Today’s skills shortage means modern business must focus on keeping developers happy. Which is good news for companies that have a big developer fanbase, such as open-source managed cloud database provider MongoDB Inc.

With a 48% compound year-on-year growth, MongoDB is on a revenue roll. The company reported better than expected results in Q3 and Q4 2021, and the stock is rated a strong buy.

“MongoDB Inc.’s open-source database is a boon to software developers and young companies. It makes product development faster and less expensive than traditional databases,” said Ryan Owens, software developer and former investment manager, in a recent analysis. “The software development community is catching on, and usage of the tool is accelerating quickly.”

On June 8, theCUBE, SiliconANGLE Media’s livestreaming studio, will be joining the developer community in New York City for “MongoDB World 2022: The Future Runs on MongoDB” and providing exclusive coverage of news from the event. The conference is billed as being “for the creators, disruptors and transformers of tomorrow,” and a major attraction is the Builder’s Fest portion of the event, where developers will get hands-on with projects that include Tamagotchi hardware and a model industrial internet of things smart factory. (* Disclosure below.)

Developers appreciate MongoDB’s simplicity

The fastest growth is in adoption of database-as-a-service MongoDB Atlas, which is growing at 85% year-on-year, Ian Massingham, vice president of developer relations and community at MongoDB, recently told theCUBE. Launched in 2016, Atlas offloads the undifferentiated heavy lifting that developers hate, allowing them to focus on building applications.

“They don’t have to run and operate the data infrastructure; we do it for them. That has proven incredibly popular amongst our customers,” Massingham stated.

Overall cloud database-as-a-service adoption has been accelerated by the move to a data-driven economy. With a projected compound annual rate of 62%, the market is expected to hit $399.5 billion by 2027.

The rise has been swift. Fifteen years ago, almost all data was managed on-premises. But over the past decade and a half, the share of corporate data managed in the cloud has steadily risen. 2020 marked the watershed of 50% of data in the cloud, a figure that rose to 60% in 2022.

“Roughly 90% of enterprises are either actively moving production data to the cloud and adopting cloud databases for new workloads or have plans to do so within the next three years,” stated Carl Olofson, research vice president, IDC Research Inc., in an analysis on the global database management systems market.

MongoDB anticipated the rise of DBaaS and jumped early, joining a handful of other successful startups surfing the wave of adoption alongside the OG’s of database, such as IBM and Oracle, and big-name cloud providers Amazon Web Services, Microsoft and Google Cloud.

“Companies like MongoDB … have shown that if you can pick a service or a problem space and either develop IP that’s super deep or own developer audience, you can actually fight the big guys,” Jerry Chen, partner at Greylock Management Corp., previously told theCUBE.

With its reliable, managed cloud-agnostic database management service, MongoDB has “hit the sweet spot” that every enterprise wants, analyst Holger Mueller of Constellation Research Inc. told SiliconANGLE in March. Alongside the announcement that its Q4 revenue had broken the $250 million mark, MongoDB revealed it had also surpassed $1 billion in annualized revenue.

With DBaaS adoption showing no sign of slowing down and MongoDB keeping its strategic “brakes off,” that revenue is likely to continue on an upward trajectory, according to Mueller.

“As we look to the next quarter, there’s no reason why MongoDB can’t keep growing at a similar rate,” he said.

TheCUBE event livestream

Don’t miss theCUBE’s coverage of MongoDB World. Plus, you can watch theCUBE’s event coverage on-demand after the live event.

How to watch theCUBE interviews

We offer you various ways to watch theCUBE’s live coverage of MongoDB World, including on theCUBE’s dedicated website and YouTube channel. You can also get all the coverage from this year’s events on SiliconANGLE.

TheCUBE Insights podcast

SiliconANGLE also has analyst deep dives in our Breaking Analysis podcast, available on iTunes, Stitcher and Spotify.

Guests

Stayed tuned for the complete guest list for theCUBE’s coverage of MongoDB World.

(* Disclosure: TheCUBE is a paid media partner for the MongoDB World 2022. Neither MongoDB, the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: MongoDB