Cloud databases are transforming how businesses operate, allowing them to adapt to KPIs and trends as needed without sacrificing crucial time, effort, and money. The relationship that businesses and their respective clientele have with data has been shifted for good. That can largely be attributed to the centralization, analytical capability, and streamlined operations brought on by the existence of NoSQL databases.
In 2023, the popularity of NoSQL has increased significantly for unstructured data. Forecasts from the Digital Journal expect a 31.08% CAGR for the NoSQL market, leading to a total value of over $38 billion by 2028. Designed to optimize and add flexibility, we see the consistent usage of this database type by popular applications that practically define the modern individual’s lifestyle. To name just a few, you see Netflix, Facebook Messenger, and Gmail tap into NoSQL.
So, why is NoSQL becoming such a favored database choice? Check out some of the key benefits it can provide for your business.
Allows Real-Time Processing
One of the most popular use cases for NoSQL databases is for real-time applications. This is made possible by the database’s ability to store and manage big chunks of data at a time without error. Even more importantly, it lives up to the notion of real-time processing because both small and large volumes can be analyzed or transmitted without any lag.
This means a business can receive data accurately and respond accordingly in a timely manner. There are various industries that can make use of this function, but it’s most apparent in e-commerce and online services that require immediate input and decisions or adjustments that go directly from internal processes to the end user (or consumer.)
If you noticed the improved latency for streaming services such as Prime Video, this is because of their use of encrypted real-time databases. It’s worth considering the fact that videos account for over half of internet data traffic, with the United States alone maintaining more than 2,700 data centers to keep up with around 328.77 million terabytes of data created every day.
More Cost-Effective Than SQL
One of the factors that really turns the tide when debating NoSQL vs. SQL databases is cost. NoSQL is built to have a flexible data model that you can easily make changes to, has compatibility with a lot of programming languages to cater to different programmers, and scales horizontally. Ultimately, this makes it more cost-effective.
Depending on the specific database used, you can even use open-source assets that reduce the fees that come with development. The NoSQL database’s ability to handle large amounts of unstructured data also mitigates any costs that may otherwise have risen from storage and processing.
When you’re ‘Choosing the Best Cloud Solution for Your Business’, you need to look beyond the present. You essentially want to “future-proof” your business by using solutions that can adapt to changing needs and allows you to rectify any mistakes from previous experiences.
Because NoSQL is scalable, you can handle increased demands without excessive cost. On the flip side, you can also minimize as needed to fit your budget. The right database type can scale easily with your growth and maintain efficiency without cutting off your cash flow.
Simplifies Data Storage and Access
An underrated yet highly beneficial use for NoSQL is its simplicity. It’s not hard to understand or access its data if you are an authorized party, so there’s a minimal margin of error between transfers of data and assets. This is very useful if your business needs to make use of multiple servers.
Even with a singular server, data storage is simplified by being able to store different data types without needing a rigid schema. This not only makes things more efficient but also makes management and support easier.
The Harvard Business Review notes that 7 out of 10 managers and employees feel more productive when they have the right digital tools. NoSQL databases have been optimized for performance so that they not only require minimal maintenance but also make things easier for employees that need to access or work with the data stored.
Instead of wasting time and energy trying to navigate complicated databases and figuring out the right query to input, workers can instead get a reliable and quick result so that they can focus on other tasks without worrying.