Cloud-based Data Management Services Global Market Report 2024

The cloud based data management services market has grown exponentially in recent years. It will grow from $41.19 billion in 2023 to $54.11 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The expansion observed in the historical period can be attributed to factors such as the proliferation and growth of data, the pursuit of cost efficiency and scalability, the globalization of businesses, the increase in remote work arrangements, and a heightened focus on data security and compliance.

The cloud based data management services market is expected to see exponential growth in the next few years. It will grow to $161.63 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The anticipated expansion in the forecast period is linked to factors such as the adoption of hybrid and multi-cloud environments, integration with edge computing, a dedicated focus on data governance and quality, a heightened demand for real-time analytics, and the rapid growth of IoT data. Key trends expected in the forecast period involve digital transformation initiatives, technological advancements in cloud services, seamless integration with edge computing, a strong focus on data security and privacy, and the emergence of multi-cloud management solutions.

The growth of the cloud-based data management services market is anticipated to be fueled by the increasing deployment of 5G technology. 5G, denoting the latest generation of mobile communication networks, has surpassed its predecessors, offering faster and continuous application delivery. This technological advancement encourages businesses to adopt services requiring rapid data transfer capabilities. As reported by 5G Americas in April 2023, global 5G wireless network connections surged by 76% from the end of 2021 to the end of 2022, reaching a total of 1.05 billion. The expanding deployment of 5G is identified as a key driver propelling the cloud-based data management services market.

The future growth of the cloud-based data management services market is expected to be driven by the increasing demand for cloud services in the workplace. Cloud services encompass application and infrastructure resources hosted by third-party providers, accessible to users via the Internet. These services enable businesses to harness computing resources without the need for hardware and software maintenance. The workplace utilization of cloud services for data management, enhanced flexibility, and improved collaboration is on the rise. Eurostat, a Directorate-General of the European Commission, reported that in 2021, 41% of EU businesses utilized the cloud for file storage and e-mail. Moreover, cloud computing usage witnessed growth in the EU in 2021 compared to 2020, particularly in the retail sector. The escalating demand for cloud services in the workplace is identified as a significant factor propelling the cloud-based data management services market.

Major players in the cloud-based data management services sector are strategically forming partnerships to rapidly scale their databases, particularly to accommodate the growing demands of AI workloads. This approach ensures their capability to handle substantial volumes of data generated by AI applications. A notable collaboration occurred in November 2023 when IBM, a prominent US-based technology corporation, joined forces with Amazon Web Services, a leading US-based cloud computing company. This partnership aimed to enhance Db2, a fully managed cloud offering, simplifying database management for AI workloads across hybrid cloud environments. The integration of Amazon RDS for Db2 with other AWS AI services enables customers to leverage AI-driven insights and analytics seamlessly.

Innovation remains a key focus for major cloud-based data management services providers, with a particular emphasis on solutions enhancing visibility and access between organizations. Amazon Web Services showcased this commitment in March 2023 with the launch of Amazon DataZone. Designed as a powerful tool, it facilitates the management, sharing, and analysis of data at scale across various platforms and environments. By integrating with various AWS services, including Amazon Redshift, Amazon Athena, AWS Glue, and AWS Lake Formation, Amazon DataZone streamlines workflow processes for organizations.

In September 2021, Hewlett Packard Enterprise (HPE), a prominent US-based provider of cloud-based data management services, completed the acquisition of Zerto for a substantial amount of $374 million. This strategic move empowered HPE's GreenLake edge-to-cloud platform, establishing a strong presence in the competitive data protection market. The acquisition also propelled HPE's storage business into the domain of cloud-based data services. As a result of this integration, Zerto's advanced cloud data management and protection software became accessible not only as a standalone service but also through HPE GreenLake and the Data Services Cloud Console. Zerto, headquartered in Israel, brought its expertise to enhance HPE's offerings in the rapidly evolving landscape of cloud data management and protection.

Major companies operating in the cloud based data management services market report are Actian Corporation, Cisco Systems Inc., Dell Technologies Inc., EMC Corporation, Fujitsu Ltd., Hewlett Packard Enterprise Development LP, Hitachi Data Systems Corporation, International Business Machines Corporation (IBM), Informatica LLC, NetApp Inc., SAS Institute Inc., Hewlett Packard Enterprise Company L.P., Oracle Corporation, SAP SE, Amazon Web Services Inc., Microsoft Corporation, Google LLC, Snowflake Inc., Teradata Corporation, Accenture plc, TIBCO Software Inc., Cloudera Inc., Experian plc, Alibaba Group, Neo4j Inc., OrientDB Inc., ArangoDB GmbH, Cockroach Labs, ScaleBase Inc., Clustrix.

North America was the largest region in the cloud-based data management services market in 2023. The regions covered in the cloud based data management services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud based data management services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of cloud-based data management services include integration services, data security, and backup services quality-as-a-service. Integration Services encompass specialized applications that provide a control flow for tasks related to data flow, such as renaming and downloading files, creating and dropping tables, performing backups, and rebuilding indexes. Service models include software-as-a-service, platform-as-a-service, and infrastructure-as-a-service, while deployment models encompass public cloud, private cloud, and others. These services find applications across diverse industries, including banking, financial services and insurance (BFSI), manufacturing, healthcare, information technology (IT) and telecommunications, retail, and more.

The cloud-based data management services market research report provides cloud-based data management services market statistics, including cloud-based data management services industry global market size, regional shares, competitors with a cloud-based data management services market share, detailed cloud-based data management services market segments, market trends, and opportunities, and any further data you may need to thrive in the cloud-based data management services industry. This cloud-based data management services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cloud-based data management services market includes revenues earned by companies by providing data storage and data management using cloud services such as user self-provisioning, dynamic provisioning, and advanced provisioning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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