Bigdata and HadoopWhat Is Cloud Data Management And How Big Is The Industry?

What Is Cloud Data Management And How Big Is The Industry?

As organizations and individuals become more reliant on technology and IoT devices, it has become evident that the Connected Era is in full swing. And, in today’s information age, companies that are able to gather, analyze, and use real-time quality data can gain a unique competitive edge. 

Cloud data management is an essential tool for businesses to elaborate and share the data collected to automate processes and make better business decisions. 

Here is what you need to know about how cloud data management is radically changing every industry. 

What Is Cloud Data Management? Let’s Cover the Basics

Cloud data management refers to the process of using cloud infrastructures to collect and store data about employees, customers, finances, products, supply chains, and the market as a whole. 

These digital databases can be paired with on-premise storage solutions and user-friendly interfaces. However, they exist in cloud architectures that make it easier for users to share information, collaborate on projects, and access insights. 

Even more importantly, cloud data management systems ensure protection against natural disasters and catastrophic accidents such as data loss. Ultimately, these digital architectures work as long-term data archiving and backup solutions as well as highly-secure access points.

Cloud Data Management: Features and Benefits

Cloud data management systems and data warehousing solutions play a critical role in today’s business operations. 

Thanks to cloud-based systems, businesses can enjoy a vast range of benefits, including:

  • Reducing costs
  • Ensuring business continuity
  • Supporting streamlined and secure collaboration (especially in the era of remote working)
  • Protecting against data loss and reducing the risk of data theft
  • Ensuring access to real-time, quality data
  • Providing unparalleled scalability and versatility
  • Ensuring compliance with local and international privacy laws

Cloud management systems, when deployed properly, can also reduce a company’s operating costs by over 35%. 

The Cloud Data Management Industry at a Glance

While network-based computing has been around since the 1960s, it wasn’t until the early 2000s that Google introduced the first cloud computing systems. And, since then, the industry has not stopped developing and growing. 

Here are three insightful statistics about the cloud data management sector you should know. 

The US Cloud Data Management Services Market Is Worth Nearly $4 Billion

Just in the US, the cloud data management service market was worth $3.9 billion in 2020, while globally, the industry was worth a whopping $12.9 billion in the same year. Growing at a CAGR of 27.6%, the cloud data management market is expected to reach a global value of $70.9 billion by 2027. Geographically, the key players in the industry include the US, China, Canada, Japan, and Germany.

Job Openings for IT Managers and Cloud Architects Are Growing Faster Than Average

As the industry continues to evolve, it isn’t surprising that the demand for skilled and trained professionals is on the rise. 

In particular, according to the Bureau of Labor Statistics, computer and information systems managers benefit from a job outlook growing at 16% (much faster than average) and database administrators and architects see their employment projection growing at an annual rate of 6%.

But while professionals in the industry are certainly not short of opportunities, the competition has never been so fierce. That is why, for new entries in the industry, choosing highly reputable and certified online courses such as the ones offered by Dooey is crucial to gain a competitive edge over other candidates. 

The Enterprise Data Management Market Is Growing at a CAGR of 9.1%

The cloud data management industry has been growing exponentially since the start of the Covid-19 pandemic – and this growth rate isn’t showing signs of slowing down. 

According to 2022 reports, the global enterprise data management market will continue growing at a CAGR of 9.1%, thus reaching a global worth of $130.6 billion by 2028. The cloud-based side of the market, which now accounts for 55% of the industry’s total revenue, is expected to become more and more prevalent over the next few years.

Introducing Cloud Data Management in Your Company: How To Get Started

Introducing cloud data management systems within your business can lead to unparalleled benefits. And, thanks to providers such as AWS, Microsoft Azure, and IBM cloud, the deployment of new systems does not have to be challenging. 

Nonetheless, don’t forget that companies waste an estimated 35% of their cloud spend on technologies and systems that aren’t suitable or necessary! Make sure to partner with a specialized consultant to decide on your budget and strategy. 

Also Read: Data Warehousing: A Critical Path to Customer Success in the Cloud

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