NEW YORK, Aug. 12, 2021 /PRNewswire/ — The data-as-a-service (DaaS) market is expected to grow by USD 29.82 billion during 2021-2025, decelerating at a CAGR of 38.87%. The report entails a comprehensive vendor analysis on dominant and strong players including Accenture Plc (Ireland), Alteryx Inc. (US), Amazon Web Services Inc.(US), Dow Jones and Co. Inc. (US), International Business Machines Corp. (US), Microsoft Corp. (US), Morningstar Inc. (US), Oracle Corp. (US), and SAP SE (Germany).
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Data-as-a-Service Market: Growing Amount of Data likely to Drive Growth
The growing amount of data volumes is one of the prominent factors likely to impact the market positively during the forecast period. Large volumes of data are being generated from many sources such as the Internet, mobile devices, and social media. The increasing volume of data generated in organizations through various channels and sources has compelled organizations to use DaaS and save a significant amount of cost. In addition, various technologies associated with DaaS helped organizations transform unstructured and semi-structured data into structured and meaningful data. As a result, with the growing demand for data, the need for DaaS for ensuring security, agility, and performance will increase considerably in the upcoming years.
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Data-as-a-Service Market: Increase In Adoption Of Big Data Services In Industries
Big data services help organizations in decision-making in various areas of work. The integration of big data technologies with IT systems within organizations aid in the extraction of crucial information and innovative insights from unstructured as well as structured data collated from various sources including databases, streams, APIs, and other applications. DaaS solutions help organizations to obtain large volumes of complex data, which is further used for data analysis. It also aids in revisiting historical data that assists in drawing conclusions while processing large quantities of data from diverse sources. Thus, increasing the adoption of Bid Data Services in different industries will boost the market growth during the forecast period.
«Increased importance for DaaS in social media marketing will act as another promising factor influencing the market positively during the forecast period,» as per analysts from Technavio.
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Data-as-a-Service Market: Segmentation Analysis
This market research report segments the data-as-a-service market by End-user (BFSI, Retail, Telecom, and Others) and Geography (North America, Europe, APAC, South America, and MEA). The BFSI end-user segment led the market share during 2020 and is likely to continue its dominance in the market during the forecast period due to the increasing deployment of DaaS in banking applications.
North America led the data-as-a-service market in 2020 followed by Europe, APAC, South America, and MEA respectively. 35% of the overall incremental growth will be contributed by North America. The regional growth can be attributed to the increasing adoption of big data services in the US industrial sector.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
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