Data as a Service: Introduction
- When two or more companies sell, buy, or trade machine-readable data in exchange for something of value, it is known as data as a service (DaaS). This data is used by organizations to improve decision-making and business processes.
- Data as a service can be deployed either on private, public, and hybrid cloud platforms. Benefits associated with cloud computing are leading to rising demand for cloud computing.
- The data as a service (DaaS) model is used for delivering necessary information and data to enterprises. Data is an essential part of business operations, leading to the rising need for the data as a service model.
- Growing consumption of data across a variety of processes and systems to enhance valuable insights in an enterprise is generating high demand for data. This factor is likely to fuel the demand for data as a service.
- Moreover, growing adoption of the data as a service model in auditing and accounting firms also influences the growth of the data as a service market.
- The global data as a service market is projected to expand at a rapid pace during the forecast period, due to advancements in technologies, rising use of data analytics, and growing digitalization across the globe.
Global Data as a Service Market: Dynamics
Global Data as a Service Market: Key Drivers
- Challenges of managing complex and heterogeneous data along with the rapidly growing appetite of businesses to gain competitive advantage from the use of data are the major factors driving the growth of the data as a service (DaaS) market.
- Growing digitalization and rising adoption of real-time data analytics along with rapid growth in data volume is also likely to influence the growth of the data as a service market during the forecast period.
- Moreover, the rise in consumption of external data, growing digital businesses, and the increasing adoption of dedicated databases are further triggering the demand for data as a service.
- However, lack of technical expertise, data security breaches, and server downtime from the data service provider is expected to restrain the growth of the data as a service market.
Impact of COVID-19 on the Global Data as a Service Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown and millions of employees are working from home for the first time during the pandemic. This is expected to change the conservative corporate culture. Hence, demand for digital and advanced technology solutions is increasing in each sector. However, the adoption of data is growing during the pandemic due to growing online businesses. This data is being used to improve business processes and decision-making. Thus, the COVID-19 pandemic is positively impacting the global data as a service market.
North America to Hold Major Share of the Global Data as a Service Market
- In terms of region, the global data as a service market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global data as a service market in terms of revenue mainly because of the presence of developed economies such as the United States and Canada. The U.S. is a key market in the region due to the rise in the usage of DaaS devices, and shift toward cloud-based workspace virtualization from traditional desktops.
- Asia Pacific is likely to witness the highest growth in the market during the forecast period owing to direct correlation with the growth of end-user industries and incorporation of social media-based promotion strategies by using data in the region.
Global Data as a Service Market: Competition Landscape
Several local, regional, and global players are active in the data as a service market with a strong presence. The data as a service market is highly competitive due to the presence of large number of players in the market. Vendors of the market are focusing on various growth strategies such as partnership, collaborations, merger and acquisition, product and data innovation to improve their offerings and market reach.
Key Players Operating in the Global Data as a Service Market Include:
- Microsoft Corporation
- Amazon Web Services
- IBM Corporation
- Oracle Corporation
- EMC Corporation
- SAP SE
- Teradata Corporation
- SAS Institute, Inc.
- Hewlett Packard Enterprise Development LP
- MapR Technologies Inc.
- Thomson Reuters Corporation
- Morningstar, Inc.
- Equifax, Inc.
- Moody's Investors Service, Inc.
- MasterCard Advisors LLC
- Bloomberg Finance L.P
- Dow Jones & Company, Inc.
Global Data as a Service Market: Research Scope
Global Data as a Service Market, by Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Global Data as a Service Market, by Organization Size
- Large Enterprises
Global Data as a Service Market, by End-users
- IT & Telecom
Global Data as a Service Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.