Data as a Service Market rising demand and future scope till by 2030
DaaS Market Overview:
In addition, the global data as a service market Size has been expected to rise at a CAGR of 36.9%, with a value of USD 61.42 billion during the estimated forecasting years of 2030.
The rapidly increasing appetite of the business to gain a competitive advantage over the competition from the use of the data coupled with the challenges of managing an increasingly complex and heterogeneous data landscape has created the right conditions for the data as a service market. The data as a service is normally based on the cloud deployment of the model. It can be deployed either on the hybrid, public, or private cloud platforms. Due to the benefits of cloud computing, affairs are witnessing a rapid increase in the adoption process. Data as a service can be responsible for growing the quantity and variety of data generated in today’s digital environment across various verticals. Users are consuming the data across various systems, and the process can be employed to enhance the enterprise perspective through valuable insights. Also, organizations are increasingly adopting real-time data analytics to gain valuable insights from these databases. Moreover, concerns regarding the privacy and security of cloud platforms involved in data as a service deployment can be a challenging part of the growth in the global market sectors.
The banking and financial sectors have been facing a huge stage in capitalizing on the opportunities created by accessing, analyzing and acting on the data generated in real-time or risk becoming a non-competitive market. Moreover, it has been observed that only the big national and some regional banks prioritize the need for data and analytics. Smaller banks and financial analysis or stock markets are expected to largely benefit from the data as a service. But the global share market and all the industrial sectors shave face a huge loss in the COVID-19 period.
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Key Companies in the data as a service (DaaS) market 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.)
· LexisNexis Corporation (U.S.)
Market Segmentation:
As per the global data as a service market analysis report, the market has been segmented into five categories: solution type, deployment type, organization size, industry vertical, and regional type. With the solution type, the market has been divided into three basic categories like Hadoop-as-a-service, data-as-a-service and data analytics-as-a-service. According to the deployment section, the global data as a service market has been divided into public, private, and hybrid clouds. The organization size is further classified into two sections such as small & medium enterprises and large enterprises. According to the industry vertical, the market has been divided into seven types BFSI, retail & e-commerce, IT & telecom, healthcare, government, manufacturing, etc. The regional section is further divided into five categories: Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
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Regional Analysis:
The growth of the data as a service market in the Asia-Pacific region directly correlates with the growth of the end-user industries of such a region. The government from several regions has used the data for various purposes like estimating the trade in the country, unreserved railway passengers analysis, urbanization analysis and various others. Besides this, several international brands are complete to enter the region; they are incorporating the social media-based promotion strategies by using the data provided by the various players in the market to tap into the market.
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Industrial News:
The data as a service market is highly competitive due to the presence of several small and large players in the market running their business in the domestic and international markets.
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