Cloud-Based Database Market To Reach $123.4 Billion, Globally, By 2032 At 20.6% CAGR: Allied Market Research

NEW CASTLE, Delaware, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, "Cloud-based Database Market by Type (Relational Database and Non-Relational Database), Deployment (Public, Private and Hybrid), and Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise): Global Opportunity Analysis and industry Forecast, 2024-2032". According to the report, the cloud-based database market was valued at $22.3 billion in 2023, and is estimated to reach $123.4 billion by 2032, growing at a CAGR of 20.6% from 2024 to 2032.

Prime Determinants of Growth

Rise in need of flexibility and scalability and increase in demand of remote accessibility are the factors expected to propel the growth of the global cloud-based database market. However, increase in data security concerns is anticipated to hamper the growth of the global market.

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The hybrid segment accounted for the largest share in 2023

By deployment mode, the hybrid segment accounted for the largest share in 2023, contributing for more than three-fifths of the cloud-based database market revenue. Hybrid mode offers a combination of both public and private cloud deployment options. This flexibility allows businesses to customize their database solutions to meet specific needs, balancing the benefits of public cloud scalability with the security and control of private cloud environments, which is further expected to propel the overall market growth. However, the private segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the increase in focus on data privacy and security. Businesses are increasingly opting for private cloud deployments to ensure that their sensitive data is protected and compliant with regulations. Thereby, driving the growth of this segment in the global cloud-based database market.

The relational database segment accounted for the largest share in 2023

By type, the relational database segment accounted for the largest share in 2023, as it has been a traditional and widely used database model for organizing and storing data in a structured manner. Relational databases are known for their ability to establish relationships between different data tables, ensuring data integrity and consistency, which is further expected to propel the overall market growth. However, the document management segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, due to the increase in need for handling unstructured and complex data types such as documents, graphs, and key-value pairs. Non-relational databases offer more flexibility and scalability for managing diverse data formats, making them ideal for modern applications that require handling large volumes of varied data efficiently. This, in turn, drives the growth of the segment in the global cloud-based database market.

The large enterprise segment accounted for the largest share in 2023

By enterprise size, the large enterprise platform segment accounted for the largest share in 2023, owing to their substantial resources and capacity to invest in advanced technology solutions. Large enterprises typically have complex data management needs and require scalable, secure, and reliable database solutions to support their operations. They often opt for cloud-based databases to streamline their data storage and management processes, enhance collaboration among departments, and improve overall efficiency, which is further expected to propel the overall market growth. However, the small and medium-sized enterprise segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as small and medium businesses increasingly recognize the benefits of cloud-based databases in terms of cost-effectiveness, flexibility, and accessibility. Small enterprises may have limited IT resources and budgets, making cloud-based databases an attractive option for them to access advanced database capabilities without the need for significant upfront investments in infrastructure. Small enterprises are expected to adopt cloud-based databases at a rapid pace to drive innovation as cloud technology becomes more accessible and affordable. This, in turn, drives the growth of the segment in the global cloud-based database market.

North America held the highest market share in terms of revenue in 2023

By region, North America held the highest market share in terms of revenue in 2023, owing to the region's early adoption of cloud technologies, strong IT infrastructure, and a large number of established enterprises that have embraced cloud-based solutions for their data management needs. North America has been at the forefront of technological innovation, with many companies in the region leveraging cloud-based databases to improve efficiency, scalability, and data security. This is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR from 2024 to 2032, owing to rapid digital transformation, increasing internet penetration, and a growing number of businesses transitioning to cloud-based services. The Asia-Pacific region's expanding economy, diverse industries, and increasing demand for data-driven insights are driving the adoption of cloud-based databases among businesses of all sizes. This is further expected to contribute to the growth of the market in this region.

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Leading Market Players:

• Amazon Web Services

• Google

• IBM

• Microsoft

• Oracle

• Salesforce

• SAP

• Teradata

• Alibaba

• Tencent

The report provides a detailed analysis of these key players in the cloud-based database market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development:

• In April 2023, Accenture and Google Cloud announced expanding their global partnership to assist businesses in better protecting critical assets and strengthening security against persistent cyber threats. Jointly, they are providing the technology and security expertise to the organization's trusted infrastructure required to build robust security programs and maintain confidence in their readiness.

• In March 2023, Mastercard acquired cloud-based cybersecurity company Baffin Bay Networks to assist businesses in dealing with the increasingly challenging nature of cyberattacks. Baffin Bay Networks, based in Sweden, adds to Mastercard's multi-layered approach to cybersecurity and assists in stopping attacks while mitigating exposure to risk across the ecosystem. The acquisition further strengthens Mastercard's broader service offerings and value beyond the payment transaction.

• On April 2023, IBM launched a security suite focused on unifying and accelerating the security analyst experience throughout the incident lifecycle. The IBM Security QRadar Suite represents a sustainable development and extension of the QRadar brand, encompassing all key threat detection, investigation, and response capabilities, with considerable investment in portfolio innovation. The IBM QRadar Suite operates on an open basis and has been designed specifically for hybrid cloud workloads.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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