The global Database Management System Market is estimated to be valued at US$ 56.16 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A database management system is a software tool that operates such as a database administrator and allows users to define, create, maintain and control access to the database. It allows storage, organization and management of large volumes of data in the type of tabular data and relationships.
Market key trends:
One of the key trends in the database management system market is the transition from legacy relational databases to cloud-based NoSQL databases. NoSQL databases differ from traditional relational databases in that they operate on dynamic schemas with flexible queries instead of rigid tables and rows. NoSQL databases provide better scalability, flexibility and performance for web, mobile, and IoT applications. The scalable architecture and cost effectiveness of NoSQL databases have made them very popular for cloud based applications and services. This shift from relational to NoSQL databases is expected to drive significant growth in the database management system market during the forecast period.
Market key trends:
The Global Database Management System Market is witnessing high growth due to the increasing adoption of cloud databases across various industry verticals. Organizations are rapidly shifting from on-premises to cloud-based database services to gain scalability, agility and optimize costs. The growing need to store and manage huge volumes of structured and unstructured data is also propelling the demand for advanced database management systems in the market.
SWOT Analysis
Strength: Flexible, scalable and cost-effective solutions. Wide range of advanced features to efficiently manage large databases.
Weakness: Initial set up and deployment costs. Complexities in migrating to new database versions.
Opportunity: Growing demand from SMBs and shift towards cloud-based databases. Increasing investments in big data, analytics and AI.
Threats: Open-source alternatives threaten commercial vendors. Security and privacy challenges with cloud databases.
Key Takeaways
The global Database Management System market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing adoption of cloud-based and advanced database solutions across industry verticals.
The market size for 2023 is estimated to reach US$ 56.16 Bn. North America dominated the market in 2023 with over 35% revenue share owing to extensive database requirements of well-established industries in the US and Canada.
Key players operating in the database management system market include MarkLogic, Cloudera, IBM Corporation, MariaDB Corporation, Embarcadero Technologies, Amazon WebServices, Hewlett-Packard, SAP AG, Teradata, Microsoft Corporation, Oracle Corporation and InterSystems.
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