The global data as a service market is poised for extraordinary growth, with a valuation of US$ 10,429.0 million in 2023 to US$ 85,619.0 million by 2033. This indicates an outstanding CAGR of 23.4% over the forecast period.
Data as a service market is growing rapidly in many markets, and businesses are adopting this technology, creating opportunities in this market. However, many security issues are present in this as data as a service using third-party providers.
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Market Opportunities
The increasing development of cloud computing is also a trend that continuously increases the number of companies in the data-as-a-service market.
Data as a service market is growing in many sectors in the health sector it helps healthcare organizations to store, process, and analyze all the data, it is also used in the manufacturing sector as it helps manufacturers to collect data from machines and sensors.
Key Takeaways
- The data as a service market is poised for remarkable growth in the coming decade, with analysts projecting it to exceed the US$ 85,619.0 million mark by 2033.
- The data as a service market is projected to experience an impressive CAGR of 23.4% during the forecast period from 2023 to 2033 due to the rising adoption of cloud services.
- The United States dominates the data as a service market, commanding a significant market share of 20.4%. The growing recognition of the value of data-driven decision-making drives this growth.
- China holds a substantial market share of 25.4% in the data as a service market, fueled by the country’s rapidly expanding digital landscape and the increasing demand for data-driven insights among businesses.
- Europe’s mature market captures notable data as a service market share of 20.5%. The region’s emphasis on data privacy, regulations, and the increasing adoption of data-driven technologies contribute to the growth of the European DaaS market.
- North America’s emerging market secures noteworthy data as a service market share of 4.6%. This growth is supported by the government’s initiatives to promote data-driven innovation
Competitors Winning Strategies
Key players are focusing on partnering with other businesses like cloud providers and data analytics companies. From this, they get more new customers and help to offer a complete solution. Most of the competitors are using open-source technologies like Hadoop and Spark. From this, they can provide service at a minimal cost.
Competitors are providing many varieties of services demanded by customers, and they try to give excellent service in all these varieties.
Google Cloud, Amazon Web Services (AWS), Microsoft Azure, IBM, Oracle, SAP, SAS Institute, and Informatica are some of the leading competitors in data as a service market.
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Recent Developments
- IBM: IBM has been one of the leaders in DaaS for a while, and the company keeps investing in this field. IBM’s DaaS services include IBM Watson Analytics, which offers a suite of data analytics tools, and IBM Cloud Pak for Data, which provides a managed data platform.
- Oracle: Oracle is another key competitor in the DaaS industry, and the business offers a range of DaaS products, such as Oracle Data Cloud, that offers a variety of analytics and data management tools that provide a cloud-based data analytics platform.
- SAP: SAP is a worldwide leader in corporate software, and the corporation provides a DaaS solution called SAP Data Hub. SAP Data Hub offers a uniform platform for data intake, storage, and processing, and it may be used to construct numerous data-driven applications.
Key Segments Covered in the Data as a Service (DAAS) Industry Analysis
Data as a Service (DAAS) Market by Pricing Model:
- Volume-based model
- Data type-based model
- Quantity-based pricing
- Pay-as-per-use
Data as a Service (DAAS) Market by Deployment Type:
- Public cloud
- Private Cloud
- Hybrid cloud
Data as a Service (DAAS) Market by End User:
- SMEs
- Large enterprises
Data as a Service (DAAS) Market by Region:
- North America Data as a Service (DAAS) Market
- Latin America Data as a Service (DAAS) Market
- Europe Data as a Service (DAAS) Market
- Asia Pacific Data as a Service (DAAS) Market
- The Middle East & Africa Data as a Service (DAAS) Market
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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