cloud-based database enables businesses to scale up or down the peak workload periods. It also provides database replication across multiple geographical locations, along with backup and recovery options, which reduces security concerns.
Growing demand to process low-latency queries, rising need for self-driving cloud database, and increasing use of cloud service for critical data storage are the key factors driving the growth of the Global Cloud Database and DBaaS market. However, multiple other factors, such as seamless integration, cost-efficiency, availability, flexibility, and shift from the traditional database to cloud database, are also propelling the growth of the market. Businesses, including BFSI, healthcare, retail, and others, are located in multiple locations and are mainly dependent on websites. Therefore, such businesses are adopting cloud storage to enhance productivity and decrease the cost of operations. It has been observed that DBaaS platform allows the businesses to reduce more than 30% of the cost of a similarly configured on-premises database platform, and also eliminates the cost of labor required to maintain the onsite database.
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On the basis of vertical, the market is segmented into BFSI, IT & telecom, government, retail & consumer goods, manufacturing, energy & utility, healthcare, and others. Among these, retail & consumer goods segment is anticipated to lead the market during the forecast period due to the rapid adoption of technology to enhance the level of competitiveness and support business continuity. Presently, with the help of the cloud database and DBaaS, most of the retail & consumer goods enterprises are merging their legacy product information management system with an inventory management system. The technology also helps retail & e-commerce companies to enhance process efficiency, thereby improving customer engagement while reducing operational costs.
The Cloud Database and DBaaS market has been segmented based on Database Type, Component, Deployment Model, Organization Size, and Vertical. Based on the Database Type, the market is segmented into SQL, and NoSQL. Based on the Component, the market is segmented into Solution and Service. Based on Deployment Model, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Based on the Organization Size, the market is segmented into Large Enterprises, and SMEs. Based on Vertical market is segmented into BFSI, IT & Telecom, Government, Retail & Consumer Goods, Manufacturing, Energy & Utility, Healthcare, and Others.
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