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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A database management system is a software used to create and manage databases. It provides users with user friendly environment to create, organize and manage data in a database effectively and efficiently. Databases play a key role in storing, managing, and retrieving date being generated by various organizations. Key advantages of these systems include reduced data redundancy, enforcing data integrity and improved data security. The growing need to efficiently handle large volumes of data being generated across industries is driving the adoption of database management systems.
Market key trends:
One of the key trends driving growth of the Global Database Management System Market is the increasing adoption of cloud database services. Cloud database removes the need for businesses to manage their own on-premise database infrastructure and associated costs. Cloud deployment model offers advantages such as scalability, pay-as-you-go pricing model and strong disaster recovery options. Using cloud database services, organizations can focus more on their core business functions rather than investing resources on maintaining physical database infrastructure. Cloud database services are gaining popularity among small and medium enterprises due to reduced costs and operational flexibility. Key players in the database management system market are focusing on enhancing their cloud offerings which is expected to support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as substantial investment required to establish a new brand and large number of established market leaders with strong brand recognition dominate the market.
Bargaining power of buyers: The bargaining power of buyers is high since database management systems are standardized products and buyers can easily switch between vendors.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are number of suppliers in the market providing similar components used in database management systems.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute products available for database management.
Competitive rivalry: is intense competition among key market leaders.
SWOT Analysis
Strength: Presence of large user base, continuous product innovations and customized product offerings.
Weakness: High initial capital investments and technical complexities involved.
Opportunity: Emerging technologies like IoT, big data analytics and cloud computing providing growth opportunities.
Threats: Changing industry standards and regulations and growing security and privacy concerns.
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 database virtualization and consolidation of databases. North America dominates the market currently due to strong technology adoption and the presence of major players offering database solutions. By 2030, Asia Pacific is expected to grow at the fastest pace due to growing businesses.
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 and InterSystems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
