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A cloud database is a service that is built and accessed through a cloud platform. Cloud database applications are executed on cloud computing platform and its services are provided as as-a-service model acronym i.e., DBaaS or cloud database-as-a-service. It is a simple cloud-based platform responsible to store and manage data on cloud. DBaaS tools provide similar functionality to that of traditional database management systems but with additional scalability and high availability of database benefits. It stores data in cloud and provides access without the need for setting up physical hardware by installing software or configuring the systems for performance. Using a cloud-based database enables businesses to scale up large workloads with ease. It also provides features such as database replication across multiple geographical locations and backup & recovery options, which reduces security concerns.
Rise in demand for large storage space and growth in need for self-driving cloud databases are some of the major factors that are expected to drive the DBaaS and cloud database market during the forecast period. On-going digitalization has increased data volumes generated by various industry verticals, which, in turn, boosts the growth of the global DBaaS and cloud database market. However, concerns associated with security of data stored on cloud is a factor that is anticipated to hinder the market growth to a certain extent. Furthermore, increase in database workloads and growth of NoSQL databases are projected to create growth opportunities for the market.
Advent of autonomous database is a major factor that drives the growth of the DBaaS and cloud database market. This is attributed to its functionality that uses machine learning to automate traditional database tasks such as database tuning, security, backups, and updates. Moreover, increase in current workloads, owing to on-going COVID-19 pandemic is also a factor expected to boost growth of the market. DBaaS eliminates DBA errors, which can have a catastrophic impact on performance, uptime, and security of an application, which boosts its demand. In addition, DBaaS benefits such as rapid provisioning, scalability, and low cost of purchasing has compelled database companies to invest in database-as-a-service models, which, in turn, propels the market growth. Furthermore, data analytics has proliferated its adoption among all industries through automation, which supports the growth of the DBaaS and cloud database market. This is attributed to autonomous data models design that leverages AI and machine learning algorithms to provide end-to-end automation for provisioning, change management, updates, security, availability, performance, and error prevention. In addition, cloud computing technology has witnessed high demand as it reduces the overall cost of infrastructure, which is expected to drive the market growth during the forecast period.
Data breach is among one of the security concerns that hamper the growth of the DBaaS and cloud database market. Data theft or breaches have financial repercussions and negatively impact an organizations reputation, owing to security vulnerabilities. Thus, security breaches make a company vulnerable to various data privacy concerns. For instance, if a hacker gains access to personal or private information stored within the cloud such as customer credit card number or e-mail address, financial losses would be at huge risks. Data theft becomes more critical, affecting millions of customers or employees as most of the information is stored online, thereby hampering the market growth.
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