May 23, 2024
Database Management System Market

Database Management System Market is Estimated to Witness High Growth Owing to Advancements in Cloud Computing Technologies

The database management system market offers various solutions for storing, organizing, and retrieving large amounts of data. These systems support end-users across various industries in managing large databases efficiently. With the increasing deployment of cloud computing technologies, database management solutions are also adopting cloud capabilities that provide benefits such as scalability, flexibility, cost-efficiency, and remote access to data. The global adoption of cloud computing is expected to drive the growth of cloud-based database management systems over the forecast period.

The Global database management system market is estimated to be valued at US$ 64.7 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Database Management System Market Size include 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. These players are focusing on developing advanced cloud-based database solutions and services.

The key opportunities in the market include rising demand for database management from various industries like BFSI, healthcare, manufacturing, etc. and growth in Big Data analytics. There is also a growing need for database solutions that can support real-time analytics on massive datasets.

Rapid technological advancements such as in-memory databases, NoSQL databases, cloud databases are expanding the capabilities of database management systems. adoption of cloud, IoT, and artificial intelligence is also driving innovations in database technologies.

Market Drivers

The major market drivers include the growing demand for advanced database technologies from various industries to manage the huge volumes of structured and unstructured data efficiently. Cloud computing adoption is enabling database solutions to be deployed easily over the web, reducing upfront infrastructure costs. Furthermore, the use of database systems for applications such as online transaction processing, data warehousing, and real-time analytics is expected to drive the demand. The rising deployment of advanced technologies like IoT, AI and big data analytics is also generating need for robust database infrastructure to store and process large amounts of data efficiently.

Current Challenges in Database Management System Market

The database management system market is facing numerous challenges which are restraining its growth. Complexity in deployment is a major challenge as database management systems require expertise to deploy and manage. Changing business requirements is also a challenge as databases need continuous modification as per evolving business needs. Lack of expertise is another challenge as trained professionals with skills on various database technologies are scarce. Maintaining database security is also a concern area due to rising cyber threats. Various organizations are facing challenges related to database migration while moving from on-premise to cloud-based databases.

SWOT Analysis

Strength: Scalability and flexibility to handle large volumes of data; Better administration and control over databases.
Weakness: Require heavy upfront investment and expertise; Data migration challenges during upgradation.
Opportunity: Growing demand for analytics; Shift towards cloud-based offerings.
Threats: Open-source and low-cost alternatives; Rising security threats and regulations.

Geographical Regions
North America accounts for the largest share in the database management system market currently, with the US being the major contributor. Asia Pacific is projected to be the fastest growing regional market between 2024-2030 led by countries like China and India. Growing digitalization initiatives and rising adoption of advanced technologies across sectors is driving the demand.

Fastest Growing Geographical Region

Asia Pacific region is forecasted to witness the highest growth in the database management system market during 2024-2030. This is due to the rapid digitalization, expansion of IT infrastructure, growing internet penetration and adoption of cloud services in major countries like China, India, Japan and South Korea. Governments are investing heavily in promoting new technologies which is propelling the demand. Increasing number of tech startups and establishments of global tech giants are further boosting the deployment of database systems in the Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it