Enjoy complimentary customisation on priority with our Enterprise License!
The data-as-a-service market size is estimated to increase by USD 108.2 billion and grow at a CAGR of 46.01% between 2023 and 2028. Market expansion hinges on various factors, including the proliferation of data, increased utilization of big data services across sectors, and the growing importance of social media marketing. Big data services include consultancy, outsourcing, project-based services, and training for big data implementations. These services cater to the rising demand for data management and analytics solutions, driven by the exponential growth of data and the need to derive insights for strategic decision-making. As organizations increasingly rely on data-driven insights, the market for big data services is expected to continue its growth trajectory, offering a wide array of services to meet diverse industry needs.
To learn more about this report, View Data-as-a-Service Market Analysis Report Sample
The market share growth by the BFSI segment will be significant during the forecast period. DaaS is widely used in the BFSI sector to improve trading, fund management, and risk control models. As financial transactions and customer data continue to grow, organizations are turning to DaaS technologies such as data virtualization, data analytics, and data cataloging to gain insights and improve operational efficiency. By analyzing customer data, financial firms can offer better customer experiences, improve customer targeting, and enhance risk assessment and decision-making. DaaS also helps in customer monitoring, fraud management, and reducing costs. With the integration of AI, financial institutions can unlock customer loyalty and deliver smarter, more connected experiences. In short, DaaS helps BFSI companies to develop a data-driven business model and improve customer experiences while remaining competitive in an increasingly complex business environment.
Get a glance at the market contribution of various segments View Free Data-as-a-Service Market Analysis Report PDF Sample
The BFSI segment shows a gradual increase in the market share of USD 2 billion in 2018. Retail organizations are increasingly adopting DaaS to gain a comprehensive understanding of their customers, products, operations, and competitors in order to drive innovation, improve operational efficiency, and increase revenue. As the retail industry becomes more complex due to global expansion, rapid product cycles, currency fluctuations, and changing customer preferences, competition among retailers is intensifying. Consequently, the industry is experiencing significant changes in operational processes, marketing and communication strategies, online transactions, and auditing processes. Collecting data from both retailers and their customers has become a critical aspect of competitive benchmarking and measuring customer satisfaction. Retailers are using DaaS to gather data on their customers and leverage customer feedback to retain loyal customers and enhance their online shopping experiences. With the emergence of online retailers, customers share their opinions and experiences through various online platforms, making customer feedback an essential tool for retailers to remain competitive. Hence, such factors are fuelling the growth of this segment during the forecast period.
Based on deployment, the cloud segment is estimated to dominate the market during the forecast period. The cloud-based data as a service segment surpassed on-premises data as a service in market size in 2022. This is due to globalization and the presence of global IT, BFSI, and retail companies that require centralized systems for managing and optimizing business processes. Cloud-based software offers better control, efficiency, and adaptability. The adoption of cloud solutions is expected to increase with the rise of SMEs in developing countries. Innovations in data security will also drive cloud adoption among large organizations. Overall, the growth of the market is driven by SMEs, cost-effectiveness, flexibility, and centralized cloud-based data as a service. Hence, such factors are fuelling the growth of this segment during the forecast period.
For more insights on the Data-as-a-Service Market Share of various regions Download PDF Sample now!
APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region contributing to the market growth is North America. DaaS adoption is rising across industry verticals in the US, driven by the need for risk management and targeted marketing. The North American market is fueled by increased data generation in sectors like retail, BFSI, healthcare, and public sectors. Digital transformation and investment in technologies like big data analytics, mobility, cloud, and social media contribute to market growth. US banks leverage DaaS for competitive advantage, while financial services invest in real-time marketing and integrated data platforms. Retail giants like eBay, Amazon, Yahoo, and Google drive DaaS adoption. Telecom and oil/gas companies in the US also benefit from DaaS insights. The US remains a leader in DaaS adoption, with Latin America's healthcare sector facing challenges due to a shortage of skilled professionals. Hence, such factors are fuelling the growth of the market in North America during the forecast period.
The market is experiencing significant growth driven by the increasing adoption of cloud computing and the shift towards cloud deployment models such as hybrid cloud, public cloud, and private cloud. Organizations are recognizing the importance of agility in accessing and manipulating data stored across various platforms and overcoming data silos. Real-time data analytics has become imperative in today's fast-paced business environment, leading to a surge in demand for DaaS solutions that enable seamless real-time data processing and analysis. Moreover, the exponential growth in the big data-as-a-service (BDaaS) market and the need for efficient storage solutions, such as those provided by companies like Seagate, are further propelling the demand for DaaS offerings.
Furthermore, the proliferation of social media-related DaaS providers and the increasing emphasis on real-time analytics are driving forces behind the adoption of DaaS solutions, particularly in banking and finance institutions and the energy sector. These industries require robust data analytics capabilities to derive actionable insights from vast volumes of data, including IoT data and machine-generated IoT data. Enterprise firms are also leveraging DaaS for enterprise data syndication, facilitating streamlined data sharing and collaboration across IT and telecommunications sectors. The availability of Cloud service providers and Third-party Cloud-based providers offering tailored DaaS solutions for Customer Resource Management (CRM) and E-commerce further contributes to the market's growth trajectory.
The exponential growth of data serves as a primary driver for the market, with organizations witnessing an unprecedented surge in data volumes across various industries. From the banking and finance sector to the energy industry, data is being generated at an unprecedented rate, creating a pressing need for efficient management and analysis solutions. This surge is attributed to factors such as the proliferation of IoT devices, increased adoption of cloud computing, and the rise of social media-related DaaS providers. As data continues to grow in volume, variety, and velocity, organizations are turning to DaaS to effectively capture, store, and analyze this data to derive valuable insights for informed decision-making.
