New York, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The Data-as-a-Service (DaaS) Market size is set to increase by USD 56.85 billion from 2022 to 2027, according to Technavio.
What is the factor that drives the Data-as-a-Service Market growth?
The expansion of data volume serves as a fundamental factor driving the Data-as-a-Service (DaaS) Market. This rise aligns with Cloud Computing, enabling efficient storage and access. Big Data Analytics leverages this influx for insightful patterns, while API Integration facilitates seamless connectivity. Machine Learning, intertwined with Business Intelligence (BI), extracts actionable insights, ensuring strategic decision-making. Data Privacy safeguards information, significant in IoT Data Services. Predictive Analytics, under Subscription Models, refines services. Data Cleansing and Artificial Intelligence (AI) refine data quality, augmenting DaaS efficacy.
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How is the Data-as-a-Service (DaaS) Market Segmented?
- End-user
- BFSI
- Retail
- Telecom
- Others
- Deployment
- Cloud
- On-premises
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
How is the Data-as-a-Service Market segmented by End-User?
The BFSI segment is expected to experience substantial market share growth, driven by the adoption of Data as a Service (DaaS). From 2017 to 2021, the segment showcased continuous growth, leveraging DaaS technologies like data virtualization and analytics to enhance trading, fund management, and risk control models. This adoption enables BFSI organizations to derive insights from expanding customer data, ultimately improving operational efficiency, customer experiences, risk assessment, and decision-making processes. Integration of AI further enhances customer loyalty and connectivity. Overall, DaaS empowers BFSI firms to embrace data-driven models, ensuring competitiveness in a complex business landscape.
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Who are the key companies in the Data-as-a-Service Market?
Some of the major companies in the data-as-a-service market include 3 Step IT Group Oy, Accenture Plc, Bloomberg L.P, CHG-MERIDIAN AG, Cisco Systems Inc., CompuCom Systems Inc., Computacenter plc, CSI Leasing, Inc., Dell Technologies Inc., Dow Jones and Co. Inc., Econocom Group SE, Foxway, GreenFlex, Hewlett Packard Enterprise Co., International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., Oracle Corp., Telia Co. AB, and Wipro Ltd. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 companies operating in the market.
Data-as-a-Service (DaaS) Market 2023 – 2027: Market dynamics
What are the leading trends influencing the Data-as-a-Service Market?
The incorporation of Data-as-a-Service (DaaS) into blockchain technology stands as a leading trend driving market expansion. This fusion intertwines Customer Data Platforms and Data Lakes, boosting comprehensive data utilization. Data Visualization gains momentum within this paradigm, complemented by Hybrid Cloud Solutions and Edge Computing for enhanced accessibility. Vertical Data Integration ensures diverse data sources collaborate effectively, while Data Scalability and Geospatial Data Services augment operational capacities. Blockchain for data security, anchoring the landscape of DaaS trends.
What are the challenges faced by the Data-as-a-Service Market?
Accommodating varied client needs is a significant challenge impeding the growth of the Data-as-a-Service (DaaS) Market. Balancing Data Security and Data Quality Management amidst diverse client demands is complex. Data Mining and Data Governance entail meticulous handling, compounded by challenges in Data Warehousing and Data Monetization. Personalization and Targeting require precision within regulatory frameworks, complicating Market Forecasting. Striking a balance between client specificity and regulatory compliance remains a significant obstacle in advancing the DaaS landscape.
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What else does the Data-as-a-Service Market report cover?
- Data-as-a-Service Market size
- Data-as-a-Service Market trends
- Data-as-a-Service Market industry analysis
What is the nature of the Data-as-a-Service Market?
The data-as-a-service market is fragmented, and the degree of fragmentation will accelerate. The growing amount of data will offer immense growth opportunities. However, adhering to diverse client requirements will hamper market growth.
Data-as-a-Service Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist data-as-a-service market growth during the next five years
- Estimation of the data-as-a-service market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
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Related Reports:
Platform-as-a-Service (PaaS) Market: The platform-as-a-service (PaaS) market size is estimated to grow at a CAGR of 26.42% between 2022 and 2027. The market size is forecast to increase by USD 80.82 billion.
Factory Automation Platform as a Service (FA PaaS) Market: The Global Factory Automation Platform as a Service (FA PaaS) Market size is poised to grow by USD 6,649.1 million, at a CAGR of 21.51% between 2022 and 2028.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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