Maxmind Geoip2 API vs downloadable database

I was wondering the differences between the usage of maxmind downloadable database vs their direct web API. Any particular benefits if I download the maxmind database locally to my server instead of using their direct web API? Is there any accuracy difference between both? Should I update the maxmind GeoIP2 database, very frequently to get accuracy? What is the best option here and why people choose downloadable database?

Please find the comparison between database and web service option. It is general comparison and should be applicable to providers such as Maxmind and IP2Location.

Downloadable Database

Pros

• Low network latency
• Flat fee, No pay-per-use cost

Cons

• Periodic database download and updates
• More complex database query or programming libraries

Web Service

Pros

• No database update or maintenance
• Slightly more accurate in case you missed updates
• Simple API interface

Cons

• High network latency / Slow
• Variable fee, pay-per-use basis