by Database management systems allow for the centralized control, management, and administration of data with applications and services that store, organize and retrieve vast amounts of structured data efficiently. They help organizations optimize business processes, gain actionable insights and make informed data-driven decisions. The growing volumes of structured and unstructured data across industries and the need for improved data accessibility is bolstering the adoption of database management systems.
The global Database Management System Market is estimated to be valued at US$ 56.16 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding use of data analytics across industries has been a key driver augmenting the database management system market growth. Database systems have emerged as vital tools to organize and analyze increasing volumes of business data to extract meaningful insights. They help business users gain deeper customer understanding, identify opportunities and risks, improve operational efficiency, inform strategic decision making and gain competitive advantage. As organizations continue leveraging data-driven strategies, demand for flexible, scalable and powerful database management platforms is expected to rise significantly over the coming years.
SWOT Analysis
Strength: Database management systems offer enterprises robust data management capabilities that enable them to centralize data for easier access and analysis. This helps businesses gain insights faster.
Weakness: Complex database structures can be difficult for non-technical users to understand. Ongoing upgrades and maintenance require dedicated IT resources and expertise.
Opportunity: Growing reliance on data-driven decision making across industries is augmenting demand for advanced database management capabilities. The need for customized solutions also presents an opportunity for database vendors.
Threats: Open-source database alternatives provide certain basic functionalities at no cost, posing a threat. Cloud-based solutions from vendors also introduce competition.
Key Takeaways
The Global Database Management System Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market, supported by high technology adoption across sectors. Asia Pacific is forecast to be the fastest growing regional market owing to the increasing digitization of enterprises in countries like China and India.
Key players: The key players operating in the Database Management System market are Novo Nordisk, Sanofi, Eli Lilly, Biocon, Gan & Lee Pharmaceuticals, Tonghua Dongbao Pharmaceutical, United Laboratories, Merck, Wockhardt, Julphar Diabetes, Medtronic, Beta Bionics, Zealand Pharma, MannKind, Peptron, Dexcom, Senseonics, Medtrum Technologies, SOOIL Development, Semma Therapeutics. These players are focusing on developing advanced and customized database solutions to cater to diverse industry requirements and strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
