MarketsandMarkets forecasts the global Cloud Database and DBaaS Market size is expected to grow from USD 21.3 billion in 2023 to USD 57.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period. The proliferation of cloud-based database solutions and services and the rise in partnerships and acquisitions in the database management space and companies are expected to drive the growth of the cloud database and DBaaS market.
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SQL segment to hold the largest market size during the forecast period
In a short period of time, SQL can process a lot of data. Due to their efficiency, fundamental operations—such as deletion, insertion, and any type of data manipulation—occur at breakneck speed. SQL is free software that is backed by a large user base. No matter where they are in the world, users can find documentation and troubleshooting advice. Numerous business sectors, including those in technology, finance, retail, music, and even medicine, make extensive use of SQL. It is very user-friendly, scalable, and accessible. The NoSQL segment is expected to grow at a higher CAGR during the forecast period compared to the SQL segment. Data analytics is increasingly in demand as more and more processes generate data, which reveals important business insights that fuel the market’s expansion. Appropriate database technology is required to analyze the data. NoSQL accomplishes this goal in the case of unstructured data by supporting basic data analytics. Data analytics will become more important, particularly for unstructured data. In addition, over the past few years, the big data market has grown quickly. Users can perform intricate tasks using SQL, such as querying, inserting, updating, and deleting data from a database. Even non-technical users can interact with databases and retrieve data using its straightforward syntax without having to write a lot of code. Additionally, SQL offers a standardized method of interacting with databases, guaranteeing that data is uniform and consistent across various systems. It is widely used in many different applications, including web development, data analytics, business intelligence, and more, making it a must-have skill for data professionals and developers. Because of its many benefits, SQL is well-liked and in high demand. It is a trustworthy and effective language for interacting with databases. For SQL, no coding knowledge is necessary. Large numbers of lines of code are not necessary for data retrieval. The use of all fundamental keywords like SELECT, INSERT INTO, UPDATE, and others, as well as the simplicity of the syntactical rules, make SQL a user-friendly language.
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Retail & Consumer Goods vertical to record the highest CAGR during the forecast period.
Beyond conventional ERP, CRM, and supply chain management, retail is growing. Online retail is now more crucial than ever because of how fiercely businesses are competing with one another. Every business must manage multiple stores and supply chains while offering a distinctive customer experience if they want to survive in this fiercely competitive sector. The best option to streamline all of these processes is to integrate cloud computing into retail. Adoption of the cloud lowers IT costs, streamlines processes, and enhances productivity and user experience. Many stores continue to run in a disconnected, siloed, and offline fashion without updating. Quick and real-time data exchange between the systems, such as inventory, orders, and shipping, is prohibited by this type of operational ecosystem. They could establish an operations team with real-time data by moving to the cloud. An omnidirectional data flow of this kind can assist retailers in timely fulfillment, restocking products before they run out, assigning orders to the last-mile delivery team wisely, and ultimately enhancing the customer experience. Every customer who comes to the online retail store will interact digitally. These interactions produce a tonne of useful data. Important data like inventory, customer information, and more are available on the website. Business information should unquestionably be protected as it is confidential. Loss of personal data resulting from network intrusion, DDoS attacks, and ransomware is one of the major reasons for business failure. One of the key issues that need to be addressed is data security. Most retailers keep track of their sales data, client reviews, inventory reports, and other locally hosted servers that are a little bit risky. Using internal firewalls, advanced firewalls, encryption, event logging, and physical security, the cloud helps secure the data. Customers and sales information gathered by retailers is typically underutilized. High-performance computing resources and statistical models are made available by cloud services to analyze customer purchasing patterns. Understanding consumer behavior, market trends, and brand interactions will help retailers use this data to better tailor their business models. With data, retailers can learn all about seasonal spikes, product bundling, and whether or not their representation of the products is accurate, and they can analyze the most popular shipping options, such as door delivery, online shopping, curbside pickup, in-store pickup, etc. Every retailer can change their business model in this way to increase their revenue.
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The market players have adopted various growth strategies, such as partnerships, agreements, acquisitions, collaborations, and new product enhancements, to expand their presence in the Cloud Database and DBaaS market. New product launches, collaborations, and product enhancements have been the most adopted strategies by major players in the past few years, which helped companies to innovate their offerings and broaden their customer base.
Google is a global technology leader that generates revenue by monetizing the information accrued over the internet and advertising. Google’s core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. Google has its presence worldwide, with the US as its major contributor. The company is focused on developing high-tech products and services with a large investment in R&D, with advertising as its prime business segment. Google’s Cloud Platform (GCP) provides essential building blocks to develop applications easily and quickly. Google Cloud databases enable users to securely migrate, manage, and modernize data with reliable and highly available databases. The company offers products in the cloud database and DBaaS market, such as Cloud SQL, Cloud Spanner, Cloud Bigtable, Cloud Firestore, Firebase Realtime Database, Cloud Memorystore, and BigQuery. These products are best suited for relational and non-relational/NoSQL database types. The aforementioned products are used by various customers, such as Descartes Labs, Signify, Khan Academy, BANDAI NAMCO Entertainment, The New York Times, eBay, Spotify, and Autotrader. Cloud Spanner is a scalable and fully managed relational database service that supports multi-languages, strong transactional consistency, enterprise-grade security, and high availability. It is used by various verticals, such as BFSI, manufacturing, IT, telecom, transport and logistics, gaming, and eCommerce. Cloud Bigtable is a fully managed NoSQL database service used where scalability and reliability are critical and large analytical and operational workloads are required. Cloud Firestore is a serverless, fully managed, fast, and cloud-native NoSQL document database. It syncs data across devices. Moreover, it has built-in security access controls for data. BigQuery is a cost-effective, serverless, and highly scalable data warehouse. It enables customers to quickly make informed decisions. It offers flexible pricing models and provides robust security and governance controls. Furthermore, it is expected that the company will continue to expand its product offerings with the help of technological developments and collaboration.
Alibaba Group operates as an online and mobile commerce company. Alibaba Cloud is a cloud computing arm and a BU of the Alibaba Group. Alibaba Cloud was founded in 2009 and is headquartered in Hangzhou, China. It is a publicly held company and operates as a subsidiary of Alibaba Group. It offers cloud computing services, such as database, elastic computing, storage and Content Delivery Networks (CDN), large-scale computing, security, and management and application services. Alibaba Cloud provides a comprehensive suite of cloud computing services to power international customers’ online businesses and Alibaba Group’s eCommerce ecosystem. Alibaba Cloud’s international operations are registered and headquartered in Singapore. Its international teams are stationed in Hong Kong, Dubai, Frankfurt, London, New York, Paris, San Mateo, Seoul, Singapore, Sydney, and Tokyo. As of 2019, Alibaba Cloud had 55 availability zones across 19 regions worldwide. In the cloud database and DBaaS market, the company offers POLARDB, Tablestore, and Time Series Database.
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