According to a new report, published by KBV research, The Global NoSQL Market size is expected to reach $57.6 billion by 2031, rising at a market growth of 27.3% CAGR during the forecast period.
NoSQL databases store and manage blockchain transactions, smart contracts, and decentralized applications (DApps), providing organizations with a scalable and resilient infrastructure for blockchain-based solutions. In addition, blockchain networks utilize NoSQL databases to store and manage transactional data, such as records of asset transfers, smart contract executions, and consensus protocols. By providing efficient storage and retrieval mechanisms, NoSQL databases enable blockchain networks to process transactions quickly and maintain an immutable ledger of transactions.
The Document Database segment would exhibit a CAGR of 27.5% during (2024 - 2031). Document databases offer schema-less data models, allowing developers to store and query data without a predefined schema. This flexibility is particularly advantageous in applications with evolving data requirements. Document databases are highly scalable, both horizontally and vertically, enabling organizations to handle large volumes of data and increase workloads effectively. Hence, the segment will expand rapidly in the coming years.
The Web Apps segment is generating highest revenue in the Global NoSQL Market by Application in 2023; thereby, achieving a market value of $16.8 billion by 2031. Web applications are inherently scalable and dynamic, often experiencing unpredictable spikes in user traffic and data volume. Traditional relational databases may struggle to scale horizontally and handle the distributed nature of web applications efficiently. In contrast, NoSQL databases are designed to scale out horizontally across multiple nodes, enabling seamless scalability and high-performance data processing for web applications. Therefore, owing to these factors, the segment will witness enhanced demand in the coming years.
The Gaming segment is experiencing a CAGR of 28.2% during (2024 - 2031). Games, especially those with massive multiplayer online (MMO) features or large player bases, require highly scalable databases to handle the influx of data generated by user interactions, in-game actions, and virtual economies. With their horizontal scalability and flexible data models, NoSQL databases are well-suited for these requirements. Hence, these factors will fuel the demand in the segment.
Full Report: https://www.kbvresearch.com/nosql-market/
The North America region dominated the Global NoSQL Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $19.6 billion by 2031. The Asia Pacific region is anticipated to grow at a CAGR of 28.2% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 26.8% during (2024 - 2031).
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