According to the latest market research study published by P&S Intelligence, the cloud-based data management services market was USD 40.7 billion in 2023, which will rise to USD 258.4 billion, with a 30.4% compound annual growth rate, by 2030.
This is because of the increasing acceptance of cloud services and the requirement for cost-effectiveness, digital banking, remote work, accessibility, data backup, scalability, disaster recovery, and versatility among businesses.
In addition, the increase in the requirement for data incorporation as well as analytics services is further assisting the growth of this industry.
Cloud-based services are provided on the Internet that enable businesses and individuals to store, analyze, or manage enormous volumes of information. Services comprise data incorporation, management, warehousing, artificial intelligence, and machine learning.
North America was the largest contributor to the industry in 2023, with a f 45% share. This is because of the strong economic development as well as established infrastructure in this continent. Moreover, the regional industry also profits from an extensive range of sectors like R&D, BFSI, construction, and medical services.
Furthermore, the continent has a growing media communications framework, the determination to swiftly embrace improvements in all technologies, and a large usage rate for the internet.
With the surging acceptance of cloud services, the cloud-based data management services industry will continuously advance in the coming years.
