Data as a Service Market is expected to grow at a CAGR of 19.47%

Increasing Demand for Data Monetization and Rising Adoption of Cloud Computing are factors driving the Global Data as a Service Market in the forecast period 2025-2029.

According to TechSci Research report, “Data as a Service Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, The Global Data as a Service (DaaS) Market is poised to experience significant growth in the foreseeable future. Businesses are increasingly recognizing the importance of leveraging data to gain a competitive edge, driving demand for DaaS solutions. Managing complex and diverse data landscapes presents challenges, making DaaS an attractive option for organizations seeking efficient data management solutions.

DaaS operates on cloud-based deployment models, including hybrid, public, and private clouds. The widespread adoption of cloud computing is fueling the growth of DaaS, offering scalability, flexibility, and cost-effectiveness. Additionally, the use cases for data continue to expand beyond core business functions, leading to increased adoption of DaaS. By breaking down data silos and enhancing agility, DaaS facilitates seamless data manipulation, addressing the evolving needs of the market.

Furthermore, organizations are embracing real-time data analytics and big data to extract valuable insights. Big data plays a crucial role in informing business strategies, driving further adoption of DaaS. According to Seagate, global data production, capture, copying, and consumption are projected to surge significantly. By 2025, global data generation is expected to surpass 180 zettabytes, underscoring the growing importance of robust data management solutions like DaaS.

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Based on End User, In 2023, the BFSI (Banking, Financial Services, and Insurance) sector emerged as the dominant segment. There's a notable shift within the asset-servicing industry from traditional service-focused offerings to those centered around data and technology. Banks are increasingly leveraging Data-as-a-Service (DaaS) to provide value-added services such as reports and analytics to clients seeking business intelligence insights. The banking sector, in particular, faces a crucial opportunity to leverage real-time data analysis for competitive advantage. However, it's observed that while larger national and regional banks prioritize data and analytics, smaller institutions have yet to fully embrace these capabilities.

Entities within the financial industry, including firms specializing in financial analysis or stock markets, stand to benefit significantly from DaaS solutions, particularly with products like the Bloomberg Terminal. DaaS solutions offer various benefits such as simplified data outputs, coherent datasets, trend identification, and accelerated data processing. These solutions enable banking and financial institutions to consolidate data effectively, ensuring compatibility across systems and facilitating stakeholders in generating new revenue streams. For example, Commerzbank, a prominent German bank, has developed over 200 APIs to streamline processes and deliver near-real-time DaaS solutions to partners, enhancing overall value proposition.

Based on Region, North America is poised to maintain market dominance throughout the forecast period, leveraging its position as a hub for innovation and early adoption of Data-as-a-Service (DaaS) solutions. The region presents abundant growth opportunities, particularly in the energy sector, where there is a strong demand for advanced data analytics solutions. Major players in North America are increasingly integrating DaaS into their product portfolios to meet evolving market demands.

The benefits of implementing DaaS outweigh the challenges, especially in handling IoT data, which necessitates flexible and scalable distribution, processing, and storage platforms. Compared to traditional static data repositories, enterprise firms are significantly more inclined to deploy DaaS for managing machine-generated IoT data, recognizing its potential to enhance operational efficiency and decision-making processes. Additionally, enterprise data syndication offers significant prospects for DaaS adoption, enabling businesses of all sizes to share and monetize their data assets effectively.

Within North America, the United States drives substantial demand compared to Canada, particularly across sectors such as BFSI, IT, telecommunications, and oil and gas. The region also witnesses a surge in social media-based promotional strategies employed by international brands, leveraging insights derived from data provided by market players. For example, recent investments by FinTech-focused venture capital funds, like First Rate Ventures, in companies such as RegAlytics underscore the growing importance of comprehensive regulatory data services in the financial industry. RegAlytics provides customizable and meticulously vetted regulatory data sourced from thousands of regulators worldwide, catering to the needs of major financial institutions and exchanges.

Key market players in the Global Data as a Service Market are: -

• Bloomberg Finance LP
• Dow Jones & Company Inc.
• Environmental Systems Research Institute
• Equifax Inc.
• FactSet Research Systems Inc.
• IBM Corporation
• Oracle Corporation
• SAP SE
• Thomson Reuters Corporation
• Morningstar Inc.

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“The Data as a Service (DaaS) market is being propelled by several key factors. Firstly, businesses are increasingly realizing the value of data as a monetizable asset, which is driving them to utilize DaaS solutions for revenue generation purposes. Secondly, the widespread adoption of cloud computing has significantly improved the accessibility and cost-effectiveness of DaaS offerings. In today's fast-paced business landscape, real-time data insights are essential for making informed decisions, leading to a growing demand for DaaS solutions. Moreover, as businesses expand globally, there is a need for access to diverse datasets from different regions, a demand effectively met by DaaS providers. Advancements in big data technologies and the integration of DaaS with artificial intelligence are further enhancing analytics capabilities, enabling businesses to extract valuable insights from their data. Additionally, concerns surrounding regulatory compliance and data security are driving organizations to opt for DaaS solutions that ensure secure and compliant data handling practices. Furthermore, the cost-efficiency of DaaS solutions, along with the availability of industry-specific offerings, is attracting businesses across various sectors. As awareness of the benefits of DaaS continues to grow, it is becoming an integral component of modern data strategies, driving the market's expansion and solidifying DaaS's position as a crucial tool for businesses in managing and leveraging their data assets..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Data as a Service Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by End User (BFSI, IT and Telecommunications, Government, Retail, Education, Oil and Gas, and Other End Users), By Region, and By Competition 2019-2029” provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Data as a Service Market.

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