Global Data as a Service Market - Segmented by End-user, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Data as a Service market is expected to register a CAGR of over 10% during the forecast period (2018 - 2023). Data as a Service is based on the cloud deployment model. It can be deployed on hybrid, public, and private cloud platforms. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
DaaS can be seen as a response to the growing quantity and variety of data generated in today’s digital environment. Users are consuming data across a variety of systems and processes which can be employed to enhance the enterprise perspective through valuable insights. The burgeoning appetite of businesses to gain competitive advantage from the use of data coupled with the challenge of managing an increasingly complex and heterogeneous data landscape has created the right conditions for data-as-a-service (DaaS) to emerge. Also, organizations are adopting real-time data analytics to gain valuable insights from these data bases. However, concerns regarding the privacy and security of cloud platform which are involved in DaaS deployment can challenge the growth of the market.
BFSI Expected to Remain the Largest Sector
It can be safely said that DaaS solutions are used in every major finance and Investment related corporation. Moreover, a growing adoption in auditing and accounting firms is expected to drive the Data as a Service market. The industry is now facing a critical juncture: to capitalize on the opportunity created by accessing, analyzing and acting on that data in real time, or risk becoming non-competitive in the market. However, it has been observed that only big national and some regional banks prioritizing the need for data and analytics. It is clear that smaller banks and financial institutions are yet to get started or see significant benefit. Also, the presence of firms involved in financial analysis or stock markets are expected to be largely benefitted from data as a service, owing to the presence of products such as Bloomberg Terminal.
Asia Pacific Anticipated to Witness the Fastest Growth
The growth of the market in the region is in correlation with the growth of end-users in the region. The Indian government is using data for various purposes, such as to get an estimate of trade in the country, urbanization analysis, unreserved railway passengers analysis, amongst various others. Apart from this, as many brands are vying to enter the region, they are incorporating social media-based promotion strategies by using data provided by various players in the market. Of late, China is trying to maintain its edge and sustain its growth, which can result in its economy shifting to a higher value and more advanced industries, with data as one of the instrument to facilitate this shift. Moreover, prominent organizations in the country such as Baidu has set up Beijing Big Data Lab which aims to take insights from searches and other company services. It then plans to apply it to other industries, such as healthcare, machine learning, and predictive analysis.
Key Developments in the Market
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