Data as a Service (DaaS) Market Projected to Reach USD 61.42 Billion by 2030 at a 36.9% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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New York, USA, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Data as a Service Market information by Deployment, by Organization Size,byEnd User, by Pricing Model and Region – forecast to 2030” market size to reach USD 61.42 billion, growing at a compound annual growth rate of 36.9% by 2030.
Market Scope: The global data as a service market is growing substantially, mainly due to the rising need for data analysis in organizations to gain a larger competitive advantage. Data as a Service (DaaS) is a data management strategy that delivers data storage, integration, processing, and/or analytics services via a cloud network connection. Data collected by DaaS help user organizations to comprehend and gain insights from large information sets.
Data as a service allows companies can improve the agility of data workloads, reduce time-to-insight, and increase the reliability & integrity of their data. Resultantly, DaaS is becoming an increasingly popular solution for data integration, management, storage, and analytics. With more and more organizations turning to the cloud to advance their infrastructure and workloads, the market is estimated to perceive significant gains in the next few years.
Dominant Key Players on Data as a Service Market Covered are:
Market USP Exclusively Encompassed: Market Drivers With the growing number of financial services adopting big data solutions, the market has a positive outlook in the years to come. Predictive modeling tools, alongside interactive visualization and automation, are growing tremendously, accelerating the development and analysis of predictive models that can be used for conducting tasks such as customer analytics, risk reporting & threat management, and product innovation.
The emergence of social media analytics is ket driving force defining the growing landscape of the DaaS market. Extensive uses of DaaS by rapidly increasing social media platforms to track user interactions on these sites, accelerating the market demand. Increasing advances and the importance of sentiment analysis in text analysis has prompted organizations to integrate social media into their business process.
This, as a result, propels market revenues, massively increasing the amount of data stored by an enterprise. As the generation and consumption of data continue to grow, investments in data analytics hardware, software, and services will grow with it.
The availability of large data sets is a key reason why Deep Learning, a subset of artificial intelligence, has emerged as the hottest tech trend, with deep pockets driving investments and talent acquisition releasing open AI hardware and software. Growing interest and investment in AI would, in turn, lead to the emergence of new tools for collecting & analyzing data and new enterprise roles and responsibilities.
Segmentation of Market Covered in the Research: The market is segmented into pricing models, solutions, professional services, deployments, organization size, end-users, and regions. The deployment segment comprises public cloud, private cloud, and hybrid cloud. The organization size segment comprises small & medium enterprises and large enterprises. The end-user segment comprises BFSI, healthcare, manufacturing, retail, media & entertainment, IT & telecom, transportation, and others.
The pricing model segment comprises volume-based pricing models and data, type-based pricing models. The solution segment comprises test data management, disaster recovery & backup solution, data warehousing, data migration, and others. The professional services segment comprises implementation & deployment, support & maintenance, consulting, and others. The region segment comprises the Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis North America dominates the global data as a service market with the largest market share. Technological advantages are some of the key drivers for the regional market. A huge amount of unstructured data gathering due to the digital revolution across the commercial and industrial sector in the region is fostering market growth in the region.
Besides, the early adoption of cloud-based deployment services positively impacts the market value, making it easier for industrial verticals to opt for big data analytics to re-structure business functions and strategies. The DaaS market in the Asia Pacific region is emerging as a profitable market globally. Increasing uptake of cloud-based services and enormous opportunities across businesses provide better scope for the APAC countries to advance in the data as a service (DaaS) market. The APAC data as a service market is expected to create a substantial revenue pocket over the forecast period.
Competitive Landscape Highly competitive, the DaaS market appears fragmented due to several large and small players forming a competitive landscape. To gain a larger competitive edge, players incorporate strategies such as collaborations, mergers & acquisitions, product/ technology launches, and expansion.
For instance, on Jan. 24, 2022, Intermap Technologies, a global leader in geospatial content development and intelligence solutions, announced signing a new contract with a leading European airline to provide elevation data as a service for route planning operations through an online data subscription service.
This agreement enables the airline to access Intermap's web services to access high-resolution NEXTMap elevation datasets. The on-demand terrain data to visualize terrain and perform line-of-sight analyses to model safer and more efficient routes parallel with other operations and engineering software tools. Further, the deal would allow the airline to access the data through web services to increase operational efficiency and reduce the cost of data acquisition and management.
In another instance, on Jan. 21, 2022, PhaseZero, a B2B and B2C digital commerce software provider, introduced a new DaaS tool - CxAnalytics solution capable of proactively managing sales and market share growth and mitigating critical business risks for business managers. This is another strategic investment by PhaseZero as part of its continuous investment in its open, secure, multi-tenant, multi-market, and multi-cloud enterprise Software-as-a-Service (SaaS) application platform.
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