Dublin, March 05, 2024 (GLOBE NEWSWIRE) -- The "Data as a Service - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2021 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Data as a Service Market size is estimated at USD 20.74 billion in 2024, and is expected to reach USD 51.60 billion by 2029, growing at a CAGR of 20% during the forecast period (2024-2029).
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The rapidly increasing appetite of businesses to gain a competitive advantage over the competition from the use of data, coupled with the challenges of managing an increasingly complex and heterogeneous data landscape, has created the right conditions for the data-as-a-service (DaaS) market.
Key Highlights
- Data as a Service is based on the cloud deployment model. It can be deployed on hybrid, public, and private cloud platforms. Owing to the benefits cloud computing offers, it is witnessing a rapid increase in its adoption. Moreover, the number of applications where data is being used is increasing, which was previously confined only to core business strategies. The adoption of DaaS can break down data silos, help in improving agility, and enable effortless manipulation of data, thus, making it the best solution in the current market scenario.
- Also, organizations are increasingly adopting real-time data analytics and big data to gain valuable insights from these databases. Big data is becoming imperative to businesses, and the amount of storage required to support circulation is also increasing. Many companies use big data to establish their business strategies, driving the market's growth. As per Seagate, global data production, capture, copying, and consumption are all expected to rise sharply. Global data generation is anticipated to increase to more than 180 zettabytes over the following years, up until 2025.
- Companies worldwide heavily utilize data to increase their brand appeal and advertisement reach, specifically in the retail and telecommunications industries. Therefore, growth in the number of social media-related DaaS providers can be observed. Also, real-time analytics across organizations to gain insights at the earliest is driving the demand for DaaS solutions. Also, as DaaS solutions can be outsourced entirely as a unified solution (like in Oracle) or as stand-alone ones without investing in the whole technology, they are increasingly becoming a lucrative choice for smaller companies and emerging businesses.
- However, concerns regarding the privacy and security of cloud platforms involved in DaaS deployment can challenge the market's growth.
- The COVID-19 pandemic has positively impacted the market. Owing to the benefits cloud computing offers, it has witnessed a rapid increase in its adoption since the COVID-19 pandemic. The pandemic also led to the rise in digitization. According to a survey from Sisense, 50% of companies are utilizing data analytics more or much more than before the COVID-19 pandemic, including over 68% of small businesses.
BFSI Sector to Witness High Growth
- The asset-servicing industry is shifting from one based on service-led offerings to one based on data and technology-led services. Moreover, banks are adapting DaaS to offer reports-as-a-service or analytics-as-a-service to customers looking for business intelligence insights. The banking and financial industry is facing a critical juncture to capitalize on the opportunity created by accessing, analyzing, and acting on the data generated in real-time or risk becoming non-competitive in the market.
- However, it has been observed that only big national and regional banks prioritize the need for data and analytics. Smaller banks and financial institutions are yet to get started or see significant benefits. Also, the presence of firms involved in financial analysis or stock markets is expected to primarily benefit from Data-as-a-Service, owing to the presence of products such as Bloomberg Terminal.
- Data-as-a-Service solutions provide solutions such as simplification of data outputs, generating coherent datasets, identification of present trends, reducing the time taken to process data, and many more, which can be utilized by banking and finance institutions to unite datasets in an easily understandable way and also ensures compatibility of data between systems.
- Moreover, banking and financial institutes are widely implementing Data-as-a-Service solutions to enable their stakeholders to leverage their data to create new revenue streams for the institute. For instance, Commerzbank, a major German bank operating as a universal bank headquartered in Frankfurt, has developed more than 200 APIs that enable the transformation of processes and adds value to the company's partners by offering near-real-time DaaS.
- As per PitchBook, the total value of investments into fintech companies worldwide last year was USD 226.5 billion, whereas it was only USD 127.7 billion in the previous year. This significant rise in the total value of investments into fintech companies worldwide will offer the market a wide range of lucrative growth opportunities, driving the market's growth considerably throughout the forecasted period.
A selection of companies mentioned in this report includes
- Bloomberg Finance LP
- Dow Jones & Company Inc.
- Environmental Systems Research Institute
- Equifax Inc.
- FactSet Research Systems Inc.
- IBM Corporation
- Oracle Corporation
- SAP SE
- Thomson Reuters Corporation
- Morningstar Inc.
- Moody's Investors Service Inc.
- MasterCard Advisors LLC
For more information about this report visit https://www.researchandmarkets.com/r/hver93
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