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 refers to software that allows creation, maintenance and access of database for varied data storage and processing needs. It helps manage user access and security and provides remote access features. Database systems assist organizations in data management and help generate insights for improved decision making.
Market key trends:
One of the major trends driving the growth of database management system market is growing adoption of database analytics. Database analytics involves collecting, organizing and analyzing data stored in databases to gain insights. It helps organizations gain deeper understanding of customer behavior and improve business processes. Rapid digital transformation across industries has increased the volume of data being generated every day, driving demand for advanced database analytics capabilities to uncover patterns and correlations in large datasets. Growing dependency on data-driven decision making is a key factor propelling adoption of database analytics solutions globally.
Segment Analysis
The Global Database Management System Market is segmented by deployment into on-premise and cloud. The cloud segment dominates the market and is expected to grow at a higher CAGR during the forecast period. This is mainly due to the increasing adoption of cloud-based database solutions among SMEs and large enterprises to reduce IT infrastructure costs. The on-premise segment is also expected to grow at a significant rate during the forecast period.
Key Takeaways
The global database management system market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to the increasing adoption of advanced database technologies to securely manage large volumes of structured and unstructured data.
The North America region dominated the global market in 2023, accounting for around 35% of the total market share. This is attributed to the presence of major DBMS vendors and rapid technological advancements in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to rapid digitalization and increasing investments by companies in digital technologies in developing countries of the region.
Key players operating in the database management system market include MarkLogic, Cloudera, IBM Corporation, MariaDB Corporation, Embarcadero Technologies, Amazon Web Services, Hewlett-Packard, SAP AG, Teradata, Microsoft Corporation, Oracle Corporation, and InterSystems. Major players are focusing on new product launches and strategic collaborations to strengthen their foothold in the global market. For instance, in 2021, Teradata launched an AI-driven analytics platform called Vantage to help organizations gain insights from all their data.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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