Cloud-Based Data Management Services Market Trends and Demand Forecast to 2030

NEW YORK - July 11, 2024 - PRLog -- According to the latest market research study published by P&S Intelligence, the market for cloud-based data management services reached USD 40.7 billion in 2023 and is projected to grow to USD 258.4 billion by 2030, with a robust compound annual growth rate (CAGR) of 30.4%. This growth is driven by increasing adoption of cloud-based services, which leverage internet connectivity to store, manage, and analyze vast amounts of data. These services encompass data integration, management, warehousing, artificial intelligence, and machine learning, offering users convenient access to computing resources from anywhere while ensuring secure storage of sensitive data.

Cloud services also enable rapid deployment, reduced maintenance costs, and flexible scalability to meet evolving sectoral needs. Furthermore, the industry's expansion is propelled by heightened concerns over data security and regulatory compliance, such as GDPR, underscoring the value of cloud solutions in safeguarding organizational data.

Key drivers include rising demand for data integration and on-demand analytics, alongside broader digital transformation trends across sectors like BFSI and healthcare. Software as a Service (SaaS) dominates with a 55% market share, driven by its significant operational benefits for enterprises. Quality as a Service (QaaS), encompassing functional testing, performance testing, and security testing, is poised to grow at a 35% CAGR, enhancing software reliability and user experience across platforms.

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The healthcare and life sciences sector is expected to grow at a 35% CAGR, leveraging cloud solutions for secure data storage and access, benefiting patient care coordination and outcomes. Meanwhile, the IT & telecom sector, with a 25% share, capitalizes on cloud innovations to streamline operations and reduce infrastructure costs.

North America led the market in 2023 with a 45% share, buoyed by robust economic development and advanced infrastructure supporting diverse industries such as R&D, BFSI, construction, and healthcare. Intense competition among major players and niche innovators drives continuous industry innovation and service enhancement.