What Factors Propelled The Growth Of The Cloud Based Data Management Services Market In The Past?
The cloud based data management services market has seen considerable growth due to a variety of factors.
•The market size for cloud-based data management services has witnessed a significant expansion in the recent past. The market, which is anticipated to fare at $53.1 billion in 2024, is projected to expand to $69.1 billion by 2025, registering a compound annual growth rate (CAGR) of 30.1%.
Various factors such as an increase in data generation and growth, affordability and scalability, the global reach of businesses, increased trend of working remotely, and an emphasis on data security and compliance are credited for the growth in the historic period.
What Is The Projected Growth And Market Size For The Cloud Based Data Management Services Sector?
The cloud based data management services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for cloud-based data management services is projected to experience significant growth in the upcoming years, expanding to a staggering "$218.28 billion in 2029 at a impressive compound annual growth rate (CAGR) of 33.3%.
The upswing during the prediction timeframe can be credited to several factors such as the adoption of hybrid and multi-cloud, integration of edge computing, emphasis on data governance and quality, an accelerating demand for real-time analytics, and a swift surge in IoT data. Stand-out trends during the predicted duration are centered around digital transformation strategies, technological innovations in cloud services, the implementation of edge computing, a heightened concern for data security and privacy, and solutions for multi-cloud management.
What Are The Core Factors Supporting Growth In The Cloud Based Data Management Services Market?
The elevation in the application of 5G technology is projected to advance the growth of the market for cloud-based data management services. 5G signifies the latest generation of mobile communication networks that have evolved from previous versions like 4G (LTE) and 3G. 5G technology supports quicker, constant application delivery, thus, pushing businesses in the direction of services necessitating quicker data transmission abilities. As reported by 5G Americas, a US-based trade group representing major telecommunications firms and services, in April 2023, global 5G wireless network connections observed a 76% upswing from 2021 end to 2022 end, hitting the 1.05 billion mark. Consequently, the escalating application of 5G technology is fuelling the market for cloud-based data management services.
What Are The Major Segments Within The Global Cloud Based Data Management Services Market?
The cloud based data management services market covered in this report is segmented –
1) By Service Type: Integration Services, Data Security and Back-up Services Quality-as-a-Service
2) By Service Model: Software-As-A-Service, Platform-As-A-Service, Infrastructure-As-A-Service
3) By Deployment model: Public Cloud, Private Cloud, Other deployment modes
4) By End-User: Banking, Financial Services and Insurance (BFSI), Manufacturing, Healthcare, Information Technology (IT) And Telecommunication, Retail, Other End-User
Subsegments:
1) By Integration Services: Data Migration, API Management, Cloud Integration Platforms, Application Integration, Middleware Solutions
2) By Data Security And Back-Up Services: Data Encryption, Backup And Recovery Solutions, Disaster Recovery As A Service (DRaaS), Access Control Management, Threat Detection And Response
3) By Quality-As-A-Service: Data Quality Assessment, Data Cleansing, Data Profiling, Data Enrichment, Continuous Data Quality Monitoring
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Which Trends Are Expected To Transform The Cloud Based Data Management Services Market?
Leading corporations in the cloud-based data management sector are entering strategic alliances to swiftly expand their databases commensurate with growing AI workloads. This is to ensure their ability to process vast amounts of data that AI applications produce. Collaborations are critical in providing comprehensive end-to-end data management solutions for corporate clients. For example, in November 2023, US-based tech giant IBM joined forces with Amazon Web Services, another US-based cloud computing firm, for Db2, a fully managed cloud service specially designed to simplify the way database customers manage data for artificial intelligence (AI) workloads in hybrid cloud settings. Amazon's RDS for Db2 is developed to effortlessly integrate with other AWS AI services, allowing customers to gain AI-powered insights and analytics from their database.
Who Are the Key Players in the Cloud Based Data Management Services Market?
Major companies operating in the cloud based data management services market include:
• 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
• Accenture plc
• TIBCO Software Inc.
• Cloudera Inc.
• Experian plc
• Alibaba Group
• Neo4j Inc.
• OrientDB Inc.
• ArangoDB GmbH
• Cockroach Labs
• ScaleBase Inc.
• Clustrix
What Is The Most Dominant Region In The Cloud Based Data Management Services Market?
North America was the largest region in the cloud-based data management services market in 2024. The regions covered in the cloud based data management services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
