The global data as a service market has been estimated to attain a value of USD 5.4 billion in 2021 and is projected to grow at a CAGR of 14% during the forecast period from 2021 to 2030.
Pune, India, May 17, 2021 (GLOBE NEWSWIRE) -- The global data as a service market has been estimated to attain a value of USD 5.4 billion in 2021 and is projected to grow at a CAGR of 14% during the forecast period from 2021 to 2030. Data as a service (DaaS) is a cloud service to ensure the availability of critical data in a cost-effective and convenient manner to businesses. The DaaS model works on the principle of risks associated with data management and offloading the load to a third-party cloud-based provider. Regardless of any organization’s structural and geographical barriers, DaaS enables users to access specified useful data on demand.
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Through a single update point, DaaS enables multiple users to use and modify the data. At a particular location, DaaS eliminates redundancy and streamlines operational costs by integrating critical data of businesses. The DaaS technology is used in business for applications including customer intelligence, enterprise resource planning (ERP), customer resource management (CRM), and e-commerce and supply chain management systems.
To upkeep SOA (service-oriented architecture) and web services, data as a service is emerging as a fundamental technology. The increasing penetration of high-speed Internet network infrastructure is enabling user to have better access to data with the internet. This is making DaaS a lucrative choice for enterprises. Enterprise data to a significant extent has contributed to the development of DaaS. Additionally, the advent of SOA has reduced the relevance of the specific platform.
DaaS can be integrated with and also is similar to software as a service (SaaS) and storage as a service (SaaS) models. The DaaS market is expected to witness substantial growth, as it is providing reduced operational cost and improved workflow process.
DaaS is expected to play a vital role in the development of enterprises across various industries, with the growth in the use of big data (complicated data sets) in the professional world. The primary factors expected to pave the way for the growth of the DaaS market globally are cloud-based infrastructure and services, enterprise data syndication, and consumer services trends focused on XaaS (Everything as a Service).
Global Data as a Service Market, By Deployment
By deployment mode, the global data as a service market has been segmented into public cloud, private cloud, and hybrid cloud. A hybrid cloud platform gives organizations many advantages, such as greater flexibility, compliance, more deployment options, security, and more value from their existing infrastructure. Hybrid cloud computing enables businesses to seamlessly scale up their on-premises infrastructure to the public cloud, when computing and processing demand fluctuates.
While keeping highly sensitive data in their own datacenter to meet client needs or regulatory requirements, organizations gain the flexibility and innovation the public cloud provides by running certain workloads in the cloud. Hybrid clouds allow apps and data to move between the two environments. It combines on-premises infrastructure or a private cloud with a public cloud. Many organizations choose a hybrid cloud approach due to business requirements.
Global Data as a Service Market, By Organization Size
By organization size, the global data as a service market has been segmented into small and medium enterprises and large enterprises. There has been outsourcing of desktop personal computers to lower expenses and improve productivity by SMEs. Thus, the SME segment will dominate the market over the forecast period.
Global Data as a Service Market, By End-Users
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By end-users, the global data as a service market has been segmented into BFSI, healthcare, retail, and information technology and telecom. For the use of software in every strata of life and the proliferation of IT companies, the IT and telecommunication segment will spearhead the market over the forecast period.
Global Data as a Service Market, By Region
By region, the global data as a service market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. Over the forecast period, North America will dominate the market. There has been increased adoption of the work from home trend, with the launch of this program by HR. DaaS has the ability to offer customers flexibility in their operation.
Among different industry verticals, there have been technological advances, increased use of DaaS devices, and a shift to cloud-based workspace virtualization from traditional desktops, which are adding to the global DaaS market growth in the region. The US, Canada, and Mexico have the major market shares.
Some Noted Developments Considered in the Report:
March 2021 - AWS announces the availability of Amazon workspace in Mumbai region. AWS launched the Mumbai cloud region in 2016 as part of the company’s strategy to expand its cloud offerings in India.
March 2021 – Teradata has been named as a leader in forrester wave, the could data warehouse.
October 2019 – Google decided to reduce IT overhead with HP Device as a Service (DaaS) and Chrome Enterprise. HP DaaS provides Hardware insights, proactive management, and flexible financing and support options.
April 2014 - Wipro was to deepen its partnership with data analytics firm Opera Solutions to give financial services leg-up.
COVID-19 Impact on Global Data as a Service Market
The QMI team has closely monitored the impact of COVID-19 on the global data as a service market, and it is observed that the demand for data as a service has increased during the pandemic time. It is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.
Due to the COVID-19 pandemic, the healthcare systems have been expanded, and data as a service is being used to offer an operational foundation in the distribution of crucial services. The demand to manage transparency and remove redundancy and forgery of medical research-related data are the basic reasons for the widespread adoption of data as a service in the market.
Some Major Findings of Global Data as a Service Market Include:
Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
In-depth global data as a service market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
Profiles of major key market players operating in the global data as a service market, which include Microsoft Corporation, Google Inc, Amazon Web Services, HP Enterprise Services (HP Enterprise strategic business unit), IBM Corporation, Oracle Corporation, EMC Corporation, SAP SE, SAS Institute, Inc, and Teradata Corporation. Other emerging players in DaaS market space are SunGard, Datameer Inc, Opera Solutions LLC, Sisense Inc, Birst, Inc, MapR Technologies Inc, and Mirantis Inc., among others.
Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market.
Impact of COVID-19 on the global data as a service market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Data as a Service Market, By Deployment (Public cloud, private cloud, hybrid cloud). By Organization Size (Small and medium enterprise and large enterprise), By End-users (BFSI, Healthcare, Retail, It and Telecom), By Region (North America, Western Europe, Asia Pacific, Eastern Europe, Middle East, and Rest of the World.) - Market Size & Forecasting 2021-2029” in-depth analysis along with the table of contents (ToC).
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