Global Data-as-a-Service Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Global Data as a Service Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
In recent years, enterprises across the industries have increased their data consumption, mainly due to the increasing smartphone penetration and high-speed Internet users. The latency reduction in the Internet service, increasing devices connectivity, rising volumes of digital content, and increasing adoption of digital services are among the primary reasons for increasing data consumption by enterprises.
It was estimated that in 2017, over 145 thousand petabytes of data were consumed by both enterprises and consumers, which is likely to reach 850 thousand petabytes by 2023. A major percentage of this data is consumed by enterprises as they are the service providers. Enterprises are heavily investing in data centers to meet the data consumption needs of consumers. Owing to this, they must pay for the storage space that is not utilized, and these storage platforms do not facilitate organized data storage and bringing insights from it.
These features explained above have resulted in the emergence of Data as a Service (DaaS), which offers agility, affordability, and data quality to enterprises. DaaS is a differentiator compared to other “as-a-service” model, as it offers real-time data insights to its users on a third-party cloud, which is a cost-effective solution for enterprises. As the enterprises are moving closer to hybrid cloud architecture, the enterprise use of DaaS increases. This service manages, protects, and helps enterprises to access data easily with least concerns about data backup, disaster recovery, Internet outage, and data storage costs. Also, this service includes hassle-free transmission of real-time data across enterprise channels located far away, without disclosing the sensitive information to other business units within an organization. Further, DaaS also offers enterprises to integrate data easily across the business units irrespective of its locations, to capitalize on big data, and to streamline data more effectively.
DaaS is a self-usable software platform; the leading segments of the market are storage, tools & analytics, and solutions. The storage is expected to hold a significant market share in 2017 and it will continue through 2023. The storage market is driven by increasing DaaS consumers due to hybrid cloud enablement. As enterprises move away from traditional storage systems, the demand for storage will increase. Also, the disaster recovery and long-term data storage services by vendors are expected to push the market for storage. On the other hand, the increasing demand for location-based services, huge volumes of customer generated data will push the need for storage. This segment is expected to grow at a CAGR of 15.9% during 2017–2023. Analytics and Solutions are the other two segments in the market. The demand for these segments is expected to grow on par with the growing trend for storage services, because the value of DaaS is null without analytics and enterprise specific solutions.
The industries covered in this report are Retail, Healthcare, BFSI, Telecom, Manufacturing, and Automotive. The retail and healthcare segments are expected to dominate the market with a combined market share of 43.7% in 2017, which is expected to reach 48.9% by 2023. The increasing demand for real-time data analytics, push for centralized data warehousing approaches, and disaster recovery are the major drivers for the growth in these industries.
The Americas and Europe are most likely to hold a more significant share in the DaaS market. Americas is expected to remain as a leading adopter of DaaS, with a CAGR of 15.2% through 2023. Asian market is expected to become the second largest market for DaaS, primarily due to the increasing demand from China, India, Japan, and South Korea.
Large enterprise service providers, such as Oracle, IBM, Google, and Microsoft are dominating the market. However, along with DaaS, these vendors are offering analytics and managed services, such as testing of data management environments, data warehouses, and business intelligence tools among others. The report also contains an in-depth analysis of vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are Oracle, IBM, Microsoft, Google, Actifio Inc., Gravy Analytics, REaD Group, MOTOR Information Systems and CloudCoCo.