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
- Google
- 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
Global Data as a Service Market, by End-users
- BFSI
- Healthcare
- Retail
- IT & Telecom
- Government
- Others
Global Data as a Service Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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