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IN THE NEWSApril 2021: Rocket Software announced that it has signed an agreement to acquire ASG Technologies. The acquisition will aim at helping the company to boost its expertise in the management of content, structured and unstructured data, and systems.
January 2020: OneTrust is all set to enhance its OneTrust DataDiscovery platform after signing an acquisition deal with Integris Software. The platform helps enterprises to understand their data across all assets and systems.
The global structured data management software market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The rapidly increasing data volumes, consequent rise in the adoption of digital technologies for the transformation of businesses, along with the development of new technologies for database applications are expected to fuel the progress of this market. Along with this, structured data management software helps to reduce data footprints and storage, maintenance, hardware, and administration costs, which is another factor estimated to benefit the market growth in the coming years. Moreover, the growth of the market can also be attributed to the adoption of structured data management software by BFSI, IT & telecom, manufacturing, healthcare, and retail companies to manage scattered. Additionally, the growing focus of enterprises towards digital transformation and increasing developments in e-commerce sector is projected to offer ample opportunities for market growth in the near future. For instance, as per the United Nations Conference on Trade and Development (UNCTAD), global e-commerce sales increased to USD 26.7 trillion in 2019, up 4% from 2018.
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The market is segmented based on end user industry into BFSI, automobile, healthcare, manufacturing, IT & telecom, retail and commerce and others, out of which, the BFSI segment is anticipated to grab the largest share by the end of 2030 on account of increasing data volume in banks and other financial institutions, coupled with rising need to bring operational efficiency and improve their services. Moreover, BFSI are rapidly adopting digital technologies on a global scale, which is also projected to contribute to the growth of the segment during the forecast period.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2022, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing spending by BFSI, manufacturing and other end users for improving business processes by implementing digital technologies in the region. For instance, in India, the BFSI industry spent 57 percent of their expenditure on digital services in 2020. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue during the forecast period, ascribing to the presence of leading structured data management software providers in the region. Along with this, North America also leads in terms of high adoption of digital technologies by various end-use industries, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share, accounting to the presence of stringent regulations associated with data infringement and high financial penalties in the region. Moreover, the increasing adoption of data management software by small and medium enterprises is also contributing to the market growth in the region.
The global structured data management software market is further classified on the basis of region as follows:
Our in-depth analysis of the global structured data management software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing data volume and rising adoption of digital technologies for business transformation are the key factors driving the market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Concerns related to data security and data privacy and rising cyber-attack are estimated to hamper market growth.
The market in the Asia Pacific region will provide ample growth opportunities owing to the increased spending by BFSI, manufacturing, and other end users for improving business processes in the region.
The major players dominating the structured data management software market are SAS Institute Inc., IBM Corporation, Oracle Corporation, and Rackspace US, Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, enterprise size, end-user industry, and by region.
With respect to end-user segment, the BFSI segment is anticipated to hold the largest market share owing to high adoption of digital technologies and increasing data volumes in this sector.
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