Database as a service market set for rapid growth
Sun 27 Apr 2014
The cloud database market will grow at 67% a year to be worth $14.05bn by 2019 according to new research.
Research firm MarketsandMarkets forecasts the major forces driving this market from its value of $1.07bn in 2014 are innovations in the ways of data storing and memory allocation. The demand of cloud database solutions is expected to grow in coming years, as traditional approach for storing databases are difficult to manage.
MarketsandMarkets reckons companies providing different offerings in terms of virtualisation and database as a service (DBaaS) solutions are looking to gain competitive advantage in this growing market, creating new solutions for the overall cloud database and DBaaS market.
The growing momentum towards virtualisation as means of consolidation of IT recourses is driving the growth of cloud based services and eventually growth of cloud databases. Providing easy access to databases with minimum or “no tedious administration costs is pushing organisations to move their ever increasing on-premise database workloads to cloud”, it said.