Data Visualization Tools Market
The Database Monitoring Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Database Monitoring Software Global Market Report 2024, The database monitoring software market size has grown rapidly in recent years. It will grow from $1.77 billion in 2023 to $2.06 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to innovation in analytics and reporting, demand for scalability and flexibility, dependency on critical applications, real-time monitoring needs.
The database monitoring software market size is expected to see rapid growth in the next few years. It will grow to $3.63 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to resource optimization for cost efficiency, critical application dependency, rising demand for data storage, diverse database environments. Major trends in the forecast period include focus on performance optimization, compliance with regulations, automation for efficiency, enhanced security measures, data growth and complexity.
An increase in data generation is expected to propel the growth of the database monitoring software market going forward. Data generation refers to the generation of datasets, which are intended to be further processed in a database. Database monitoring software enables the user to quickly handle enormous amounts of data generated, resulting in quicker insights and the capacity to stay one step ahead of the competition. For instance, in October 2021, according to the Seed Scientific, a US-based provider of data innovation and analytics services, global data production is predicted to reach 463 exabytes per day by 2025 and at least 1,200 petabytes of data are kept in storage by Google, Facebook, Microsoft, and Amazon. Therefore, an increase in data generation is driving the growth of the database monitoring software market.
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The database monitoring software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud or SaaS, On-Premises
3) By Enterprise Size: Large Enterprises, SMEs
4) By End User: Banks and Financial Institutes, Healthcare, Government, IT and Telecom, Retail, Other End Users
Technological advancement is a key trend gaining popularity in the database monitoring software market. Major companies operating in the database monitoring software market are focused on developing new technological solutions using Artificial intelligence (AI), machine learning, and cloud computing to strengthen their position in the market. For instance, in April 2022, Tata Consultancy Services (TCS), an India-based IT services, consulting, and business solutions organization, launched the TCS ADD suite, an agile and intuitive risk-based monitoring solution for clinical trials, that promotes intelligent decision making, increased compliance and enhanced study efficacy. The new risk-based monitoring tool enables biopharmaceutical companies and related companies to identify site risks through advanced statistical algorithms and drive intelligent data-driven decisions. The data science-driven risk-based monitoring solution accurately predicts outcomes related to site workload and risks and allows stakeholders to develop proactive monitoring strategies.
The database monitoring software market report table of contents includes:
1. Executive Summary
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