Overview
Data as a service (DaaS) relies on the cloud to ensure data storage, data integration, data processing, and delivery of applications over a network. The accumulation of large volumes of data and the preference of cloud for storage of information has brought the service to the forefront. The global data as a service (DaaS) market report by Market Research Future (MRFR) contains an overview of the industry, its benefits in various industries, and its prospects for the period of 2018 to 2023 (forecast period). The impact of the virus on the market has been explored.
Market Scope
The global Daas Market is expected to grow at a CAGR of 39% and reach a size of USD 12 billion by the end of 2023.
The shift to cloud for building applications and scaling them at low costs is one of the primary drivers of the market. DaaS provides information to customers irrespective of geographical location or separation of provider and consumer. Companies have managed to maintain the integrity of their data and improve agility of workloads owing to dependence on analytics and management and storage of pertinent data.
Adoption of big data analytics and cloud services in enterprises for storage and maintenance of data can bode well for the market. Initiatives of Bring Your Own Devices (BYOD) and enterprise mobility can drive the market forward. The decision of enterprises of providing users control over their data on a cloud can reduce data access times and enhance data processing. The market faces challenges from cybersecurity issues and a paucity of skilled personnel for maintaining huge data volumes.
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Segmentation
By deployment, the market is segmented into public cloud, private cloud, and hybrid cloud.
By organization size, the market is segmented into small and medium enterprise and large enterprise.
By end user, the market is segmented into IT & telecom, BFSI, retail, manufacturing, media & entertainment, transportation, healthcare, and others.
By pricing model, the market is divided into volume-based pricing model and data type-based pricing model. Volume-based pricing model includes quantity based pricing and pay per use pricing.
By solution, the market is segmented into data migration, data warehousing, disaster recovery and backup solution, test data management, and others.
By professional services, the market is segmented into consulting, implementation & deployment, and support & maintenance.
Regional Analysis
The geographical analysis of data as a service market is studied for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is expected to dominate the data as a service (DaaS) market during the forecast period. It features a significant amount of unstructured data gathering due to digital revolution across the commercial and industrial sectors. Moreover, the early adoption of cloud-based deployment services in North America has made it easier for the industrial verticals to opt big data analytics to re-structure business functions and strategies. This is evident with Streetlight Data raising funds to the tune of USD 15 million for using big data acquired through smartphones. The data is used in adhering to latest social distancing measures during the COVID-19 pandemic and the safety of passengers commuting through buses and other forms of public transport.
APAC is expected to grow at a significant pace during the forecast period. Due to increasing adoption of cloud-based services and data-centric strategies adopted by businesses in the Asia countries, the global data as a service (DaaS) market has ample scope in expanding. Initiatives of incentives for startups and commencement of digitization can bode well for the market in the coming years.
Competition Outlook
IBM Corporation, Oracle Corporation, Mastercard Advisors LLC, Microsoft Corporation, Fair Isaac Corporation, LexisNexis Corporation, Google Inc., LinkedIn Corporation, Salesforce.com, Inc., Facebook, Inc., Bloomberg Finance L.P., and Alibaba Group Holding Limited are major providers in the global DaaS market.
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Data as a Service Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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