According to a MarketsandMarkets report, the global Big Data market is projected to grow from $28.65 billion in 2016 to $66.79 billion by 2021. That translates to an annual growth rate of more than 18% over the projected five-year period. The growth in the industry is helping drive expansion in emerging non-row and column-based databases – the NoSQL databases. Earlier this month Billion Dollar Unicorn club member MongoDB, a big player in the NoSQL database market, confidentially filed to go public.

Photo Credit: Garrett Heath/Flickr.com

MongoDB’s Offerings

New York-based MongoDB was founded in 2007 by entrepreneurs Dwight Merriman and Eliot Horowitz. It was initially called 10gen and was launched to develop an open source cloud platform. It gradually evolved to a NoSQL-based database technology and rebranded itself as MongoDB.

MongoDB has developed NoSQL technology with the intention of being able to naturally scale out architecture. As its former CEO Max Schireson mentioned to me in an interview a few years ago, its technology allows organizations to string together commodity hardware to handle increased workload. Its technology caters to the new, complex, and unstructured data types that are being built and are needed by apps and programming languages. It is able to deliver a data model that can provide faster, real-time performance for app management while improving customer experience and cost management.

More recently, the company introduced a new offering called MongoDB Stitch that is aimed at simplifying the task of building application backends using its document store. Stitch allows developers to incorporate external components into a project using readymade integrations.

MongoDB’s Financials

MongoDB offers its database products on a subscription as well as a pay-as-you-go basis. It charges a premium fee for enhancements and services that include product support, on-premise management, platform certification, and superior security features. Subscriptions range from $2,500 to 7,500 per server per year. Its DBaaS offering Atlas costs $0.12 to $0.87 per hour and  the free cluster offers 512 MB storage.