Moreover, the adoption of DaaS is driven by the necessity for agility and real-time analytics capabilities in today's dynamic business landscape. With the rapid pace of technological advancements and market disruptions, organizations require agile solutions that can quickly adapt to changing data requirements and provide real-time insights. DaaS enables organizations to break down data silos, manipulate data efficiently, and perform real-time data analytics, empowering them to stay competitive and responsive to market trends. As enterprises seek to leverage big data for strategic decision-making, DaaS solutions offer the flexibility and scalability needed to handle large volumes of data while ensuring security, performance, and compliance with regulatory requirements. Thus, such factors are driving the growth of the market during the forecast period.
Data-as-a-Service in blockchain technology is a key trend propelling the growth of the market. Blockchain technology is gaining popularity in the financial sector. JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank are some of the banks that use blockchain technology. It is replacing the current centralized business model of financial services.
Moreover, currently, a central ledger, such as the Federal Reserve and its members, acts as the custodian of a financial firm's information. In blockchain technology, the information of each transaction is transparently registered digitally in a shared database of the cloud. This eliminates the middleman or a central acting body. This feature of blockchain technology to decentralize the central authority is the main driver for its adoption. Thus, such trends will shape the growth of the market during the forecast period.
Adhering to diverse client requirements is a major challenge hindering market growth. Several industries lack policies or frameworks to store the high volume of data, which leads to difficulties in the effective usage of DaaS solutions. This, in turn, affects the market penetration of DaaS providers as their quality of service deteriorates. DaaS providers need to continuously develop and offer innovative solutions in step with changing customer requirements. This is a complex and cost-consuming process as it involves high degrees of uncertainty. Failure to understand customers' requirements leads to potential loss of time and money.
Moreover, most of the clients expect business results but are wary about spending. Thus, the lack of a forward-looking policy makes it difficult for vendors to calculate and track ROI. This may hinder the value additions from service providers challenging the development of the DaaS market. Therefore, vendors need to understand the current market needs and accordingly offer tailored solutions to clients for sustainable growth. Hence, the above factors will impede the growth of the market during the forecast period
The market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Billion for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Big Data as a Service (BDaaS) Market: Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Canada, China, Germany, UK - Size and Forecast
Data Protection as a Service (DPaaS) Market: Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, UK, Japan - Size and Forecast
Data Warehouse as a Service (DWaaS) Market: Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, Japan, Germany, France - Size and Forecast
The market is experiencing significant growth driven by the increasing adoption of cloud computing and the proliferation of data across various industries. Businesses are leveraging different cloud deployment models, such as hybrid cloud, public cloud, and private cloud to manage their data effectively. With the rise of real-time data analytics, companies like Seagate are capturing, copying, and consuming vast amounts of data to gain valuable insights into customer behavior and market trends. Social media-related DaaS providers are offering real-time analytics services tailored to the needs of small businesses and the asset-servicing industry.
Additionally, the market is witnessing rapid growth fueled by the need to break down data silos and facilitate seamless manipulation, capture, and consumption of data. With the exponential rise in global data production, businesses are leveraging DaaS to gain valuable business intelligence insights, particularly in the banking and financial industry. The market landscape depends on the Cloud Platform, Public deployment segment, European companies, Data-driven strategies, Cloud deployment model, Sisense, Bloomberg Terminal, Commerzbank, APIs, PitchBook, Telecommunication, Salesforce, Commerce Cloud. Enterprises are increasingly adopting DaaS for enterprise data syndication, particularly in the IT and telecommunications sectors. Cloud service providers offer DaaS solutions tailored to Customer Resource Management (CRM), E-commerce, and Enterprise Resource Planning (ERP) systems, driving growth with a high Compound Annual Growth Rate (CAGR). Small and medium enterprises are also embracing DaaS to harness the power of Artificial Intelligence (AI) for data-driven decision-making.
Data-as-a-Service (DaaS) refers to the delivery of data over the Internet in a managed and scalable manner. This cloud-based solution enables businesses to access and utilize data for various applications without the need for on-premises infrastructure. The flexibility and cost-efficiency of DaaS have made it an essential component of digital transformation initiatives. Scalability and flexibility are key benefits of DaaS, allowing businesses to quickly adapt to changing requirements. The technology ecosystem encompasses various verticals, including healthcare, finance, e-commerce, IT, telecommunications, and more. Small and medium-sized enterprises (SMEs) are increasingly adopting DaaS to gain business agility and competitiveness. Public cloud DaaS deployment is popular due to its ease of use and cost savings. However, security requirements are a critical consideration, especially in sensitive industries. AI and machine learning technologies are also being integrated into DaaS offerings to enable real-time data analysis and data-driven decision making. The success of DaaS is evident in various sectors. In healthcare, it facilitates patient care and research. In finance, it supports risk management and fraud detection. In e-commerce, it powers personalized marketing and supply chain optimization. Cloud computing, IoT, and Device-as-a-Service are driving the adoption of DaaS. However, challenges such as supply chain disruption and skill shortages remain. DaaS is set to revolutionize business processes and strategies, enabling organizations to make the most of their data.
Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 46.01% |
Market growth 2024-2028 |
USD 108.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
32.81 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 32% |
Key countries |
US, China, Germany, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3 Step IT Group Oy, Accenture Plc, Bloomberg LP, CHG MERIDIAN AG, Cisco Systems Inc., CompuCom Systems Inc., Computacenter plc, CSI Leasing, Inc., Dell Technologies Inc., Dow Jones and Co. Inc., Econocom Group SE, Foxway, GreenFlex, Hewlett Packard Enterprise Co., International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., Oracle Corp., Telia Co. AB, and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this data-as-a-service market forecast report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.