Data as a Service (DaaS) Market

Data as a Service (DaaS) Market Outlook (2023 to 2033)

Businesses all over the world highlight DaaS as a way to use competitive intelligence to transform the business world in addition to being a unique income channel. The significance of DaaS is being driven by the rising importance of data and analytics. Companies can access external data with ease thanks to external DaaS services.

This deployment model focuses on a cloud to deliver data-related services including storage, analytics, and processing. DaaS makes advantage of the well-known software-as-a-service (SaaS) paradigm, which enables users to use cloud-based software programs provided over a network as opposed to establishing dedicated hardware servers for a particular set of actions on a particular set of data.

Data as a Service is one of the most significant members of the "as a Service" (aaS) family. Due to the fact that data accessibility is a crucial component of an enterprise's operations, as data is becoming more and more important. The amount of data generated is expanding quickly as a result of increased digitization at the organizational level, and this data is also challenging to handle due to its heterogeneity.

What are the drivers of demand in this industry?

Growth in Consumer data analytics is driving demand for DaaS.

Now businesses are keenly invested in learning consumer demands and gathering insights of consumer behavior through cross channels for knowing more about them. Due to the availability of features like data management, message delivery to the appropriate person at the appropriate time, data analysis, and others, businesses are demanding more and more Data as a Service.

On the other hand, the main obstacles to the expansion of the market throughout the anticipated time would be data security and privacy concerns.

Improved Data Quality, Agility, and Financial Flexibility are benefits driving demand for DaaS

Through the data service, users can access data. Since the data service is the sole source of updates, it is simpler to track changes to the data, which can enhance the quality of the data. As DaaS improves speedy access to required data users can take quick actions.

Agility is a significant benefit of DaaS which tends to decline time to market. Moreover, opting for DaaS allows companies to trade-off between operating expenses and investments. Companies can use these services and need not invest in buying systems and additional personnel to manage. Additionally, DaaS helps in saving maintenance costs.

Trends in the Industry

Data as a service company offer a deployment methodology known as cloud deployment. DaaS adoption in the cloud nowadays is seen as a key trend. Since this tendency leads to data supply dependent on end-user demand, the cloud model has shown to be the most effective strategy for providing these services.

Rise in cloud deployment to increase demand

Over the projection period, cloud deployment is anticipated to contribute to a significant rise. Potential market opportunities are being created by this development in the market for providers.

Automated Insights are serving everything for everybody

The processes previously invisible are now can be optimized further. Automated processes will reduce human processes and every aspect of an organization is likely to be transformed with the adoption of data-driven organization architecture.

DaaS to help in Effective Benchmarking

When a business wants to assess how well the company is performing in comparison to its competitors, data as a service is a helpful tool. Organizations can use DaaS to gain access to global data and produce benchmarking reports that may contain information on leadership effectiveness, turnover, and financial success.

DaaS to remain a mainstay for Business Intelligence

Businesses can provide their data to internal users as a service, facilitating business intelligence. Data virtualization, standardization of data across sources, and analytical automation are all streamlined by DaaS. Data scientists have real-time access to data, allowing them to dynamically modify and integrate data as needed, and evaluate it for decision-making.

Key market Players

The leading vendors operating in the industry are focusing on innovation to sustain increasing market competition. They are also focusing on the delivery of outstanding services to the end users. Following are some top players in the market-

• Oracle Corporation
• Microsoft Corporation
• Google
• Amazon.com Inc.
• Actifio
• IBM (International Business Machines Corporation)
• SAP SE
• Teradata Corporation

Regional Outlook

Due to the region's quick adoption of DaaS by businesses from various industry verticals, North America currently accounts for a sizeable portion of the market in terms of income generated from the selling. Businesses in European nations are embracing DaaS to increase collaboration inside their operations and withstand the global marketplace's escalating rivalry.

For cost-cutting purposes, businesses are establishing effective data management and data analysis processes for the sales and marketing teams. Due to the rising industrialization in developing nations like China, India, and others in this area that is leading to the use of Data as a Service, the SEA and Other APAC regions are anticipated to grow at a high CAGR over the projection period. Due to the sluggish adoption, MEA is anticipated to develop at a moderate CAGR.

Segmentation

• By Deployment :

  • On Public Cloud
  • Private Cloud
  • Hybrid Cloud

• By Enterprise size :

  • Small
  • Medium
  • Large

• By Industry :

  • BFSI
  • Government
  • IT and Telecommunication
  • Manufacturing
  • Retail
  • Others

• By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East and Africa