10/7/2023 0 Comments Mongodb in![]() In October 2013, then-CEO Max Schireson - who left in 2014 to make way for current CEO Dev Ittycheria - told me customers loved MongoDB’s value proposition. ![]() That superior customer value proposition has propelled MongoDB’s growth before and after its IPO. MongoDB’s success springs from a simple idea: Years before the company went public its product worked better at a fraction of the price of Oracle’s MySQL. Unlike incumbents, Atlas uses NoSQL - “a document-based data model that creates unstructured, non-relational data documents.” In a recent note to investors, Jason Ader and Sebastien Naji of William Blair wrote MongoDB has significant growth potential since fewer than “40% of the Fortune 500 are MongoDB customers today.” Why MongoDB’s Value Keeps Growing He told IBD, “MongoDB Atlas is the ideal platform to reach that goal.” Gordon stated MongoDB’s product is poised to gain more market share because it helps companies incorporate generative AI into their business strategies. Michael Gordon, MongoDB's COO and CFO CFO, said the company’s market share is approaching 2%. To be sure, MongoDB aims at a large market - growing at a nearly 14% compound annual rate to $136 billion by 2027, according to IDC. These legacy products are not as appealing to customers because these off-the-shelf products are more difficult to customize, Ivan Feinseth, director of research at Tigress Financial Partners, told IBD. MongoDB’s legacy rivals - Microsoft MSFT SQL Server, Oracle’s ORCL Database, and IBM’s DB2 -use Structured Query Language to build tabular databases. Moreover, MongoDB’s platform works with three cloud services leaders - AWS, Azure, and Google Cloud. Its program helps developers “build and design applications in a fast, flexible and scalable manner and enables them to integrate powerful AI features,” noted IBD. MongoDB’s product is easier for customers to tailor to their multicloud computing environments.
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