Dublin, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The "Global Cloud Based Data Management Services Market Size, Share & Industry Trends Analysis Report By Service Type, By Service Model, By Deployment Mode (Public Cloud, Private Cloud and Others), By Vertical, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Cloud Based Data Management Services Market size is expected to reach $164.5 billion by 2028, rising at a market growth of 30.0% CAGR during the forecast period.
Data storage on an off-site server, often run by a vendor or third party with expertise in cloud services, is called "cloud-based data management." Data storage with cloud services offers expert support, easy access from anywhere, and an automated backup option. It is frequently thought to be safer and more secure than on-site data storage facilities. Additionally, it can scale, allowing customers to do so in response to demand and requirements.
Clients or users can continue working because the provider updates cloud-based data management services automatically as and when necessary. These businesses use a variety of tactics to increase their capitalization. For instance, the next generation iPaaS Informatica Intelligent Cloud Services consists of an increasing number of data management tools.
In addition, the CLAIR engine's AI/ML-driven intelligence, the microservices architecture, and a common user experience throughout all products all contribute to the environment's increased productivity. The BFSI (banking, financial services, and insurance) industries must progressively digitalize to adapt to changing client expectations.
Businesses now depend on data in every aspect of their operations, from client acquisition to customer service, customization to predictive analytics. Furthermore, app-based transactions and touchless digital banking have become very popular. Companies in the financial services sector are moving to the cloud to function effectively and with great agility.
Additionally, in a cloud environment, established banks will also be able to adopt digital banking much more quickly and develop cutting-edge products that can successfully compete with contemporary fintech companies on the market. Banks can increase sales by using data integration to understand better their consumers" requirements, desires, and expectations.
Market Growth Factors
Workplace Collaboration Is Highly Desired
There may be multiple users using a cloud storage service at the same time. Since everything is handled and automated by the cloud provider vendor, one user's current task would not impact another's. With cloud storage, numerous people can work together on a single file. For example, one can permit several users to access and change their files. The file is available in real time to the authorized person from anywhere in the world. Thus, the cloud-based data management services market would be driven by all of these causes.
Hybrid Cloud Services Are Required, Along With Advisory And Consultancy Services
Services like training, advice, and consulting are increasingly in demand. Although enterprises are still skeptical about cloud adoption due to a lack of expertise, it is currently in a high growth period. It offers businesses the chance to provide consulting services on the adoption or deployment of the cloud. These businesses must have significant expertise and experience in the cloud-based services industry. Over the anticipated time, the market will increase due to all these reasons.
Service Type Outlook
Based on the service type, the market is categorized into Integration Services, Data security & backup services, and Quality-as-a-Service. During the projection period, the quality-as-a-service category is expected to grow rapidly. Data cleaning, scrubbing, updating, standardization, data de-duplication, and data remediation are all included in the quality-as-a-service segment. For efficiency and profitability to be realized, data quality is essential. The availability of data in many formats is growing due to mobile connections, the Internet of Things, and other cloud-based applications.
Service Model Outlook
Based on the service model, the market is divided into Software-as-a-Service, Platform-as-a-Service, and Infrastructure-as-a-Service. The software-as-a-service segment accounted for the largest market share in 2021. Better methods are required to manage, safeguard, and gain new insights from organizations" data. The SaaS data management models provide data governance and security, backup and recovery, disaster recovery, archiving, file and object services, and dev/test provisioning through a single vendor.
Deployment Mode Outlook
Based on deployment mode, the market is classified into Public Cloud, Private Cloud, and Others. The other deployment modes is expected to experience faster CAGR growth during the projection period. Hybrid cloud and community cloud are the additional deployment strategies. A single point of contact can be avoided by using the hybrid cloud. Businesses can opt to operate its regular workloads in the cloud for mission-critical systems and apps while keeping an on-premises backup for disaster recovery.
Based on the verticals, the market is divided into the BFSI, IT & Telecom, Retail & Consumer Goods, Government & Public Sector, Energy & Utilities, Manufacturing, Healthcare & Life Sciences, Education, Media & Entertainment, Research & Consulting Services, and Others. Healthcare & Life Sciences is showcasing the promising growth rate during the forecast period. Medical professionals and administrators must be diligent in gathering patient data, marketing departments must build their campaigns around data insights, and patients must be reminded to update their information whenever practical. Healthcare organizations must transition their operations to a data-driven mentality.
Key Market Players
Cisco Systems, Inc.
Dell Technologies, Inc.
Hewlett Packard Enterprise Company
SAS Institute Inc.
For more information about this report visit https://www.researchandmarkets.com/r/w3hoo2-cloud?w=12
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