The Data-as-a-Service (DaaS) Market is expected for substantial growth, with a projected increase of USD 56.85 billion from 2022 to 2027, as per Technavio. This expansion is primarily fueled by the escalating volume of data, which has surpassed all previous records since 2014, reaching an estimated creation of 1.7 megabytes (MB) per second globally in 2020. Projections indicate that by 2025, cloud storage will hold over 200 zettabytes of data worldwide. The continuous surge in data production from various sources, including the Internet, mobile devices, and social media, particularly in enterprise applications, is expected to persist and rise.
Organizations face challenges in efficiently analyzing and managing these extensive databases as the 4Vs of data (volume, variety, veracity, velocity) expand. Technavio offers comprehensive market insights to assist global businesses in identifying growth opportunities. Explore the complete report for detailed information.
DaaS Market 2023-2027: Segmentation
- End-user
- BFSI
- Retail
- Telecom
- Others
- Deployment
- Cloud
- On-premises
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
The BFSI segment is anticipated to witness significant market share growth, driven by the adoption of Data as a Service (DaaS). From 2017 to 2021, the segment demonstrated continuous growth, leveraging DaaS technologies like data virtualization and analytics to enhance trading, fund management, and risk control models. This adoption enables BFSI organizations to extract insights from expanding customer data, ultimately improving operational efficiency, customer experiences, risk assessment, and decision-making processes. The integration of AI further enhances customer loyalty and connectivity, empowering BFSI firms to embrace data-driven models and ensuring competitiveness in a complex business landscape.
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DaaS Market 2023-2027: Company Analysis and Scope
Major companies in the data-as-a-service market include 3 Step IT Group Oy, Accenture Plc, Bloomberg L.P, 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. Technavio’s report provides a detailed analysis of around 25 companies operating in the market, aiding businesses in improving their market position.
DaaS Market 2023 – 2027: Market Dynamics
Key trends influencing the market include the integration of blockchain technology with Data-as-a-Service (DaaS), particularly in the financial sector. Notable banks such as JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank are embracing blockchain, replacing traditional centralized financial models. Blockchain’s transparent transaction registration in a shared cloud-based database eliminates intermediaries, decentralizing authority and fostering adoption due to its decentralized nature. The shift from centralized ledgers to blockchain’s decentralized model signifies its impact on financial services, enhancing transparency and efficiency.
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The report also covers:
- Data-as-a-Service Market size
- Data-as-a-Service Market trends
- Data-as-a-Service Market industry analysis
The data-as-a-service market is fragmented, and the degree of fragmentation will accelerate. While the growing amount of data offers immense growth opportunities, adhering to diverse client requirements may hamper market growth.
DaaS Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors facilitating data-as-a-service market growth in the next five years
- Estimation of the data-as-a-service market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
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Related Reports:
Platform-as-a-Service (PaaS) Market: The platform-as-a-service (PaaS) market size is estimated to grow at a CAGR of 26.42% between 2022 and 2027. The market size is forecast to increase by USD 80.82 billion.
Factory Automation Platform as a Service (FA PaaS) Market: The Global Factory Automation Platform as a Service (FA PaaS) Market size is poised to grow by USD 6,649.1 million, at a CAGR of 21.51% between 2022 and 2028.
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
