New York, USA, May 19, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Data as a Service (DaaS) Market By Offering, By Type, By Technology, By Application - Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 36.9% to attain a valuation of around USD 67.85 billion by the end of 2030.
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. DaaS collects data to help user organizations 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.
Advanced data-as-a-service solutions deliver AI applications for manufacturing companies. DaaS is becoming increasingly popular in data integration, management, storage, and analytics. With the increasing number of organizations turning to the cloud to advance their infrastructure and workloads, the market is estimated to perceive significant gains in the next few years.
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Data as a Service (DaaS) Market Key Players
- IBM Corporation (US)
- Microsoft Corporation (US)
- Facebook Inc (US)
- Alibaba Group Holding Limited (China)
- Fair Isaac Corporation (US)
- Google Inc (US)
- Bloomberg Finance LP (US)
- Oracle Corporation (US)
- Salesforce.com Inc (US)
- Mastercard Advisors LLC (US)
- LinkedIn Corporation (US)
- LexisNexis Corporation (US)
Data as a Service (DaaS) Market Report Scope:
| Report Metrics | Details |
| Data as a Service (DaaS) Market Size by 2030 | USD 67.85 billion |
| Data as a Service (DaaS) Market CAGR during 2022-2030 | 36.9% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Growing adoption of cloud services & subscription-based devices Rise in adoption of the data as a service model in auditing and accounting firms |
Industry Trends
The data as a service market value is growing substantially, mainly due to the rising need for data analysis in organizations to gain a larger competitive advantage. Moreover, organizations streamlining their sales pipelines from lead generation to customer base generate large volumes of customer data. 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 enable conducting tasks such as customer analytics, risk reporting & threat management, and product innovation. The emergence of social media analytics is key driving force boosting the data as a service market size.
Extensive uses of data as a service 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 have prompted organizations to integrate social media into their business process. As a result, this propels market revenues, massively increasing the amount of data an enterprise stores.
As the generation and consumption of data continue to grow, investments in data analytics hardware, software, and services will grow with it. The creation 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 lead to the development of new tools for collecting & analyzing data and enhancing new enterprise roles and responsibilities.
Segments
The market is segmented into pricing models, solutions, professional services, deployments, organization size, end-users, and regions. The deployment segment comprises the public, private, 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, data-based, and 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.
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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 sectors 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 will likely create a substantial revenue pocket over the review period.
Competitive Analysis
Highly competitive, the DaaS market appears fragmented due to several large and small players forming a competitive landscape. DaaS companies provide standardized third-party data to organizations that are increasingly turning toward data science to drive efficiencies. Players incorporate strategies such as collaborations, mergers & acquisitions, product/ technology launches, and expansion to gain a larger competitive edge.
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For instance, on Apr.12, 2023, Cybersyn (the US), a leading DaaS company, announced that it has raised USD 62.9 million in series A funding to make public and proprietary economic data more accessible and useful for decision-makers across various sectors. With this round of funding, the DaaS Company will expand in New York and focus on acquiring more proprietary datasets to create derived products for enterprises.
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