Cloud-based Time Series Database: Introduction
A time series database (TSBD) is a sequence of data points collected over time intervals, or it refers to a database optimized for measuring change over time. Time series database is a collection of measurements or events that are monitored or tracked over time. It is mainly used for application performance monitoring, sensor data, network data, clicks, events, trades in a market, and numerous other types of analytics data.
Time series database monitors or tracks changes over milliseconds, days, or even years.
The global cloud-based time series database market is projected to expand at a rapid pace during the forecast period, due to the increase in adoption of these solutions among endusers across the globe
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Increase in demand to reduce risks, improve efficiency, and enhance business operations among end-users is expected to boost the global cloud-based time series database market during the forecast period
Rise in need to analyze financial data accurately and the volatility of stock trading is also anticipated to fuel the cloud-based time series database market during the forecast period.
Technological advancements and changing work culture have encouraged business organizations to adopt advanced software. Thus, demand for cloud-based time series database is likely to increase during the forecast period to cater to the fast-changing market needs.
Rise in demand for accessing IoT data and monitoring web services, applications, and infrastructure is also expected to boost its demand across the globe.
However, high cost of cloud-based time series database restricts its adoption among smallsized end-users. This is anticipated to hamper the market during the forecast period.
Impact of COVID-19 on the Global Cloud-based Time Series Database Market
The COVID-19 pandemic is anticipated to adversely impact the global cloud-based time series database market in the short term i.e. during the lockdown period. Investment in cloud-based time series database among organizations has reduced significantly due to the lockdowns enforced by various governments to curb the spread of the COVID-19 pandemic.
However, many end-users such as government and healthcare sector are significantly adopting time series database to track the closing and opening value of the stock market, daily lows and highs in temperature, and total number of COVID-19 hospitalizations per day across the globe. This is projected to positively impact the global cloud-based time series database market during the forecast period.
North America to Hold Major Share of Global Cloud-based Time Series Database Market