Data As A Service Daas Market Scenario, Explosive Growth Opportunity, Prominent Players and Forecast to 2023
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New York, United States, Thu, 07 Jan 2021 07:15:27 / Comserve Inc. / — The global market for data as a service (DaaS) is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of data as a service market is studied for North America,
The Data as a Service (DaaS) Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
Market synopsis
Businesses are in need of new capabilities to sustain in the market and create a competitive advantage for themselves. Due to rapid changes in technology, the enterprises are shifting towards cloud-based services to help their businesses to reduce the cost of building, running, and protecting applications, thus, accelerating business agility.Data as a service (DaaS) is a model that provides data on demand to the users irrespective of the geography or organization separation of provider and consumer. DaaS is a cost-efficient, responsive service that lets businesses focus on selling their products, rather than sourcing, managing, and activating data.
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The factors responsible for driving the market are growing adoption of big data analytics across different industry verticals and rising demand for real-time data analytics. Moreover, the market is also driven by increased adoption of cloud-based services in enterprises. Initiatives such as Bring Your Own Device (BYOD) and enterprise mobility are the major opportunities in data as a service (DaaS) market. The market is also facing a few challenges including data theft and cyber-attacks, and lack of technical expertise in data as a service (DaaS), which can potentially hinder the market growth.Cloudera has expanded its Altus Data Science platform as a service offering to the Azure cloud. This development will preserve the business metadata and security, and governance policies so they can be implemented across data processing and data analytics workload in the cloud.
Segmentation
By deployment, the market is segmented into public cloud, private cloud, and hybrid cloud.By organization size, the market is segmented into small and medium enterprise, and large enterprise.By end user, the market is segmented into BFSI, healthcare, retail, manufacturing, media & entertainment, transportation, IT & telecom, and others.By pricing model, the market is segmented into volume-based pricing model and data type-based pricing model. Volume-based pricing model includes quantity based pricing and pay per use pricing.By solution, the market is segmented into disaster recovery and backup solution, test data management, data warehousing, data migration, and others.By professional services, the market is segmented into implementation & deployment, support & maintenance, and consulting.
Regional Analysis
The global market for data as a service (DaaS) is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of data as a service market is studied for North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to dominate the data as a service (DaaS) market during the forecast period. North America features a significant amount of unstructured data gathering due to digital revolution across the commercial and industrial sector. Moreover, the early adoption of cloud-based deployment services in North America has made it easier for the industrial verticals to opt big data analytics to re-structure business functions and strategies.
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Also with the rapid advancement in data as a service, Asia Pacific is expected to grow at a significant pace during the forecast period. Due to increasing adoption of cloud-based services and enormous opportunities across businesses in the Asia Pacific countries, there is better scope for advancement in the data as a service (DaaS) market.The data as a service (DaaS) market is expected to grow at a CAGR of 39% and reach 12 Billion by the end of 2023.
Key players
The prominent players in the market of data as a service are – Microsoft Corporation (U.S.), IBM Corporation (U.S.), Facebook, Inc. (U.S.), Fair Isaac Corporation (U.S.), Alibaba Group Holding Limited (China), Google Inc. (U.S.), Oracle Corporation (U.S.), Bloomberg Finance L.P. (U.S.), Salesforce.com, Inc. (U.S.), LinkedIn Corporation (U.S.), Mastercard Advisors LLC (U.S.), and LexisNexis Corporation (U.S.).
Other players in the market include comScore, Inc. (U.S.), Dow Jones & Company, Inc. (U.S.), Equifax, Inc. (Canada), Experian plc (Ireland), Acxiom Corporation (U.S.), FirstRain, Inc. (U.S.), Twitter, Inc. (U.S.), Verizon Communications, Inc. (U.S.), SAS Institute Inc. (U.S.), and EMC Corporation (U.S.).
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Prominent market players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
Intended Audience
Open source and proprietary data collections and providers
Developing DaaS capabilities
Data creation, aggregation, and enrichment
Data Marketplaces
Data monetization, including packaging, pricing, and channels
DaaS use cases
Training data for cognitive/AI solutions
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COMTEX_377350084/2652/2021-01-07T07:16:35
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