Data as a Service (DaaS) Market: Overview
The hype around the Data as a Service (DaaS) framework is palpable, with business adoption still picking pace. The DaaS market evolved on the back of the growing popularity of X as a Service (XaaS) framework across enterprises, big and small; SaaS being a vibrant example. The growing complexity of myriad data sets in businesses has fueled the hype of DaaS providers, reason having to do with the former’s lack of expertise for implementing data analytics. The DaaS market has generated heat due to the intensifying need for extracting accurate insights from unstructured data that sits on the diverse database platforms. Unsurprisingly and steadily, DaaS is being internalized as a key part of several forward-looking enterprises.
The study on the DaaS market scrutinizes the aforementioned trends and many pertinent trends that have shaped the evolution of the demand. The report takes a closer look at factors that will open new avenues for DaaS providers and the share and size of prominent stakeholders in the DaaS market.
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Data as a Service (DaaS) Market: Competitive Analysis and Key Developments
Technology companies are unveiling DaaS providers to meet the demands for data analytics tools to fuel digital transformations. Recently a U.S.-based technology company Avaya have recently expanded their Subscription program by launching DaaS for business communication devices for its consumers. Some of the notable devices that will leverage DaaS are desktop phones, conference phones and multimedia devices.
The company has tried to bank upon opportunities in the DaaS market by pivoting on new pricing points. The growing popularity of subscription-based services is boosting the DaaS market.
Data as a Service (DaaS) Market: Key Trends
The drive for extracting actionable insights from complex data sets have stimulated them to seek low-hanging fruits on the back of smart analytics as a part of growth-driving initiatives, boosting the role of DaaS providers. The DaaS market has thrived on the spiraling business proposition of Big Data. DaaS providers are playing an increasing role in monetizing Big Data and help companies adopt data-centric strategies without spending heavily on building in-house expertise.
DaaS is gathering steam among client-facing businesses and B2B industries, propelling the expansion of the DaaS market, on the back of rising significance of data analysis for driving growth. DaaS is also expected to occupy a prominent place in various strategies that companies undertake from time to time to understand positive customer experiences. However, personal data privacy has dampened the prospects in the DaaS market to an extent.
Key application areas in the DaaS market include customer resource management (CRM), e-commerce, supply chain management systems, customer intelligence and enterprise resource planning (ERP).
DaaS providers are expected to grow in business significance on the back of testing of cloud-based tools.
In the wake of the emerging COVID-19 lockdown, DaaS subscribers have gained some advantages in the light of rapidly increasing trend of work-from-home around the world.
Some of the promising players in the DaaS market are Teradata Corporation, SAP SE, SAS Institute, Inc., EMC Corporation, HP Enterprise Services, Amazon Web Services, Google Inc., and Microsoft Corporation.
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Data as a Service (DaaS) Market: Regional Analysis
The various key regions in the DaaS market are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America has emerged as a lucrative market due to the vast uptake of cloud-based infrastructure and services. Strides being made in cloud computing models in numerous economies of Asia Pacific has resulted in the region contributing significant shares to the global DaaS market. Lucrative markets stem from the repeated adoption of DaaS in enterprises.
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.