Cloud Relational Database Market Forecast to Reach $18.8 Billion by 2026
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Cloud Relational Database Market Segment Analysis - By Organization Size
Large enterprises held the largest share in the Cloud Relational Database Market in 2020 and is projected to grow at a CAGR of 40.1% through 2026. Large enterprises are majorly opting for private cloud databases based on SQL thereby ensuring security along with additional benefits including reduced infrastructure configuration, management overheads and so on. Enterprises can use the cloud virtualization solutions, tools and databases to develop their cloud based applications and solutions. Forbes stated that in 2019 alone, 30% of all the IT budgets were allocated to cloud computing thereby contributing to the market share. However small and medium scale enterprises are analyzed to have highest growth rate during the forecast period 2021-2026.
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Cloud Relational Database Market Segment Analysis - By Application
IT and Telecom held the major market share Cloud Relational Database Market in 2020 and is also analyzed to grow at highest CAGR of 46.70% during the forecast period 2021-2026. Cloud computing is majorly deployed in IT industry majorly owing to the advantages such as high scalability, low cost and accessed through cloud platform. Moreover the increasing demand for IoT and adoption for database as a server is contributing to the overall IT industry. Adding up to these factors, deployment of cloud digital database reduces the IT complexities and operational costs. It helps in creating Virtual machine images as well. Further the employment of big data management in BFSI applications is also analyzed to boost the market for SQL Cloud relational databases during the forecast period 2021-2026.
Cloud Relational Database Market Segment Analysis - By Geography
In 2020, North America dominated the Cloud Relational Database Market with a market share of 41.5%, followed by APAC and Europe. The major factor contributing to the major market share is the presence of large cloud database vendors including Amazon, Google, Oracle and so on, as they provide enhanced advanced technical architecture and cloud database security to the customers in this region thereby boosting the market during the forecast period 2021-2026. APAC is also analysed to grow at a highest rate during forecast period owing to the increasing adoption of IoT and the major shift of the various enterprises towards cloud computing. Moreover, the significant rise in the investments towards the shift of enterprises and the use of IoT in various applications including smart homes, roads and so on are boosting the Cloud Relational Database Market.
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Cloud Relational Database Market Drivers
Growing demand for Database as a service(DBaaS)
Cloud Database eliminates physical infrastructure, provides faster time to application development at lower cost. Moreover, DBaaS solutions provide benefits including instantaneous scalability, performance guarantees, failover support, declining pricing and specialized expertise. With the rise in cloud computing the demand for server and DBaas has significantly increased, primarily DBaaS provision benefits including lower database licensing and infrastructure costs and so on are impacting in the rise of the demand for DBaas market thereby elevating the growth of the Cloud Relational Database Market.
Rising Data Storage Requirements
Storage capacity automatically scale up if the user is near to its limit. This helps the user by saving the time that might be wasted for future data storage estimation or spending money on capacity until needed. Supporting transactions, maintaining strong consistency and high availability across regions and continents a scalable relational database service called Cloud Spanner was built. The cloud spanner provides customer with strong listing consistency that reduces the probability of missing files in the midst of huge pile of data. Moreover, storing all data in the cloud ensures affordability and the data can be easily accessed from anywhere around the world thereby boosting the market growth. The rise of cloud computing has driven the adoption of SQL based cloud relational databases which will propel the market.
Cloud Relational Database Market Challenges
Security concern is the major factor impacting the Cloud Relational Database Market. The customers are unaware of the exact data storage location. Some face certain issues including data breaches, compromised credentials, hacked interfaces and so on. Hence the storage of sensitive data in the databases may sometimes lead to loss of the businesses. Therefore the above factors hamper the growth of the Cloud Relational Database Market.
Cloud Relational Database Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cloud Relational Database Market. In 2020, the market of Cloud Database has been consolidated by the top ten players including Google Inc., Amazon, Oracle corp., Microsoft corp., IBM Corp., Rackspace Inc., Salesforce Inc., SAP SE., Centurylink cloud among others.
In March 2020, MongoDB entered into a partnership with Informatica and Hitachi Vantara Pentaho to make developments in applications running on relational cloud database system for modernization of the business and organizations.
In June 2019, Microsoft and Oracle entered into a partnership for inter cloud operation. This provides the customers with excellent service through fast and highly reliable connectivity of network between Microsoft azure cloud and Oracle cloud.
North America dominates the Cloud Relational Database Market owing to high adoption of cloud computing and storage by the large enterprises and SMEs in the region.
The growing demand from large scale enterprises for digital database management and storage is likely to aid in the market growth of Cloud Relational Database Market during the forecast period 2020-2025.
The increased number of investments in the IoT applications and its impact on the IT and telecom industry is analyzed to impose a significant rise in the demand for data management services thereby creating significant number of opportunities in Cloud Relational Database Market during 2021-2026.
Related Reports :
A. Cloud Non-Relational Database
B. Cloud Database Security
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