The Latin America, Middle East and Africa NoSQL Market would witness market growth of 30.0% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA NoSQL Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,293.1 million by 2031. The Argentina market is showcasing a CAGR of 30.7% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 29.6% during (2024 - 2031).
The market is characterized by continuous innovation and evolution, driven by emerging trends and technological advancements. The rise of multi-model databases, which support multiple data models within a single database engine, provides organizations greater flexibility and agility in managing diverse data types and use cases. Multi-model databases combine the strengths of document-oriented, key-value, columnar, and graph databases, enabling organizations to address a wide range of requirements without deploying multiple specialized databases.
Serverless computing platforms, such as AWS Lambda, Azure Functions, and Google Cloud Functions, are gaining popularity for event-driven and microservices-based architectures. NoSQL databases are well-suited for serverless applications due to their scalability, pay-as-you-go pricing model, and seamless integration with serverless platforms. Organizations leverage serverless computing to build highly scalable and cost-effective applications that automatically scale in response to demand.
The growing gaming sector in Saudi Arabia is significantly boosting the adoption of NoSQL databases within the country. As per the data from the International Trade Administration, artificial intelligence (AI) is a priority in the UAE. It is anticipated that artificial intelligence (AI) will contribute approximately 14% of the national GDP ($96 billion) by 2030. Furthermore, between 2018 and 2030, the annual growth rate of AI's contribution to the UAE economy is projected to increase by 33.5%. Thus, with the rising adoption of AI and the gaming sector in LAMEA, there will be an enhanced demand for these databases in the region.
Free Valuable Insights: The Worldwide NoSQL Market is Projected to reach USD 57.6 Billion by 2031, at a CAGR of 27.3%
Based on Type, the market is segmented into Key-Value Store, Document Database, Column Based Store, and Graph Database. Based on Application, the market is segmented into Web Apps, Data Analytics, Mobile Apps, Data Storage, and Others. Based on End User, the market is segmented into IT, Retail, Gaming, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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