Database-as-a-Service (DaaS) Market size was over USD 25.14 billion in 2023 and is expected to exceed USD 225.91 billion by 2036, growing at over 18.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of Database-as-a-Service is evaluated at USD 28.84 billion. The growth of the market can be attributed to presence of large volumes of numbers and data in almost every industry, along with the increasing demand for security for the data. Deployment of DBaas of database as a service can reduce risk of data theft and privacy breach, induce better consumer relations, and offers updates time to time. This is estimated to raise the demand for DBaas in the upcoming years. Moreover, growing technological research and innovation, and upgrades in software and services are estimated to further boost the market growth. Growing penetration of internet, installation of cloud servers, and usage of smartphones are crucial factors estimated to act as growth drivers for the market. According to the World Bank Statistics, 48.997% of the global population used internet in 2018, which is estimated to cross 58% by the end of 2021.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18.4% |
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Base Year Market Size (2023) |
USD 25.14 billion |
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Forecast Year Market Size (2036) |
USD 225.91 billion |
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Regional Scope |
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The market is divided by deployment type into on-premise, and cloud-based out of which, the cloud-based segment is anticipated to hold the largest share in the global database as a service market over the forecast period on account of increasing penetration of cloud computing and dependence on cloud-based database. Various major companies rely on cloud computing technology to access the large volumes of data, which is estimated to boost the database-as-a-service (DaaS) market growth. On the basis of end-user, the market is segmented into BFSI, healthcare and others. Among these the BFSI (Banking, financial services and insurance) segment is estimated to gain notable growth over the forecast period, owing to the big numbers involved in the BFSI sector, along with increasing demand to ensure safe access of the data.
Our in-depth analysis of the global market includes the following segments
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By Deployment Type
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By Organization Size |
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By End User
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On the basis of geographical analysis, the global database-as-a-service (DaaS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is likely to dominate majority revenue share by 2036, on the back of high adoption of cloud computing amongst the tech-savvy population of Canada and the U.S. Moreover, adoption of Artificial Intelligence (AI), Machine Learning, and IoT are estimated to boost the regional market growth.
The database-as-a-service (DaaS) market in the Asia Pacific region is estimated to hold significant share and grow at the highest CAGR during the forecast period, owing to the increasing penetration of technology, such as, cloud computing and IoT, backed by technological advancement in the developing countries.
August, 2021: Teradata Corporation announced successful adoption of its new Teradata Vantage cloud data analytics platform in the first half on 2021. The platform was launched the previous year.
Author Credits: Abhishek Verma
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