#Database #Service #DBaaS #Platform #Market #Expected
Dallas/Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) — The rising sales of smartphones together with the rising demand for mobile apps are two of the key factors fueling the global database as a service (DBaaS) platform market rise. Additionally, the global database as a service (DBaaS) platform market is rising as a result of the quick digitalization of services in the banking, financial services, and insurance (BFSI) sector, which makes it more important than ever to manage the growing number of data. Likewise, the prevalence of chronic diseases is rising, modern healthcare services are being widely used, and individualized preventative care and health management are receiving more attention, which is leading to an expansion of DBaaS applications in the healthcare sector.
The global database as a service (DBaaS) platform market is expected to grow at a CAGR of 12.65% over the forecast period to reach USD 339.91 billion by 2029 from its current estimated value of USD 141.35 billion.
Market Scope and Details
|Market Value in base year 2022||USD 141.35 billion|
|Market Value in 2029||USD 339.91 billion|
|Growth rate||CAGR of 12.65%|
|Segment covered||Type, Component, Application, Deployment, Organization, Industry Vertical, Distribution Model, Regions|
|Regions covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players||CenturyLink, Amazon Web Services, Google (Alphabet Inc.), Oracle, IBM, Microsoft Corporation, Rackspace Technology Inc.|
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Application owners that want to use a Database as a Service (DBaaS) rather than managing the database themselves hire a third party to build and maintain a database for storage. A database management system (DBMS) or data store that is designed as a flexible, scalable, multi-tenant subscription service with a certain amount of self-administration is referred to as…