Reportlinker.com announces the release of the report "Database Software Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967830/?utm_source=GNW
7%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12% from 2021 and reach $201.2 billion in 2023.
The database software market consists of sales of database software which are used to develop, modify and maintain database records and files. This software enables users to store data in the form of tables, fields and columns and recover them directly and/or through programmatic access. Database software is used for several reasons ranging from compiling client lists, maintaining bookkeeping tasks to running online web site.
In January 2019, Microsoft acquired Citus Data for an undisclosed amount. The acquisition of Citus is expected to enhance and scale Microsoft's capabilities in high-performance PostgreSQL databases. It also helps to improve performance scale for application developers as Citus is an open source extension to PostgreSQL that modifies PostgreSQL into a distributed database. Citus Data is a developer and distributor of database products. It focuses on open source PostgreSQL and on enhancing the performance of the enterprises by providing a horizontal scalable database. Citus Data was established in 2010 and is headquartered in San Francisco, California, USA.
The increasing number of laws are expected to limit the growth of companies in the database software market during the forecast period. The laws include the Intellectual property (IPR) Act regime which restricts the expansion of software companies from developing countries expanding overseas and the law for software development in a number of countries do not permit the commercial distribution of any Open Source Software (OSS). The industry is also required to adhere to the new changes being made in EU's GDPR (European Union's General Data Protection Regulation) law which is effective since May, 25, 2018. For instance, around 60% of tech companies are not ready to comply with the EU GDPR according to a recent study as it restricts innovation in their products.
One of the major trends gaining traction in the database software industry is the use of Hybrid Transactional and Analytical Processing Systems (HTAP) to reduce the data processing time. HTAP is an in-memory database which allows user to store data without compromising transactions or analytical workloads and to perform online transaction processing and online analytical processing without duplicating data. This helps to reduce data processing and data retrieval time and also helps in real-time decision making. HTAP performs online-analysis simultaneously with data processing. IN 2016, IBM released IBM DB2 12, a HTAP platform that has in-memory capabilities and boosts real-time analytic processing 100 times over the previous versions.
The EU's General Data Protection Regulation (GDPR) break the split of regulations for the security of transactions in the European Union (EU). GDPR is a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. This regulation came into effect in May, 2018. The regulation mandates the implementation of data protection practices and any breach in this context could be fined upto EUR20 million (1.1217 US-Dollar), or 4 percent of global annual turnover. Patent laws are applicable to the database software so as to enable the companies to effectively protect and leverage the commercial value of their innovations. For example, regulations related to protecting innovations in the field of software through patent rights has compiled IBM to apply for a patent of a database management system which uses block chain database technology.
Increase in the amount of data generated by industries in their regular operations and integration of technologies including Internet of Things (IoT) in the process are expected to benefit the forecast period as it rises the need of using database software to handle vast amount of data with confidentiality, integrity, and availability. In addition, the introduction of customer-interface applications and the implementation of cloud computing technologies in industries including small scale enterprises have also increased the demand for database software. For example, companies including Coca-Cola has invested in FileMaker, a custom database software to deal with its large amount of data in a more efficient way. The use of FileMaker enables managers to analyze reports to get a glimpse of what is happening company-wide in-real time.
Read the full report: https://www.reportlinker.com/p05967830/?utm_source=GNW
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