ID: MRFR/ICT/4599-HCR | February 2021 | Region: Global | 100 pages
Businesses are in need of new capabilities to sustain in the market and create a competitive advantage for themselves. Due to rapid changes in technology, the enterprises are shifting towards cloud-based services to help their businesses to reduce the cost of building, running, and protecting applications, thus, accelerating business agility.
Data as a service (DaaS) is a model that provides data on demand to the users irrespective of the geography or organization separation of provider and consumer. DaaS is a cost-efficient, responsive service that lets businesses focus on selling their products, rather than sourcing, managing, and activating data.
The factors responsible for driving the market are growing adoption of big data analytics across different industry verticals and rising demand for real-time data analytics. Moreover, the market is also driven by increased adoption of cloud-based services in enterprises. Initiatives such as Bring Your Own Device (BYOD) and enterprise mobility are the major opportunities in data as a service (DaaS) market. The market is also facing a few challenges including data theft and cyber-attacks, and lack of technical expertise in data as a service (DaaS), which can potentially hinder the market growth.
Cloudera has expanded its Altus Data Science platform as a service offering to the Azure cloud. This development will preserve the business metadata and security, and governance policies so they can be implemented across data processing and data analytics workload in the cloud.
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 BFSI, healthcare, retail, manufacturing, media & entertainment, transportation, IT & telecom, and others.
By pricing model, the market is segmented 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 disaster recovery and backup solution, test data management, data warehousing, data migration, and others.
By professional services, the market is segmented into implementation & deployment, support & maintenance, and consulting.
The global market for data as a service (DaaS) is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of data as a service market is studied for North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to dominate the data as a service (DaaS) market during the forecast period. North America features a significant amount of unstructured data gathering due to digital revolution across the commercial and industrial sector. 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.
Also with the rapid advancement in data as a service, Asia Pacific is expected to grow at a significant pace during the forecast period. Due to increasing adoption of cloud-based services and enormous opportunities across businesses in the Asia Pacific countries, there is better scope for advancement in the data as a service (DaaS) market.
Data as a Service Market, USD Billions
Source: MRFR Analysis
The data as a service (DaaS) market is expected to grow at a CAGR of ~39% and reach ~12 Billion by the end of 2023.
The prominent players in the market of data as a service are – Microsoft Corporation (U.S.), IBM Corporation (U.S.), Facebook, Inc. (U.S.), Fair Isaac Corporation (U.S.), Alibaba Group Holding Limited (China), Google Inc. (U.S.), Oracle Corporation (U.S.), Bloomberg Finance L.P. (U.S.), Salesforce.com, Inc. (U.S.), LinkedIn Corporation (U.S.), Mastercard Advisors LLC (U.S.), and LexisNexis Corporation (U.S.).
Other players in the market include comScore, Inc. (U.S.), Dow Jones & Company, Inc. (U.S.), Equifax, Inc. (Canada), Experian plc (Ireland), Acxiom Corporation (U.S.), FirstRain, Inc. (U.S.), Twitter, Inc. (U.S.), Verizon Communications, Inc. (U.S.), SAS Institute Inc. (U.S.), and EMC Corporation (U.S.).
Prominent market players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
Frequently Asked Questions (FAQ) :
The data as a service market is expected to reach a signficant market value of USD 12 billion by 2023.
The global data as a service market is maturing at a whopping 39% CAGR over the review period of 2017 to 2023.
A few significant players of the global data as a service market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Facebook, Inc. (U.S.), LinkedIn Corporation (U.S.), Mastercard Advisors LLC (U.S.), among others
The hybrid cloud segment is likely to witness the highest demand in the data as a service market.
The SME segment is slated to witness higher growth over the assessment period.