Global cloud-based data management services market to reach $164.5 billion by 2028

According to Research and Markets report, the size of the global market for cloud-based data management services is projected to reach $164.5 billion, growing at a 30.0% CAGR by 2028.

“Cloud-based data management” refers to storing data on an external server, which is frequently managed by a vendor or other third party with experience in cloud services. Cloud-based data storage provides expert support, convenient access from anywhere, and an automated backup option.

It is usually safer and more secure than on-site data storage facilities. It can also scale, allowing users to do so in response to demand and specifications.

Businesses in the financial services industry are migrating to the cloud in order to operate efficiently and with exceptional agility. Today’s businesses rely on data for every part of their operations, from customer service to customization and predictive analytics. Additionally, touchless digital banking and app-based transactions have grown in popularity.

The demand for services like advising, counselling, and training is rising. Due to a lack of experience, businesses are still hesitant to utilise the cloud, yet it is currently seeing rapid expansion. Companies can offer consultancy services about the adoption or deployment of the cloud.

These companies must have extensive knowledge of and experience with cloud-based services. All of these factors will cause the market to grow throughout the expected period.

“Cloud adoption is now slightly more significant than it was before COVID-19. AWS, Microsoft, and Google are the top three public cloud service providers. Almost all organizations use public or private clouds, as reported in the Flexera 2021 State of the Cloud Report. Additionally, the hybrid cloud model offered a foundation for digital transformation. As a result of the pandemic, 63% of Indian firms raised their investments in hybrid cloud solutions, as the Enterprise Cloud Index reported. Consequently, the pandemic positively affects the expanding global cloud-based data management services market,” Research and Markets report mentioned.

Key market players offering cloud-based data management services:

IBM Corporation
Fujitsu Limited
Cisco Systems, Inc.
Dell Technologies, Inc.
Hewlett Packard Enterprise Company
NetApp, Inc.
Informatica, LLC
SAS Institute Inc.
Actian Corporation
Oracle Corporation

To improve their capitalization, businesses employ a range of strategies. The banking, financial services, and insurance (BFSI) sectors must gradually go digital in order to meet evolving client expectations.

WRITTEN BY

Team Eela

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