Cloud-based Data Management Services Market worth $141.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 8, 2023 /PRNewswire/ -- Increased adoption of hybrid and multi-cloud strategies, integration with edge computing and sophisticated analytics, a focus on data privacy and security advancements, and the development of industry-specific solutions are all anticipated developments in the cloud-based data management services market in the future. The market will be significantly shaped by developments in data storage and collaborative data science platforms, as well as innovations in quantum computing, blockchain integration, and sustainability practices.

The Cloud-based Data Management Services Market is expected to grow from USD 40.2 billion in 2023 to USD 141.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period, according to a new report by MarketsandMarkets™. Simplifying operations, enhancing data security, facilitating remote accessibility, and eliminating the need for significant upfront investments in hardware and infrastructure are major factors driving cloud-based data management services across organizations. Also, cloud-based data management facilitates easy access to data from anywhere with an internet connection. This is especially important in today's global and increasingly remote work environments. It also promotes collaboration among team members who can concurrently access and work on the same datasets.

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Scope of the Report

By service type, the integration services segment is expected to hold a larger market size during the forecast period.

The integration services considered for the study consist of migration, master data management, data synchronization, and data virtualization. Data integration services are software tools that help organizations collect, transform, and load data from various sources into a unified repository. This process is essential for businesses that need to analyze and extract insights from their data to make informed decisions. Data integration services are in high demand in the Cloud-based Data Management Services Market due to the growing need to connect data from multiple sources and make it accessible for analysis and decision-making. Data integration services can also be used to automate data flows, which can save time and resources. Companies rely on data integration services to synchronize data from multiple applications, databases, and systems hosted in the cloud, allowing for cohesive analytics, better-informed decision-making, and improved operational efficiency. Notable players in this sphere, such as Informatica, Talend, and SnapLogic, provide robust data integration solutions, empowering businesses to derive actionable insights and gain a competitive edge in the market by leveraging a unified view of their data assets.

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By service model, the PaaS segment holds the second-largest market share during the forecast period.

Platform as a Service (PaaS) adoption in the Cloud-based Data Management Services Market has experienced substantial growth as organizations seek streamlined solutions for application development, deployment, and data processing. Leading cloud providers such as Microsoft Azure, Google Cloud Platform, and Salesforce have witnessed a surge in PaaS utilization. Microsoft Azure's PaaS revenue increased by 51% in their Q3 2022 results, indicating the strong demand for platform services. With its Heroku platform, companies like Salesforce provide a PaaS environment for developers to build, deploy, and scale applications effortlessly. PaaS offerings benefit data management tasks, providing tools and frameworks for database management, data analytics, and application development. The ease of integration and automation in PaaS solutions streamlines the data management process, allowing organizations to focus on innovation rather than infrastructure concerns. As businesses prioritize agility and efficiency in their data operations, PaaS adoption is poised to play a pivotal role in shaping the future of cloud-based data management services.

By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The adoption of cloud-based data management services in the Asia Pacific (APAC) region has been marked by robust growth, reflecting the region's dynamic economic landscape and the accelerating pace of digital transformation. With a burgeoning middle class and a rapidly expanding digital ecosystem, countries across APAC are increasingly turning to cloud services for their data management needs. The region's embrace of cloud solutions is exemplified by instances such as Alibaba Cloud's expanding footprint, serving as a major player in China and the broader APAC market. Additionally, as a percentage of GDP, many Asia Pacific countries have demonstrated a substantial increase in digital adoption, reflecting the region's commitment to leveraging technology for economic growth. For instance, Singapore, South Korea, and Australia have consistently ranked high in global digital competitiveness indices. The COVID-19 pandemic has further accelerated the adoption of cloud services in the region as businesses seek scalable, cost-effective solutions to support remote work and digital collaboration. As the APAC region continues to invest in digital infrastructure and prioritize innovation, the adoption of cloud-based data management services is expected to play a pivotal role in shaping its future economic landscape.

Top Key Companies in Cloud-based Data Management Services Market:

Some of the key players operating in the Cloud-based Data Management Services Market are – IBM (US), Fujitsu (Japan), Cisco (US), Dell Technologies (US), HPE (US), NetApp (US), Informatica (US), SAS (US), Actian (US), and Oracle (US).

Recent Developments:

• In September 2023, IBM enhanced its IBM Cloud Security and Compliance Center, a collection of advanced cloud security and compliance solutions, to enable enterprises to effectively manage risks and safeguard data across their hybrid and multi-cloud environments and workloads.
• In June 2023, NetApp announced enhancements to its BlueXP offering, which included streamlined backup and recovery processes, expanded data protection across various environments, and compatibility with highly secure settings such as government facilities. These updates ensured consistent operations, delivering a uniform experience across all applications regardless of the deployment environment.
• In November 2022, Dell Technologies announced an enhancement to its Dell PowerProtect Manager, a data protection solution that included Dell PowerProtect Data Manager Appliance, simplifying the data back-up and recovery process. It offered software-defined architecture, highly secured access, and a consistent user experience.
• In September 2022, Fujitsu strengthened its security services capabilities by acquiring InPhySec, a New Zealand-based cyber security firm.
• In June 2022, HPE introduced enhancements and new cloud services for HPE GreenLake. HPE launched eight new HPE GreenLake cloud services, giving customers more choice, control, and predictability for their enterprise cloud delivery.

Cloud-based Data Management Services Market Advantages:

• Organisations may simply increase their processing and storage capacities in response to changes in data volume and growth thanks to the scalability offered by cloud-based data management services. This makes sure companies don't have to invest a lot of money in infrastructure to adjust to shifting demands.
• Saving money is a common outcome of implementing cloud-based data management services. Employing a pay-as-you-go strategy allows organisations to only pay for the resources and services they really use. Large upfront capital expenditures are no longer necessary, and more predictable budgeting is made possible.
• Organisations can swiftly deploy, configure, and modify data management services because to the flexibility and agility that cloud-based solutions provide. This is especially helpful for companies going through fast transitions or those with dynamic data processing needs.
• Services for cloud-based data management make data globally accessible. Anyone with an internet connection can access, examine, and manage data from any location. This is essential for businesses that require remote access or have dispersed workforce.
• Software upgrades and security patches are among the regular maintenance duties that cloud service providers take care of. Without requiring manual involvement, this guarantees that enterprises are utilising the most recent and secure iterations of data management systems.
• Disaster recovery and business continuity are elements that are integrated into cloud-based data management solutions. Data is usually saved in numerous locations and backed up, minimising the chance of data loss and guaranteeing continuity in case of an emergency.
• Tools for quality control and data governance are frequently included in cloud-based data management packages. Data consistency and correctness can be guaranteed by organisations through the implementation of data governance policies and the enforcement of data quality standards.

Report Objectives

• To define, describe, and forecast the cloud-based Data Management Services market based on service type, service model, deployment mode, industry verticals, and regions
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments with respect to individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the macro and micromarkets1 with respect to growth trends, prospects, and their contributions to the overall market
• To analyze the industry trends, patents and innovations, and pricing data related to the Cloud-based Data Management Services Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market

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