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Sep 18, 2020 (PRNews Times via COMTEX) —
The global enterprise data management market is forecasted to generate a revenue of $126.9 billion by 2026 increasing from $62.3 million in 2018, and grow at a CAGR of 9.3% over the forecast period, according to a recent report by Research Dive. The comprehensive report provides a brief overview on the current scenario of the market including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures which makes it easier and more beneficial for the new participants to understand the market.
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Increasing adoption of enterprise data management system by end-use industries is expected to boost the growth of the market in the near future. Another main attributor for the market growth is the rising demand for risk management and safeguarding data from cyber-attacks. These are the main factors driving the growth of the market during the forecast period.
The accessibility and availability of open source solutions is the biggest obstacle for the enterprise data management market growth. Many of the platforms are easily available in open sources and user-friendly, which makes it more sought-for solution for the industries.
Software Component Segment to be Most Lucrative
Software component segment garnered a revenue of $37.2 billion in 2018 and is further expected to grow at a CAGR of 8.5% during the forecast period. The main attributors of the growth of this segment are the startups and small and medium organizations which have adopted enterprise data management software to monitor and control their business processes.
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Cloud-based Deployment Segment to be Most Profitable
Cloud based segment reached $22.6 billion in 2018 and is expected to grow with a CAGR of 11.4% during the forecast period. This growth is mainly because cloud helps with greater flexibility in managing the data as it can be accessed from anywhere.
Banking, Financial Services, and Insurance Segment to Earn the Highest Market Share
Banking, Financial Services, and Insurance segment accounted for $7.6 billion in 2018 and is expected to grow at a CAGR of 10.3% during the upcoming years. BFSI sectors deal with a great amount of data in their day to day operational work. Therefore, these companies rely on enterprise data management system in order to safeguard their data.
North America Region to Dominate the Industry
North America market earned a revenue of $16.4 billion in 2018 and is further predicted to grow at a CAGR of 9.8% during the forecast period. The main reason behind the growth in this region is the presence of the most prominent players of the market. Moreover, the government is taking initiatives on the wide implementation of big data and other machine learning software, which is expected to boost the growth of the market during the forecast period.
Leading Players
The report also enlists the leading players of the market. They include IBM Corporation, NTT Communications Corporation, SAP SE, Cloudera, Inc., SAS Institute Inc., Microsoft, HP Development Company, L.P., VMware Inc., TierPoint, LLC, Amazon Web Services, Inc. and many others.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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