by A database management system (DBMS) refers to software that organizes data in databases and provides storage, retrieval and security facilities to manage the databases. It allows organizations to store and manage structured collection of data easily. The key functions of DBMS include data definition, data storage and retrieval, data presentation and data protection. Relational database management system (RDBMS), object-relational database, object database, multidimensional database and others are some of the widely used DBMS globally. DBMS finds extensive use across industries for applications like billing systems, inventory control, airline reservation systems, patient record systems, accounting systems and others. They help organized store massive volumes of transactional and analytical data efficiently.
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 Dynamics:
Rapid digitization across industries as well as rising adoption of cloud computing solutions are expected to drive the demand for advanced DBMS solutions. Many legacy industries are undergoing digital transformation to remain competitive by implementing technologies like AI, IoT, predictive analytics and more. Since effective data management and storage is crucial for such technologies, demand for DBMS from various sectors like manufacturing, healthcare, BFSI, retail and more will accelerate. The opportunities highlighted in heading, namely rapid digitization across industries, is thus boosting the DBMS market. Additionally, growing preference for cloud-based database solutions over on-premise models due to their cost-effectiveness and scalability will supplement the market growth over the forecast period.
Segment Analysis
The global Database Management System market can be segmented based on component, deployment, organization size, application and geography. Based on component, the market is segmented into software and services. The software segment dominates the market and is expected to continue its dominance during the forecast period. The dominance is attributed to growing database management needs and increasing use of database management solutions across industries.
PEST Analysis
Political: Governments across countries are supporting digitalization and promoting adoption of advanced technologies like database management systems. They are also formulating regulations around data privacy and security which is boosting the adoption of robust DBMS solutions.
Economic: Growing digital transformation initiatives of organizations and demand for insights from stored data is driving DBMS investments. Increasing global IT spending and business focus on customer experience is also fueling the market growth.
Social: Younger demographic is technology savvy and adopting new technologies faster. Social media usage and consumerization of technologies is changing businesses’ approach and boosting demand for database integration with other systems.
Technological: Emerging technologies like AI, ML, analytics are requiring organizations to store and manage large volumes of data. Advancements in cloud, distributed computing and virtualization are enabling flexible deployment of DBMS. Integration of DBMS with other technologies is also strengthening.
Key Takeaways
The Global Database Management System Market Size is expected to witness high growth during the forecast period.
Regional analysis: North America is projected to dominate the global Database Management System market during the forecast period. This is attributed to presence of major DBMS players like Oracle, Microsoft, IBM, Mongo DB etc. in the region and heavy investments in advanced technologies by organizations. The U.S. is the largest contributor owing to strong economy and technology expertise.
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. Key players are focusing on strategic partnerships, new product launches and expanding their presence through collaborations with new technologies to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
