Latest News- Data-As-A-Service (DaaS) Market: BFSI is expected to lead the End-user segment during 2025-2029

The Data-As-A-Service (DaaS) Market is being driven by Growing amount of data

The Data-As-A-Service (DaaS) Market is expected to grow at a CAGR of 32.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 40757.8 million. In the financial sector, the adoption of blockchain technology is revolutionizing the traditional centralized business model of Data-as-a-Service (DaaS) markets. Institutions such as JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank are among the pioneers employing this technology. Blockchain eliminates the need for a central ledger, like the Federal Reserve, as the custodian of financial firms' information. Instead, each transaction's data is transparently registered in a decentralized, shared cloud database, thereby eliminating the need for intermediaries or a central authority. This decentralization is the primary factor fueling the widespread adoption of blockchain technology in DaaS markets. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing amount of data
• Increase in adoption of big data services in industries
• Increased importance for Data-as-a-Service in social media marketing

However, the market also witnesses some limitations, which are as follows:

• Adhering to diverse client requirements
• Paucity of skilled professionals
• Data privacy and security risk

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Market Scope in Data-As-A-Service (DaaS) Market Research Report

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Research Analysis Overview

Data-as-a-Service (DaaS) refers to cloud-based solutions that provide businesses with on-demand access to data for analysis and decision-making. This scalable and flexible model offers cost-efficiency through cloud deployment in public, private, or hybrid environments. DaaS caters to various verticals, including healthcare, finance, and e-commerce, addressing their unique security requirements and analytical needs. Small and medium-sized enterprises benefit significantly from this technology ecosystem, enabling datadriven decision-making through AI and machine learning technologies. Public cloud DaaS solutions, such as those offered by leading cloud platforms, promote business agility and competitiveness, driving success in digital transformation initiatives. CRM and ERP systems also integrate with DaaS, further enhancing its value.

Market Research Overview

In the Data-as-a-Service (DaaS) market, businesses leverage cloud-based solutions for efficient and scalable data provisioning. The process involves establishing strategic partnerships with data suppliers and implementing advanced inventory management systems for seamless data sourcing and collection. DaaS offers flexibility, cost-efficiency, and deployment in various cloud environments, including public cloud. Companies assess potential data sources based on cost, coverage, and quality, creating an inventory of data and metadata for effective utilization.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/