Cloud-Based Data Management Services Market

Global Cloud-Based Data Management Services Market Size (2024 to 2029)

The global cloud-based data management services market is predicted to reach USD 62.18 billion in 2024 and USD 259.76 billion by 2029, growing at a CAGR of 33.10% during the forecast period.

The cloud-based data management is usually run by a vendor or third party with more cloud services experience. The data will be stored on an off-site server with cloud services in these services. Cloud-based management services offer various facilities, such as an automated backup option and expert support. These services offer expert support and are more secure than on-site servers. In addition, the clients can have easy accessibility from anywhere as the updates are automatically provided to the server through cloud-based management services.

Global Cloud-Based Data Management Services Market Drivers:

Many companies across the world have adopted cloud storage services. More than one user can use these services at a time in the workplace, a major driving factor for the market's growth. The cloud storage services are all managed by a cloud provider vendor. The tasks are automatically updated in the file, and the other users will not be affected by the task they are involved in. For instance, it allows multiple users to use the common file without affecting the current user task. In real time, multiple users can use the same file from anywhere. This does not affect the users' current responsibility. Data synchronization is one of the major benefits provided by cloud-based data management services. A user can access the file stored in the cloud-based storage from any device with proper credentials. Therefore, there is a rising demand for cloud-based data management services in the workplace.

The adoption of digital banking will likely propel the demand for cloud-based data management services. As a result, banks are adopting cloud-based data management services to reach customers' requirements and enhance sales. The rising demand for cloud deployment by many companies is lavishing the market's demand to an extent. Growing applications with the increasing knowledge of artificial intelligence also boost the growth rate of the cloud-based data management services market. Rising support from government organizations through investments is attributed to the leverage of the growth of the market shares. The trend towards adopting cloud services for secure connections is fuelling the demand of the market size. The adoption of cloud-based services is growing these days tremendously. However, many organizations cannot adopt these services due to a lack of proper knowledge. Hence, many organizations have initiated the delivery of knowledge by adopting cloud-based services. These consulting services provide growth opportunities for the cloud-based data management services market.

Global Cloud-Based Data Management Services Market Restraints:

The major barrier to the growth of the cloud-based data management services market is poor infrastructure in undeveloped countries. Difficulty delivering low latency and high-capacity connectivity using legacy telecom in emerging economies is a restraining factor for market growth. To implement cloud-based technology, there is a need for high-speed internet, which is difficult in some areas. This is also inhibiting the demand for the cloud-based data management services market.

Impact of COVID-19 on the global Cloud-Based Data Management Services Market:

The COVID-19 pandemic positively impacted the growth rate of the cloud-based data management services market. The demand for cloud-based technologies has increased when compared with the pre-COVID scenario. According to the Flexera 2021 State of the Cloud Report, the demand for public or private cloud services with AWS, Microsoft, and Google has doubled post-COVID. Almost every organization in developed and developing countries has shifted to cloud-based technologies that improved the market shares during the COVID-19 pandemic. 63% of Indian organizations raised their investments in cloud-based technology and digitalization, according to the Enterprise Cloud Index report. Thus, the demand for cloud-based data management services increased during the COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global cloud-based data management services market has been segmented and sub-segmented based on the service type, service model, deployment mode, verticals, and region.

Global Cloud-Based Data Management Services Market - By Service Type:

• Integration

• Security & Back-up

• Quality

Quality as a service type segment is ruling with the dominant shares of the market. To achieve efficiency and profitability, data quality is very necessary, which is prompting the demand of this segment.

Global Cloud-Based Data Management Services Market - By Service Model:

• Software-as-a-Service (SaaS)

• Platform-as-a-Service (PaaS)

• Infrastructure-as-a-Service (IaaS)

Global Cloud-Based Data Management Services Market - By Deployment Mode:

• Public

• Private

Based on the deployment mode, the private segment will likely hit the highest growth rate in the coming years.

Global Cloud-Based Data Management Services Market - By Verticals:

• BFSI

• IT & Telecom

• Retail & Consumer Goods

• Government & Public Sector

• Energy & Utilities

• Manufacturing

• Healthcare & Life Sciences

• Education

• Media & Entertainment

• Research & Consulting Services

• Other Verticals

The IT & Telecom segment is gaining traction over the cloud-based data management services market shares. The increasing adoption of cloud-based data storage for secure and efficient data storage is majorly fuelling the demand for this segment. As a result, the BFSI segment will likely have prominent shares in the coming years.

Global Cloud-Based Data Management Services Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North America's cloud-based management services market is leading with prominent shares. The presence of more key players in this region is ascribed to bolstering the market's demand. Asia Pacific is next in leading the shares of the cloud-based data management services market. Launching various innovative products using digitalization in developed and developing countries is gearing market shares in Asia Pacific. The growing prevalence of improving the IT infrastructure is enhancing the market growth. In emerging countries like Japan, the demand for digital technologies is growing at a higher rate. The launch of 5G technologies will accelerate the market's demand. The increasing prevalence of digital technologies is enhancing the shares of the Asia Pacific cloud-based data management services market. Europe is estimated to have the largest growth rate from 2023 to 2028. Government initiatives and a rising economy are to boost the market demand in this region. Latin America, and Middle East & Africa are set to have growth opportunities in the coming years.

KEY MARKET PARTICIPANTS:

The major companies operating in the global cloud-based data management services market include IBM (US), Fujitsu (Japan), Cisco (US), Dell Technologies (US), HPE (US), NetApp (US), Informatica (US), SAS (US), Actian (US), Oracle (US), SAP (Germany), and AWS (US).

RECENT HAPPENINGS IN THE MARKET:

• In July 2022, Cisco launched new cloud management capabilities that optimize WAN performance. With this launch, the Cisco Meraki, Cisco Catalyst, Cisco Nexus portfolios, and a new Cisco ThousandEyes will have a better experience in their product portfolios.

• In June 2021, HPE and Novartis merged to promote the use of data and digital technologies. This technology will improve Novartis's service, making it easy to access healthcare and medicines.