Data as a Service Market, Deployment (Public, Private, Hybrid), Organization Size (SME, LE), End User (BFSI, Healthcare, Retail, IT & Telecom), Pricing Model (Volume-Based Model, Data Type-Based Model), Solution, Professional Services — Forecast till 2027
Market Highlights
According to Market Research Future (MRFR), the global data as a service (DaaS) market is projected to achieve USD 12 billion at a CAGR of 39% from 2020 to 2027 (forecast period). The study offers a complete assessment of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Data as a service (DaaS) is a model that offers on-demand data to users regardless of the geography or organization of the provider and the consumer. DaaS is a cost-effective responsive service that enables companies to concentrate on selling their products rather than sourcing, managing, and activating data.
Businesses need new capabilities to support themselves in the market and to build a competitive edge for themselves. Due to rapid technological change, companies are turning to cloud-based services to help their businesses minimize the costs of building, running, and protecting applications, thereby accelerating business agility.
Market Dynamics
The factors responsible for driving the market are the increasing adoption of big data analytics across various industry verticals and the increasing demand for real-time data analytics. In addition, the industry is also driven by the increased adoption of cloud-based services in enterprises. Initiatives like Bring Your Own Device (BYOD) and Enterprise Mobility are critical opportunities in the data as a service (DaaS) industry. The industry also faces a variety of obstacles, including data theft and cyber-attacks, and a lack of technological knowledge in data as a service (DaaS) that could potentially impede the market growth.
Cloudera has extended its Altus Data Science platform as a service offering to the Azure cloud. This development will preserve business metadata and security and governance policies so that they can be implemented through data processing and data analytics workloads in the cloud.
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Key players
The industry giants in the data as a service are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Alibaba Group Holding Limited (China), Facebook, Inc. (U.S.), Fair Isaac Corporation (U.S.), Google Inc. (U.S.), Oracle Corporation (U.S.), Salesforce.com, Inc. (U.S.), Bloomberg Finance L.P. (U.S.), Mastercard Advisors LLC (U.S.), LinkedIn Corporation (U.S.), and LexisNexis Corporation (U.S.).
Other participants in the market include comScore, Inc. (U.S.), Dow Jones & Company, Inc. (U.S.), FirstRain, Inc. (U.S.), Equifax, Inc. (Canada), Experian plc (Ireland), Twitter, Inc. (U.S.), Verizon Communications, Inc. (U.S.), SAS Institute Inc. (U.S.), Acxiom Corporation (U.S.), and EMC Corporation (U.S.).
Market Segmentation
The global data as a service market has been segmented into deployment, organization size, end-user, pricing model, solution, and professional services.
By deployment, the global data as a service market has been segmented into public cloud, private cloud, and hybrid cloud.
By organization size, the global data as a service market has been segmented into small and medium enterprises and large enterprises.
By the end-user, the global data as a service market has been segmented into BFSI, healthcare, retail, manufacturing, media & entertainment, transportation, IT & telecom, and others.
By pricing model, the global data as a service market has been segmented into volume-based pricing model and data type-based pricing model. The volume-based pricing model includes quantity-based pricing and pay per use pricing.
By solution, the global data as a service market has been segmented into disaster recovery and backup solutions, test data management, data warehousing, data migration, and others.
By professional services, the global data as a service market has been segmented into implementation & deployment, support & maintenance, and consulting.
Regional Analysis
The geographical analysis of the global data as a service market is studied for North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to lead the data as a service (DaaS) market during the forecast period. North America has a large amount of unstructured data gathering due to the digital revolution in the commercial and industrial sectors. Furthermore, the early adoption of cloud-based deployment services in North America has made it easier for industrial verticals to opt for big data analytics to re-structure business functions and strategies.
With rapid advances in data as a service, Asia Pacific is expected to expand at a significant pace during the forecast period. With the growing acceptance of cloud-based services and tremendous opportunities across companies in Asia Pacific countries, there is greater scope for advancement in the data as a service (DaaS) market.
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