New York, NY, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has broadcasted a recent study report titled "Data as a Service Market Share, Size, Trends, Industry Analysis Report, By Deployment (Public, Private, Hybrid); By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 – 2032” in its research database.
Global data as a service market size & share is currently valued at USD 9.16 billion in 2022 and is anticipated to generate an estimated revenue of USD 125.40 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 29.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What Exactly is Data as a Service? How Big is Data-as-a-Service (DaaS) / Data Service Size?
- Overview
DaaS, or data as a service, is regarded as one of the newer forms of cloud computing. DaaS offers its data services to customers as Software as a Service and is hosted in the cloud. Using DaaS is a calculated risk that will pay off by centralizing and organizing your company's data and making it accessible for both current and future digital projects.
Data integration, administration, analytics, and storage are becoming more and more common uses for data as a service, or DaaS, as more enterprises look to the cloud to contemporize their infrastructure and workloads. Businesses may decrease time-to-insight, boost data reliability and quality, and increase the agility of data workloads by using DaaS. As a result, the data as a service market demand is increasing.
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Essential Takeaways for the Report
- One of the main factors compelling the global market's growth is the increasing prevalence of DaaS solutions due to their capacity to give businesses value for their data assets and make it simple for them to offer their vast amounts of data to outside parties while offering the scalability needed to handle a range of data workloads and volumes.
- The increasing adoption of cloud-based solutions is driving the market demand.
- The data as a service market segmentation is primarily based on enterprise size, industry, deployment, and region.
- North America dominated the market with a significant share in 2022.
Leading Players Appeared in the Report
- Accenture Plc.
- Alteryx Ltd
- Amazon.com Inc.
- Google LLC
- Guavus Inc.
- Hewlett Packard Enterprise
- IBM
- Information Builders Inc.
- Microsoft Corporation
- Opera Solutions LLC
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Snowflake Inc
- Teradata Corporation
- Wipro Limited
- ZeroStack Inc.
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Important Growth Aspects of the Market
- Increased adoption of cloud-based analytics: The market is being driven by a number of factors, including the rapidly growing integration and adoption of various cloud-based advanced analytics by organizations worldwide. These include applications like sentiment analysis, sentiment analysis, forecasting, machine learning, data/text mining, and graph analysis, as well as the increasing demand for data as a service among large social media platforms like Facebook, Instagram, and LinkedIn.
- Rising number of connected devices: The data as a service market size has grown over the years due to a number of factors, including the massive increase in connected devices worldwide, the widespread adoption of connected devices by end-user industries such as media and government, retail, BFSI, and government, and the sharp rise in demand for data analytics from the energy sector due to the dominance of data analytics vendors globally.
Market’s Latest Key Trends
- Incorporation of AI and machine learning: In order to offer predictive analytics and automatic insights, DaaS solution providers have been increasingly integrating AI and machine learning capabilities into their offerings. Additionally, newer solutions with improved features and characteristics, such as customization and personalization, have been introduced. These developments are expected to generate significant opportunities for the data as a service market growth.
- Growing use of graph databases: The demand for sophisticated service solutions to handle data with corresponding elements has skyrocketed in recent years due to the growing adoption and usage of graph databases by major DaaS providers worldwide to effectively manage or query data with different complex relations like recommendation systems, social networks, and fraud detection.
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Data-as-a-Service (DaaS) / Data Service Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 125.40 Billion |
| Market size value in 2023 | USD 11.87 Billion |
| Expected CAGR Growth | 29.9% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Deployment, By Enterprise Size, By Industry, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Segmental Overview
- The Public Sector Accounts for the Largest Share
An increase in SMEs and startups concentrating on implementing public cloud solutions in their business operations and units to effectively leverage benefits, such as cutting-edge security solutions, enormous storage capacity, and the ability to combine both internal and external data, is largely responsible for the segment market's growth.
Moreover, due to its ability to give enterprises access to their speedier and improved security, the hybrid segment is predicted to grow at the fastest rate during the next years.
- The IT and Telecommunication Sector Witnesses the Highest Growth
The rapidly expanding expansion of IoT services across a variety of industries, including healthcare, manufacturing, and retail, along with the exponential shift from traditional software licensing to subscription-based models and an increasing number of businesses globally undergoing a digital transformation that requires faster access to quality data for informed decision-making, are all contributing factors to the prediction that IT and telecommunication will grow at the highest growth rate during the study period.
Furthermore, due to the banking and insurance industries' extensive acceptance and use of these services, sector-heavy users of massive volumes of data in their daily operations, the BFSI segment led the industry data as a service market with significant revenue share in 2022.
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Geographic Outlook
North America: The increasing number of businesses in North America understanding the value and significance of their data assets, together with the ongoing boom in cloud computing use that makes sophisticated data easier to access and share, are major factors contributing to the growth of the regional market.
Asia Pacific: Due to the increasing use of linked devices, social media, and e-commerce, which has greatly boosted data generation and necessitated the need for effective service solutions for processing or managing data, the data as a service market in Asia Pacific will grow quickly.
Browse the Detail Report “Data as a Service Market Share, Size, Trends, Industry Analysis Report, By Deployment (Public, Private, Hybrid); By Enterprise Size; By Industry; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/data-as-a-service-market
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Market’s Common Questions Answered in the Report
- What is the current and estimated market size of data as a service?
- What is the expected growth rate of the market?
- Which segments are covered in the report?
- What are the key drivers of demand in data as a service market?
- Who are the prominent players in the market?
- Which region is holding the highest data as a service market share?
- At what rate is the market expected to grow during the forecast period?
Polaris Market Research has segmented the data as a service market report based on deployment, enterprise size, industry, and region:
By Deployment Outlook
- Public
- Private
- Hybrid
By Enterprise Size Outlook
- Small
- Medium
- Large
By Industry Outlook
- BFSI
- Government
- IT and Telecommunication
- Manufacturing
- Retail
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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