Data-As-A-Service (Daas) Market Size to grow by USD 108.2 billion between 2024-2028
According to a research report “ Data-As-A-Service (Daas) Market” by End-user (BFSI, Retail, Telecom, Others) Deployment (Cloud, On-premises) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 108.2 billion, at a CAGR of 46.01% during the forecast period. In today's data-driven business landscape, the explosion of data generation is a significant challenge for organizations. With an estimated 1.7 MB created every second globally in 2020, and the expectation of over 200 zettabytes of data in cloud storage by 2025, managing and analyzing large volumes of data from various sources such as the Internet, mobile devices, and social media has become a complex task. This data deluge, characterized by the 4Vs of volume, variety, veracity, and velocity, poses difficulties for businesses in efficiently processing and gaining valuable insights from their data assets. Enterprise applications continue to generate vast amounts of data, and this trend is projected to persist throughout the forecast period and beyond. To remain competitive, organizations must effectively harness the power of their data through Data-as-a-Service (DaaS) solutions, enabling them to access, manage, and analyze their data in a scalable, cost-effective, and secure manner..
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By End-user, the BFSI segment is projected to dominate the market size in 2024
In the dynamic business landscape of the Banking, Financial Services, and Insurance (BFSI) sector, Data-as-a-Service (DaaS) has emerged as a crucial tool for enhancing trading models, fund management, and risk control. With the escalating volume, variety, and complexity of data, DaaS plays a pivotal role in generating valuable insights for banks, thereby contributing to improved operational efficiency and performance. The digital transformation in financial services organizations necessitates a comprehensive evaluation of technology's impact and customer response to streamline financial operations. The surge in financial transaction volumes and the proliferation of digital marketing advancements and search engine optimization practices have resulted in an unprecedented amount of actionable data. By harnessing the power of DaaS, financial institutions can effectively analyze this data to generate high-quality sales leads and gain a competitive edge in the market.
By Deployment, Cloud segment is expected to hold the largest market size for the year 2024
In the dynamic business landscape of 2023, the cloud-based Data-as-a-Service (Daas) market surpassed its on-premises counterpart due to its numerous advantages. Globalization and the expanding presence of IT, BFSI, and retail sectors necessitated a centralized system for managing, automating, and optimizing recurring business processes. Cloud-based software solutions offer organizations greater control, efficiency, reliability, and flexibility. The adoption of cloud models is projected to escalate, particularly among Small and Medium Enterprises (SMEs) in emerging economies like India and China, further fueling the market growth.
North America is forecasted to hold the largest market size by region in 2024
The Data-as-a-Service (Daas) market refers to the delivery of pre-processed and analyzed data to businesses in a managed service model. This solution enables organizations to access real-time, actionable insights, improving operational efficiency and decision-making processes. Daas providers offer customizable, scalable, and secure data solutions, ensuring businesses maintain a competitive edge in their respective industries. By outsourcing data management, companies can focus on their core competencies while benefiting from the expertise and advanced analytics capabilities of Daas providers.
The Data-As-A-Service (Daas) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Data-as-a-Service (Daaas) market is experiencing significant growth as businesses seek to leverage AI, machine learning technologies, and data-driven decision making for their competitive advantage. Daaas provides enterprises with access to data from various sources such as ERP, CRM, and industry-specific verticals like E-commerce, Finance, Healthcare, etc. for their analytical needs. Security requirements are a major concern for businesses, and Daaas providers offer secure public deployment segments to ensure data privacy and compliance. Medium-sized enterprises and small businesses are also embracing Daaas to enhance their business agility and success in their digital transformation initiatives. The public cloud DaaS deployment model offers cost-efficiency, flexibility, and scalability, making it a popular choice for businesses. The technology ecosystem of Daaas includes AI, machine learning, and cloud platforms that enable businesses to process and analyze data in real-time. The finance industry uses Daaas for fraud detection and risk management, while healthcare providers use it for patient data management and analysis. E-commerce businesses use Daaas for customer behavior analysis and personalized marketing. The success of Daaas lies in its ability to provide businesses with timely and accurate data for making informed decisions, thereby driving competitiveness and innovation.
Market Research Overview
Data-as-a-Service (DaaS) is a cloud deployment model that enables organizations in various industries, including retail, telecommunications, and finance, to access and consume data in real-time. Commerce Cloud, a Salesforce company, offers DaaS solutions to retail organizations for managing customer interactions and optimizing business processes. Telecommunication companies like Commerzbank and Bloomberg Terminal use DaaS for asset servicing and data production. PitchBook, Sisense, and Seagate are other key players in the DaaS market. APIs and machine learning technologies are essential components of DaaS, providing flexibility, scalability, and cost-efficiency. Skill shortages and supply chain disruptions have accelerated the adoption of DaaS, making real-time data analysis crucial for business agility and competitiveness. European companies, including telecommunications and IT, are increasingly adopting DaaS for digital transformation initiatives. Verticals such as finance, healthcare, and e-commerce have specific security requirements that DaaS providers must address. Medium-sized enterprises and small businesses can also benefit from DaaS, with success stories emerging in the public deployment segment. Cloud Platforms like AWS, Microsoft Azure, and Google Cloud offer public cloud DaaS solutions. Real-time data analysis, device-as-a-service, IoT, and enterprise resource planning (ERP) and customer resource management (CRM) systems are some of the applications of DaaS. Machine learning and AI are also integral to DaaS, enabling datadriven decision-making and enhancing the technology ecosystem.
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