NEW YORK, USA, January 27, 2022 (GLOBE NEWSWIRE) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Data as a Service Market Information by publication, by enterprise size, by End User, by Pricing Model and Region – Outlook to 2030“The market size is US$61.42 billion, with a compound annual growth rate of 36.9% by 2030.
Global data as a service market is growing exponentially, mainly due to the growing need for data analysis in organizations to gain greater competitive advantage. Data as a Service (DaaS) is a data management strategy that provides storage, integration, processing, and/or analytics services over a cloud network connection. The data collected by DaaS helps user organizations understand and gain insights from large sets of information.
Data as a Service allows companies to improve the speed of their data workloads, reduce the time it takes to gain insight, and increase the reliability and integrity of their data. As a result, DaaS is becoming an increasingly popular solution for data integration, management, storage, and analytics. With more and more organizations turning to the cloud to develop their infrastructure and workloads, the market is estimated to realize significant gains in the next few years.
The major players dominating data as a service market are:
- Microsoft Corporation (USA)
- Facebook Inc (USA)
- IBM Corporation (USA)
- Fair Isaac Corporation (USA)
- Google Inc (USA)
- Alibaba Group Holdings Limited (China)
- Oracle Corporation (USA)
- Salesforce.com Inc. (United State)
- Bloomberg Finance LP (US)
- LinkedIn Corporation (USA)
- LexisNexis (US)
- MasterCard Consultants LLC (USA)
- EMC Corporation (USA)
- SAP SE
- Teradata Corporation (US)
- SAS Institute (USA)
- Hewlett Packard Enterprise Development L.P.
- MapR Technologies Inc.
- Thomson Reuters Corporation
- Morningstar Inc.
- Equifax Company
- Moody’s Investors Service Inc.
- MasterCard Consultants LLC
- Dow Jones & Company Inc. (United State)
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With more and more financial services adopting big data solutions, the market has a positive outlook in the coming years. Predictive modeling tools, along with interactive visualization and automation, are growing exponentially, accelerating the development and analysis of predictive models that can be used to perform tasks such as customer analytics, risk reporting and threat management, and product innovation.
The emergence of social media analytics is the driving force that defines the growing landscape of the DaaS market. Extensive uses of DaaS by rapidly increasing social media platforms to track user interactions on these sites, accelerating market demand. The increasing developments and importance of sentiment analysis in text analysis have prompted organizations to integrate social media into their business process.
This, as a result, drives market returns, and significantly increases the amount of data stored by the enterprise. As data generation and consumption continue to grow, so will investments in data analysis hardware, software, and services.
The availability of large data sets is a major reason why Deep Learning, a subset of AI, has emerged as the hottest technology trend, with deep pockets driving investments and talent acquisition that unlock open AI hardware and software. The increased interest and investment in AI will, in turn, lead to the emergence of new tools for data collection and analysis and new enterprise roles and responsibilities.
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Market segmentation covered by the research:
The market is segmented into pricing models, solutions, professional services, deployments, organization size, end users, and regions. The deployment segment consists of public cloud, private cloud, and hybrid cloud. The segment of the organization’s size consists of small and medium-sized companies and large enterprises. The end user segment includes BFSI, healthcare, manufacturing, retail, media and entertainment, information and communications technology, transportation, and others.
The Pricing Model segment includes pricing models, data based on volume, and pricing models based on type. The solutions segment includes test data management, disaster recovery and backup solution, data warehousing, data migration, and others. The professional services sector includes implementation, publishing, support, maintenance, consulting and others. The region’s segment consists of Asia Pacific, the Americas, Europe and the rest of the world.
North America dominates global data as a services market with the largest market share. Technological advantages are some of the main drivers of the regional market. The massive amount of unstructured data being collected due to the digital revolution across the commercial and industrial sectors in the region is boosting market growth in the region.
Besides, the early adoption of cloud-based deployment services positively affects the market value, making it easier for industry sectors to choose big data analytics to restructure business functions and strategies.
The DaaS market in the Asia Pacific region is emerging as a profitable market globally. Increasing appetite for cloud-based services and huge opportunities across businesses provide better scope for Asia Pacific countries to advance in the Data as a Service (DaaS) market. APAC data as a service market is expected to generate a large pocket of revenue during the forecast period.
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The DaaS market appears to be very competitive, fragmented due to the many large and small players that make up a competitive landscape. To gain greater competitive advantage, players integrate strategies such as collaborations, mergers and acquisitions, product/technology launches, and expansion.
For example, on January 24, 2022, Intermap Technologies, the world’s leading developer of geospatial content and intelligence solutions, announced the signing of a new contract with a leading European airline to provide altitude data as a service for route planning operations through online data subscription services.
This agreement allows the airline to access Intermap’s web services to access high-resolution altitude data sets from NEXTMap. On-demand terrain data to visualize terrain and perform line-of-sight analyzes to model safer and more efficient roads in parallel with other operations and engineering software tools. Furthermore, the deal will allow the airline to access data through web services to increase operational efficiency and reduce the cost of acquiring and managing data.
In another instance, on January 21, 2022, PhaseZero, a provider of B2B and B2C digital commerce software, introduced a new DaaS tool – a CxAnalytics solution capable of proactively managing sales, market share growth, and mitigating critical business risks for business managers. This is another strategic investment by PhaseZero as part of its ongoing investment in an open, secure, multi-tenant, multi-tenant, multi-cloud, and open SaaS application platform.
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