The cloud-based data management services market generated a value of USD 40.7 billion in 2023, which will increase to USD 258.4 billion, advancing at a 30.4% CAGR, by 2030.
The increasing acceptance of cloud-based services is a key factor for the industry's growth. Cloud-based services are provided via the internet that enable people and companies to store, manage, and examine huge volumes of data. Services comprise data incorporation, management, warehousing, artificial intelligence, and machine learning. These services offer users the comfort of accessing computer resources from any location and a safe platform for storing confidential data.
These services allow quick dispositions and reduced maintenance and capital expenses. They offer establishments more dynamism, which is important seeing the continuously shifting needs of every sector. The industry is also advancing because of the rising need for data security and compliance with guidelines like the General Data Protection Regulation (GDPR). Establishments are conscious of the usefulness of cloud-based solutions in defending their data.
The industry has a large room for growth because of the rising demand for data integration and on-demand analytics services. The rising trend of digital transformation across different sectors, including BFSI and healthcare, further aid the industry expansion.
Key Insights
- SaaS is the largest contributor to the industry, with a 55% share, because of the significant benefits it offers for companies.
- The growing acceptance of SaaS in data management services has been accountable for a significant part of this expansion.
- The quality as a service (QaaS) category is likely to advance at a 35% CAGR during this decade.
- QaaS comprises functional testing, performance testing, usability testing, quality assurance, and security testing, which are offered to businesses and developers.
- This method guarantees the dependability of software on various platforms and devices, enhances user experiences, and improves product quality.
- The healthcare and life sciences category will advance at a 35% compound annual growth rate during this decade.
- Businesses in this sector utilize the cloud to securely store, access, and see patient data, therapy plans, clinical advances, and various other information.
- The benefits of cloud-powered EHR systems are real-time accessibility, great doctor-patient–payer collaboration, and centralized storage.
- The safe sharing of patient data among different divisions and healthcare facilities is enabled by the cloud, therefore leading to enhanced patient outcomes as well as coordinated care.
- The IT & telecom category is the second largest contributor to the industry, with a 25% share. The advent of the cloud has been an important reason for the expansion of the IT & telecom sector.
- Cloud innovation allows broadcast communications suppliers to properly store and share media with customers. It also has the possibility to reduce the amount of hardware and software that must be fitted and maintained.
- North America accounted for the largest share of the industry in 2023, of 45%. This can be mainly because of the region's strong economic development as well as developed infrastructure.
- The regional industry also benefits from various sectors, such as R&D, BFSI, construction, and medical services.
- Major players as well as niche innovators in the industry are engaged in strong competition.
SOURCE: P&S Intelligence
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