Database management systems help organizations store, organize, and retrieve large volumes of data for various analytical purposes. The systems offer enhanced security, scalability, and data availability to businesses. The rising popularity of cloud computing has driven numerous companies across industries to adopt cloud-based database management solutions.
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 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud adoption has picked up significantly over the past few years as more businesses recognize the advantages of flexibility, scalability, and cost savings offered by cloud-based services. Database management solutions hosted on the cloud allow organizations to access and manage their databases from anywhere securely. The database market is increasingly shifting to the cloud as major vendors focus on developing cloud-native database technologies. For example, Amazon Web Services, Microsoft Azure, and Google Cloud offer fully managed cloud database services. As cloud adoption continues to rise driven by the requirements of digital transformation and remote working trends, demand for cloud-based database management systems is expected to grow notably over the forecast period. However, data security and privacy concerns remain key challenges for the adoption of cloud databases.
Segment Analysis
The global database management system market is dominated by the relational database management system segment. This segment held around 65% share of the overall market in 2023. Relational databases provide efficient data storage and retrieval capabilities along with data consistency and integrity. They allow users to define relationships between various pieces of data and store it in a structured tabular format. Additionally, relational databases support operations like joins, which enable retrieving information from multiple data tables simultaneously, as per user-defined relationships. These capabilities make relational databases highly effective for transaction-based systems handling large amounts of structured data.
Key Takeaways
The Global Database Management System Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Supported by widespread adoption of cloud-based solutions, increasing digitalization, and proliferation of big data, the market size is projected to reach US$ 56.16 Billion by 2024.
Regional analysis: North America currently dominates the market with around 35% share. Early adoption of advanced technologies, strong cloud infrastructure, and presence of leading market players in the region drive the market growth. The Asia Pacific region is expected to showcase the fastest growth over the coming years. Countries like China, Japan, and India are witnessing increased digital transformation across industries, which is propelling the demand for advanced database management systems in the region.
Key players operating in the database management system market are Novo Nordisk, Sanofi, Eli Lilly, Biocon, Gan & Lee Pharmaceuticals, Tonghua Dongbao Pharmaceutical, United Laboratories, Merck, Wockhardt, Julphar Diabetes, Medtronic, Beta Bionics, Zealand Pharma, MannKind, Peptron, Dexcom, Senseonics, Medtrum Technologies, SOOIL Development, Semma Therapeutics. Novo Nordisk and Sanofi hold major shares of the market owing to their diversified product portfolios and strong global presence. Other players are focusing on new product launches and geographic expansion to increase their revenue shares.
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