NoSQL Market Expected to Reach $86.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “NoSQL Market,by Type, Application, Industry Vertical: Global Opportunity Analysis And Industry Forecast, 2023-2032" The global NoSQL market was valued at $7,256.20 million in 2022, and is projected to reach at $86,306.06 million by 2032, growing at a CAGR of 28.1% from 2023 to 2032.

Not only SQL (NoSQL) is a technology for managing databases of unstructured and/or semi-structured data. The technology lacks performance in terms of efficiency and support to complex transactions, as compared to conventional RDBMS; however, scores high in terms of managing schema-less data and saving efforts of the developers in non-critical applications. Rise in unstructured data volumes and the impending need for analytics primarily drive the NoSQL market growth. Moreover, innovative business offerings such as open-source databases by NoSQL vendors play a significant role in its adoption. However, some of the restraints associated with its business attractiveness are higher testing-related issues during unit or system integration testing as compared to RDBMS system and the problems associated with handling complex database queries. However, these challenges are expected to have a limited impact on the NoSQL market growth due to the emergence of the big data market citing the increased need for unstructured data management. Overall, the Non-SQL market is expected to continue to grow due to the rise in the adoption of digital services across enterprises.

On the basis of industry vertical, the IT segment is expected to grow at the highest growth rate during the forecast period. The applications of NoSQL databases in the IT industries are used for numerous purposes, such as application development and management. NoSQL technology has emerged as the most appropriate technology for managing social network data. Furthermore, the ongoing innovation and digitalization within the IT sector significantly contributes to the growth in need for advanced database solutions. However, the retail segment is expected to exhibit the highest growth during the forecast period. This is attributed to the cost-efficient solutions provided by various these organizations.

On the basis of region, North America attained the highest growth in 2022. The presence of prominent players such as Oracle Corporation, IBM Corporation, and others have influenced the growth of the Not only SQL market in North America. Moreover, the rise in government initiatives to strengthen database infrastructure across the region is further expected to drive the demand for NoSQL database solutions.  However, Asia-Pacific is projected to be the fastest-growing segment during the forecast period, owing to the availability of cost-effective database solutions and the rise in the amount of data generation across organizations. In addition, the proliferation of advanced technologies escalates system safety and reduces delays in database operations.

The pandemic has highlighted the necessity of digital solutions in several sectors. Post-COVID, there are increased opportunities for cloud technology in industries such as telemedicine, remote patient monitoring, robotic surgery, and drug delivery. In addition, advanced solutions help to enhance healthcare services, improve patient treatment, and address upcoming healthcare challenges. Such trends are expected to provide numerous opportunities for the NoSQL market. A NoSQL database solution makes it possible for staff to rapidly access data, which enhances their capacity for quick decision-making and prompt customer service. These factors have forced businesses to improve their offerings in the global market. For instance, in February 2021, MongoDB partnered with Google Cloud. MongoDB enables developers to integrate Atlas with Google Cloud products including Pub/Sub, BigQuery, Dataproc, Dataflow, Cloud Run, App Engine, Cloud Functions, Google Kubernetes Engine (GKE), and Tensorflow as part of the partnership expansion. Such numerous strategies have built a strong foundation for NoSQL database to grow in the NoSQL market forecast period as more and more businesses adopt such digital trends.

KEY FINDINGS OF THE STUDY

• By type, the key-value store segment accounted for the largest NoSQL market size share in 2022.
• By application, the web-apps segment accounted for the largest NoSQL industry share in 2022.
• By industry vertical, the IT segment accounted for the largest NoSQL market share in 2022.
• Region wise, North America generated the highest revenue in 2022.

The market players operating in the NoSQL industry are Aerospike Inc., Couchbase Inc., IBM Corporation, Neo4j, Inc., Objectivity, Inc, Oracle Corporation, Progress Software Corporation, Riak, ScyllaDB, Inc., and Apache Software Foundation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the NoSQL market analysis globally.