The Data as a Service (DaaS) market has emerged as a transformative force in the realm of data management and analytics. DaaS represents a paradigm shift, offering organizations the ability to access, integrate, and leverage data from diverse sources without the burden of maintaining complex infrastructure. This market, fueled by the exponential growth of data, is characterized by the provision of data on-demand through cloud-based platforms. DaaS providers offer a wide array of data, ranging from raw information to curated, industry-specific datasets. This versatile service empowers businesses to make data-driven decisions, improve operational efficiency, enhance customer experiences, and develop innovative products and services. As the demand for data-driven insights continues to rise, the Data as a Service market is poised for significant growth and innovation.
According to a research report published by Polaris Market Research, the global data as a service market was valued at USD 9.16 billion in 2022 and is expected to reach USD 125.40 Billion By 2032, growing at a CAGR of 29.9% during the forecast period.
Rapid advancements in various social media platforms, a continuously rising 5G deployment rate, and an increasing number of e-commerce platforms or channels worldwide have led organizations to create high-prominence data and develops centralized channel of data flow, resulting in higher adoption of DaaS solutions to secure crucial business data and information from undesirable cyber-attacks. According to GSMA Intelligence, the number of 5G connections worldwide stood at over 1 billion at the end of 2022 and is forecasted to reach 2 billion connections by the end of 2025, while around 700 5G smartphones were available to users globally in January 2023.
The rising proliferation and prevalence of subscription-based pricing models in the market, which have allowed organizations to easily access the data they need without making large or significant upfront investments and also helping them to provide predictable pricing structures for the customers, has been creating ample growth or revenue opportunities in the recent years.
With the emerging demand for real-time data solutions or services around the world, the need for the development of DaaS solutions that could deliver data in real-time or near approx. Real-time has grown drastically. As many businesses seek to make quicker decisions based on the most up-to-date and latest information available, the leading DaaS solution providers have started offering real-time data streaming and integration services to cater to the rising demand for these services and boost their revenue streams.
For example, in April 2023, Bluesky unveiled its new data-as-a-service offering named “GeoStream,” which is mainly designed to ensure that customers can access data when they need, without any limitations, and is available in two versions, including GeoStream Viewer and GeoStream Direct.
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Data as a Service Market Report Highlights
- The public segment accounted for the largest share on account of the growing prevalence among companies to leverage advanced data security solutions
- Large segment held a significant share due to the rising adoption of cloud-based solutions by large organizations to manage data infrastructure efficiently
- The IT and telecommunication segment will grow at the highest growth rate because of the rising number of connected devices and greater proliferation of smartphone usage
- North America dominated the global market, owing to the region’s well-established and developed data infrastructure and continuous innovations in technologies
- The key market players include Hewlett Packard Enterprise, Microsoft Corporation, Oracle Corporation, Opera Solutions, and Accenture.
Data as a Service (DaaS) has a wide range of applications across various industries. Here are five key applications:
- Business Intelligence and Analytics: DaaS provides organizations with access to a vast pool of data, enabling them to perform in-depth analytics, generate valuable insights, and make data-driven decisions. It helps in tracking KPIs, market trends, and customer behavior.
- Marketing and Customer Insights: DaaS aids marketers in understanding customer preferences, segmenting their target audience, and creating personalized campaigns. It allows businesses to enhance their customer relationship management and improve user experiences.
- Financial Services: In the financial industry, DaaS is used for risk assessment, fraud detection, and investment analysis. Real-time market data and historical financial information can be accessed for better decision-making.
- Healthcare and Life Sciences: DaaS facilitates the sharing of medical records, research data, and patient information securely. It aids in medical research, drug discovery, and improving patient care through data-driven insights.
- Supply Chain Management: DaaS optimizes supply chain operations by providing real-time data on inventory, demand forecasting, and logistics. This ensures efficient inventory management, reduces costs, and enhances overall supply chain performance.
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