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Cloud Database & DBaaS Market Growth Analysis 2024
Cloud Database & DBaaS Market Growth
According to The Business Research Company's, The cloud database and DBaaS market size has grown exponentially in recent years. It will grow from $19.86 billion in 2023 to $24.03 billion in 2024 at a compound annual growth rate (CAGR) of 21%. The growth in the historic period can be attributed to data breaches, regulatory compliance, increased cloud adoption, security incidents, and digital transformation initiatives.
The cloud database and DBaaS market size is expected to see exponential growth in the next few years. It will grow to $52.13 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to IoT expansion, edge computing, AI and machine learning adoption, hybrid and multi-cloud environments, and remote workforce trends. Major trends in the forecast period include increased emphasis on zero trust architecture, rise of cloud-native security solutions, integration of security orchestration and automation, enhanced threat intelligence sharing, heightened regulatory scrutiny.
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Market Drivers and Trends:
The increasing digitalization is expected to propel the growth of the cloud database and DBaaS market going forward. Digitalization refers to the process of leveraging digital technologies to transform business operations, processes, and models. This digital transformation has enabled businesses of all sizes to leverage digital tools to streamline operations, improve decision-making, and create new value propositions. Cloud databases and Database-as-a-Service (DBaaS) offer various database options, including relational and NoSQL databases, allowing businesses to choose the database type that best suits their application requirements. For instance, in May 2023, according to the report published by the European Investment Bank, a Luxembourg-based European Union's long-term finance institution, in 2022, 42% of European firms invested further in digitalization, marking a 9% point increase compared to 2021. Moreover, one in two firms in the United States, or 50%, pursued additional investment in digitalization during the same period. Therefore, increasing digitalization drives the growth of the cloud database and DBaaS market.
Major companies operating in the cloud encryption software market are developing innovative solutions such as file encryption-as-a-service management solutions to offer businesses a convenient and secure way to encrypt their files stored in the cloud. A file encryption-as-a-service management solution is a robust software package that securely empowers users to encrypt their files using a service-oriented approach. For instance, in November 2023, Utimaco, a US-based provider of IT security solutions, launched its new easy-to-use file encryption as-a-service management solution, u.trust LAN Crypt Cloud. It is a user-friendly file encryption management solution to safeguard sensitive data from unauthorized access. With client-side encryption, data security is maintained irrespective of its storage location, whether on-premises or in the cloud. This new offering boasts key features such as seamless encryption, centralized management, and versatile deployment options, ensuring comprehensive protection for vital business information.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Broadcom Inc., SAP SE, Salesforce Inc., Lumen Technologies Inc., Alibaba Cloud, Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Akamai Technologies Inc., Rackspace Technology Inc., Check Point Software Technologies Ltd., Trend Micro Inc., CrowdStrike Holdings Inc., Sangfor Technologies Inc., Cloudflare Inc., Barracuda Networks Inc.
Cloud Database And DBaaS Market 2024 Key Insights:
• The cloud database and DBaaS market size is expected to see exponential growth in the next few years. It will grow to $52.13 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
• Digitalization Fuels Growth In The Cloud Database And DBaaS Market
• Introducing Proactive Self-Healing Architecture In Cloud Database Service Offering
• North America was the largest region in the cloud database and DBaaS market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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