Developments in the market would boost e-commerce platforms and adoption of cloud-based services offering competitive edge to the companies
Needs & Advantages of NoSQL
As several problems related with SQL-based relational databases are gaining prominence, there new family of data storage technologies known as NoSQL is fast emerging and gaining traction across various applications segments mainly in social networks, retail and e-commerce sectors.
A NoSQL also known as (Not Only SQL) helps to store and retrieve data that could not be presented in tabular form as compared to relational database. This means that NoSQL serves the needs of modern business applications by overcoming the drawbacks of relational database in terms of flexibility and horizontal scalability. Some of the foremost advantages NoSQL over RDBMS’s include high data velocity, strong data variety support and a peer-to-peer architecture.
The huge volumes of increasingly complex data has created an impending need for having a simplified design along with horizontal scaling for streamlined processing. Furthermore the challenges of data variety and velocity are the factors that has created immense growth opportunities in the market.
Adoption trends & Recent Development
The adoption of NoSQL to complement SQL database is driven by various factors in various organizations. Big data trends gaining traction across enterprise, integration among different NoSQL technologies and between SQL and NoSQL database option along with increasing demand of cloud based services are the factors that would boost the adoption of NoSQL market. However, as market analysts and industry players opine the complete replacement of NoSQL over SQL database is not feasible since relational databases and data warehouses will continue to be used for accomplishing mission-critical jobs such as transaction processing and reporting; however, this will pave way for opening of new vistas of developments in unstructured database.
Some of NoSQL databases such as Cassandra, HBase, and MongoDB are gaining prominence across various enterprise developers for reasons more than one–less overhead, prompt prototyping new kinds of apps or data analysis–that will immensely helpful for them in creating a viable e-commerce platform. For instance, an industrial parts retailer or supplier might use the benefit of NoSQL database to create a mobile ecommerce app that will give useful information on products consisting of descriptions including photos and videos. With time, the company can add more products and users, or if necessary overhauls its app design, and the scalability and flexibility of the data base will keep be able to reap the benefits.
Strategic Analysis
Over the past few years, companies are experimenting with new models of NoSQL data base by identifying new pockets of NoSQL innovation by integrating engines into their existing IT platforms. Companies also need to look analytically stock of NoSQL products that will give added advantage along with many SQL technology already in place. A relationship network analysis of the customers profile and salesforce is necessary step in implementing the technology.
However, drawbacks of the NoSQL systems such as schema-less representation and lack of data consistency, difficulty in testing and maintaining, and lack of a structured query language are the factors that may hinder the adopting rate of the market across regions. However despite the downsides, stalwarts such as Cisco, SAP, Adobe, Verizon, Metlife, and Nokia have recently made significant shifts to the NoSQL database. These companies are using NoSQL as part of its big data strategy to gain significant competitive edge over their rivals.
Growth Prospects
The growth opportunities in the market is huge–as per a recent report by Allied Market Research titled “World NoSQL Market - Opportunities and Forecasts, 2013 – 2020” the global NoSQL market is forecast to reach $4.2 billion by 2020, growing at 35.1% CAGR during 2014 – 2020. Geographically, the Asia-Pacific region, is expected to be one of the fastest growing markets and is estimated to grow at a 41.3 percent CAGR through the forecast period. The North American segment is most likely to remain as the major contributor to the growth of NoSQL market.
