by The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A database management system (DBMS) is software that provides users and administrators with the ability to create, update, and administer a database. DBMS allow structured and unstructured data to be stored, organized, related, and retrieved easily from the databases. The major products are relational database management system (RDBMS), non-relational database or NoSQL database, document-oriented databases, column-oriented databases, graph databases, and object databases. They are widely used across industries such as banking, retail, healthcare, transportation, government, education and more.
Market Dynamics:
The database management system market is driven by rising adoption of automated and advanced analytics across industries. Automated database management systems offer data processing capabilities like machine learning and artificial intelligence for predictive analysis. They help identify insights and patterns within huge volumes of data collected every second and aid decision making. Additionally, preference for cloud-based database management systems over on-premise solutions is also fueling the market growth. Cloud DBMS offers flexible scalability, requires minimal operational cost and delivers automated updates and security. However, increasing security and privacy concerns regarding cloud-based solutions are challenging the market growth.
SWOT Analysis
Strength: Global Database Management System Market allow for efficient data storage and retrieval. They facilitate the organization of large volumes of data in a simple manner. Their user-friendly interfaces allow for convenient management of databases. Growing adoption of cloud-based database management reduces upfront infrastructure costs for organizations.
Weakness:On-premise database solutions require high upfront investments and continuous maintenance costs. Traditional database systems lack flexibility to support real-time analytics on fast growing volumes of data.
Opportunity: The growth of digital technologies is fueling the demand for advanced database management capabilities. There is opportunity to integrate database systems with AI and analytics tools to deliver enriched insights.
Threats: Open-source and free database platforms pose pricing challenges for commercial vendors. Shift to cloud-hosted databases increases dependency on network connectivity and service availability.
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 demand for advanced data analytics capabilities. Rapid digital transformation across industries is fueling the need to extract actionable insights from vast pools of structured and unstructured data.
Regional analysis
North America dominates the global database management system market holding around 40% share, followed by Europe and Asia Pacific. Presence of leading database vendors and massive investments in big data analytics by organizations is driving the North America market. The Asia Pacific region is expected to witness fastest growth owing to growing digitization, increasing internet penetration and rising technology adoption in countries like China and India.
Key players
Key players operating in the database management system market are MarkLogic, Cloudera, IBM Corporation, MariaDB Corporation, Embarcadero Technologies, Amazon WebServices, Hewlett-Packard, SAP AG, Teradata, Microsoft Corporation, Oracle Corporation, InterSystems. Major players are focusing on partnerships and acquisitions to expand their product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
