Press release
Data as a Service (DaaS) Market expected to reach USD 67.85 billion with CAGR of 36.9% by 2030
Data as a Service (DaaS) is a business model that provides on-demand access to data regardless of the consumer's location or infrastructure. It is considered an emerging cloud type and is hosted in the cloud, offering its data services as Software as a Service (SaaS) to consumers. DaaS is a data management strategy used to store and analyze data, and it is part of the "as a service" offerings that have become increasingly popular since the expansion of the internet in the 1990s. DaaS aims to leverage data as a businesss asset for greater business agility and provides a way to manage the massive amounts of data organizations generate every day for data-driven decision making.
DaaS systems use the flexibility and limitless resources of cloud deployments to store, process, integrate, or analyze mission-critical enterprise data. It allows for the separation of data cost and usage from software or platform cost and usage, and it is accessible through different devices, typically over the Internet. DaaS is transforming the way companies access, manage, and leverage data, offering a competitive edge in today's digital marketplace.
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Daas Market Overview:
The data as a service (DaaS) market industry is projected to grow from USD 7.52 Billion in 2022 to USD 67.85 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 36.9% during the forecast period (2022 - 2030).
Key Companies in the data as a service (DaaS) market include
IBM Corporation (U.S.)
Fair Isaac Corporation (U.S.)
Microsoft Corporation (U.S.)
Alibaba Group Holding Limited (China)
Google Inc (U.S.)
Facebook Inc (U.S.)
Oracle Corporation (U.S.)
Bloomberg Finance L.P. (U.S.)
com Inc. (U.S.)
LinkedIn Corporation (U.S.)
Mastercard Advisors LLC (U.S.)
LexisNexis Corporation (U.S.)
Market Drivers:
The potential impact of DaaS is significant, benefiting the entire organization and its customers when successfully leveraged. It is a strategic investment for consolidating and organizing enterprise data in one place, then making it available to serve new and existing digital initiatives. DaaS companies focus on helping customers use their data in the most strategic, efficient way, and they help customers store their data and have impeccable search functions to make creating data reports easier. DaaS is also transforming the way city leaders and their partners solve problems by curating and analyzing multiple data streams to gain insights and craft new interventions.
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Market Regional Analysis:
The regional analysis of the Data as a Service (DaaS) market reveals significant trends and dynamics across different regions.
North America holds a substantial market share in the DaaS market, with the United States accounting for the majority of revenue. The region is driven by the early adoption of cloud-based deployment services and the increasing focus on real-time data analysis.
Asia Pacific is also experiencing notable growth, with the SEA and Other APAC region expected to grow at a high CAGR due to increasing industrialization in countries such as India and China.
Europe is assessed to acquire the largest share during the forecast period, driven by the early adoption of technologies such as IoT and cloud computing, as well as increasing collaboration among enterprises to sustain global competition. These insights provide a comprehensive overview of the regional analysis of the Data as a Service (DaaS) market, highlighting the significant market shares and factors contributing to the growth of the market in different regions.
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Market Trends:
The trends in the Data as a Service (DaaS) market are indicative of significant developments and opportunities for growth. Small and medium enterprises in developing countries are increasingly adopting contact-based services to minimize operational expenses and increase efficiency, which is expected to drive market growth over the coming years .
The use of big data in the professional world is on the rise, and DaaS is expected to play a vital role in the development of enterprises across various industries. The growth in the use of big data is expected to pave the way for the DaaS market globally, with a focus on cloud-based infrastructure and services, enterprise data syndication, and consumer services trends focused on XaaS (Everything as a Service) .
The European DaaS market is the world's second-largest, driven by the huge amounts of technology and digitizing data. The increasing adoption of cloud-based big data analytics software is boosting revenue growth in this region, along with the rapidly increasing demand for DaaS in the region's government, manufacturing, consulting, and financial services sectors.
Overall, the trends in the DaaS market indicate a strong upward trajectory, with a focus on leveraging big data, cloud-based infrastructure, and the increasing adoption of DaaS across various industries and regions.
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