A cloud database refers to a collection of data sets or database services that are developed on cloud-based platforms. Users can store and access information in the database using cloud software and solutions that are installed on cloud infrastructures such as Microsoft Azure, Dropbox, and Gmail. The use of cloud databases is increasing in various enterprises due to its low operational costs, information security, and reduced complexities. Enterprises in various countries are using cloud database solutions due to features such as hassle-free application developments. Unlike the traditional models, cloud platforms offer a comprehensive solution, such as custom-built features for developing relational database, which is supported by MySQL engineers.
Cloud databases can be accessed by users at any time and place securely using various devices such as computer systems and mobile phones. Enterprises in various sectors, such as banking and finance, educational, retail, educational, government, and public, are increasingly using cloud database solutions. The use of cloud database platforms is increasing in the banking, financial services, and insurance (BFSI) industry significantly. These platforms enable users to store large files and provide automatic data storage solutions.
Cloud database platforms ensure data security with improved risk management, flexibility in operations, and better quality control. These database platforms enable access to Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software applications, which helps banking firms to improve their relationship with clients using Software-as-a-Service (SaaS). SaaS solutions offer BFSI firms a wider scope of personalization and provide complete control of the data stored in databases. This helps companies address customer issues and concerns as company branches can easily access their transaction information and other details. However, shifting to another cloud service provider can be complicated, which can result in vendor lock-in problems. In addition, data breaches can lead to access to confidential data by hackers, due to which companies are opting for alternative database management solutions. These factors can potentially impact the adoption of cloud database security solutions in various enterprises across regions.
Leading players are adopting various strategies to retain their lead in the market. Some of these strategies include acquisitions, research, and development activities, and technology launches. In April 2022, Aricon, a prominent U.S.-based company, announced its launch of Aricon Cloud, which is the first change data capture (CDC) data replication-as-a-service solution. This solution would enable enterprises to deploy large data volume pipelines and provide high performance within minutes. Through this strategy, the company aims to cater to the requirements of data-driven enterprises. These factors are expected to contribute to the increasing adoption of cloud database security solutions among enterprises across various sectors.