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Cloud Based Data Management Services Market Trends, Top Companies, Share, Growth And Forecast 2033
Cloud Based Data Management Services Market Trends
According to The Business Research Company's, The cloud based data management services market size has grown exponentially in recent years. It will grow from $41.19 billion in 2023 to $54.11 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The growth in the historic period can be attributed to data explosion and growth, cost efficiency and scalability, globalization of businesses, rise in remote work, focus on data security and compliance.
The cloud based data management services market size is expected to see exponential growth in the next few years. It will grow to $161.63 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The growth in the forecast period can be attributed to hybrid and multi-cloud adoption, edge computing integration, focus on data governance and quality, increased demand for real-time analytics, rapid growth in iot data. Major trends in the forecast period include digital transformation initiatives, technological advancements in cloud services, edge computing integration, data security and privacy focus, multi-cloud management solutions.
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Market Drivers and Trends:
The increasing deployment of 5G technology is expected to propel the growth of the cloud-based data management services market going forward. 5G refers to the most recent generation of mobile communication networks, which succeeded earlier versions such as 4G (LTE) and 3G. 5G technology can facilitate faster, continuous application delivery, which steers businesses towards services that require faster data transfer capabilities. For instance, in April 2023, according to 5G Americas, a US-based trade group that represents major telecommunications companies and services, global 5G wireless network connections increased by 76% from the end of 2021 to the end of 2022, reaching 1.05 billion. Therefore, the increasing deployment of 5G technology is driving the cloud-based data management services market.
Major companies operating in the cloud-based data management services are developing strategic partnerships to quickly scale their databases as their AI workloads grow, ensuring that they can handle large volumes of data generated by AI applications. Partnerships play a crucial role in the delivery of comprehensive end-to-end data management solutions for enterprise customers. For instance, in November 2023, IBM, a US-based technology corporation partnered with Amazon Web Services, a US-based cloud computing company for Db2, a fully managed cloud offering designed to make it easier for database customers to manage data for artificial intelligence (AI) workloads across hybrid cloud environments. Amazon RDS for Db2 is designed to work seamlessly with other AWS AI services, enabling customers to leverage AI-driven insights and analytics in their database.
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Major Key Players of the Market:
Actian Corporation; Cisco Systems Inc.; Dell Technologies Inc.; EMC Corporation; Fujitsu Ltd.; Hewlett Packard Enterprise Development LP; Hitachi Data Systems Corporation; International Business Machines Corporation (IBM); Informatica LLC; NetApp Inc.; SAS Institute Inc.; Hewlett Packard Enterprise Company L.P.; Oracle Corporation; SAP SE; Amazon Web Services Inc.; Microsoft Corporation; Google LLC; Snowflake Inc.; Teradata Corporation; TIBCO Software Inc.; Cloudera Inc.; Experian plc; Alibaba Group; Neo4j Inc.; OrientDB Inc.; ArangoDB GmbH; Cockroach Labs; ScaleBase Inc.; Clustrix
Cloud Based Data Management Services Market 2024 Key Insights:
• The cloud based data management services market will grow to $161.63 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%.
• 5G Technology's Influence On The Accelerating Growth Of Cloud-Based Data Management Services Market
• Strategic Partnerships For Enhanced AI Database Management With Db2
• North America was the largest region in the cloud-based data management services market in 2023
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