The rise in demand for big data analytics, enterprise-wide need for scalable and flexible database solutions, and growth in adoption of cloud computing technology are expected to drive the global NoSQL market growth.
PORTLAND, Ore., Nov. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "NoSQL Market by Type (Key-value Store, Document Database, Column-based Store, And Graph Database), Application (Data Storage (Distributed Data Depository, Cache Memory, and Metadata Store), Mobile Apps, Data Analytics, Web Apps, and Others), and Industry Vertical (Retail, Gaming, IT, and Others: Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the NoSQL industry generated $ 7.3 billion in 2022 and is anticipated to generate $86.3 billion by 2032, witnessing a CAGR of 28.1% from 2023 to 2032.
Prime determinants of growth
The rise in demand for big data analytics, enterprise-wide need for scalable and flexible database solutions, and growth in adoption of cloud computing technology are expected to drive the global NoSQL market growth. However, the high complexities of administrating NoSQL databases and the potential threat of data-related inconsistencies are expected to hinder market growth. Furthermore, the rise in adoption of advanced technologies such as AI & ML offers lucrative market opportunities for the market players.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $7.3 billion |
Market Size in 2032 | $86.3 billion |
CAGR | 28.1 % |
No. of Pages in Report | 350 |
Segments Covered | Type, application, industry vertical and region. |
Drivers | Rise in demand for big data analytics Enterprise-wide need for scalable and flexible database solutions Growth in adoption of cloud computing technology |
Opportunity | Rise in adoption of advanced technologies such as AI & ML |
Restraints | High complexities of administrating NoSQL databases The potential threat of data-related inconsistencies |
COVID-19 Scenario
- The NoSQL market witnessed stable growth during the COVID-19 pandemic, owing to the dramatically increased dependence on digital devices. The surge in online presence of people during the period of COVID-19 induced lockdowns and social distancing policies fueled the need for NoSQL solutions.
- In addition, with the majority of the population confined in homes during the early stages of the COVID-19 pandemic, businesses needed to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment, post the outbreak of the COVID-19 pandemic.
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The key-value store segment to maintain its leadership status throughout the forecast period
On the basis of type, the key-value store segment held the highest market share in 2022, accounting for less than two-fifths of the NoSQL market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the high scalability and the ability to support multiple data models on a single database with faster access would continue driving its application. However, the document database segment is projected to manifest the highest CAGR of 29.0% from 2023 to 2032, as these database services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
The web apps segment to maintain its lead position during the forecast period
On the basis of application, the web apps segment accounted for the largest share in 2022, contributing to more than one-fourth of the NoSQL market revenue, owing to growth in the usage of website-based solutions in several industries. However, the mobile apps segment is expected to portray the largest CAGR of 31% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
The IT segment to maintain its lead position during the forecast period
On the basis of industry vertical, the IT segment accounted for the largest share in 2022, contributing to less than two-fifths of the NoSQL market revenue, owing to the development of digital technologies in IT sector. However, the gaming segment is projected to manifest the highest CAGR of 35.4% from 2023 to 2032. The surge in the implementation of automation trends and the increase in utilization of digital technology in this sector is expected to provide lucrative opportunities for the market.
North America region to maintain its dominance by 2032
On the basis of region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the NoSQL market revenue. The increase in the usage of NoSQL solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 26.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.
Recent Partnerships in the NoSQL Market:
For instance, in May 2023, MongoDB partnered with Alibaba Cloud, MongoDB and Alibaba Cloud have also expanded aspects of the alliance including new joint marketing efforts, joint revenue commitments, and tighter technology integrations. Customers can rapidly innovate and scale their business while reducing costs and increasing efficiency on ApsaraDB for MongoDB by using the MongoDB database with Alibaba Cloud's distinctive features.
Recent Product Launches in the NoSQL Market:
In July 2021, Couchbase launched its updated NoSQL database providing users with a series of new features that aim to narrow the gap between NoSQL and relational databases.
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Leading Market Players:
- Aerospike Inc.
- Couchbase Inc.
- IBM Corporation
- Neo4j, Inc.
- Objectivity, Inc
- Oracle Corporation
- Progress Software Corporation.
- Riak
- ScyllaDB, Inc.
- The Apache Software Foundation.
The report provides a detailed analysis of these key players in the NoSQL market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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