The cloud database and database as service (DBaaS) market has been projected to expand at a significant speed in the near future. The growth prospects in the market are owing to the burgeoning use of the cloud service for critical data storage.
In addition to this, there are various other factors, for instance transferring data on the cloud, increasing number of companies, flexibility, upgradation, seamless integration, cost-saving, and availability that are likely to fuel the expansion opportunities in the cloud database and database as service (DBaaS) market in the following years.
Cloud Database and Database as a Service (DBaaS) Market: Key Trends
The services from the cloud database and database as service (DBaaS) market provide monetary advantages compared to conventional methods of storage. The companies serving in the insurance, banking, and healthcare sector are generally located at distant locations and are largely dependent on their respective websites. So, these companies opt for cloud storage in order to decrease operational costs and increase productivity.
So, based on these factors, the cloud database and database as service (DBaaS) market has been predicted to expand at a rapid pace in the coming years.
The cloud databases are used in the non-conventional sectors, for instance, online gaming, online music stores, and social networking. In addition to this, increasing flexibility requirements and rising data traffic along with various government departments, for example, defense, insurance, and finance are also adopting cloud services. So, on the basis of this increasing adoption of the services, the cloud database and database as service (DBaaS) market has been anticipated to grow at a noteworthy speed in the near future.
On the flip side, increasing the criticality of the data in the cloud has been expected to curtail the growth opportunities in the cloud database and database as service (DBaaS) market during the forecast period.