Data-as-a-Service (DaaS) Market size to grow by USD 56.85 billion from 2022 – 2027 | The growing amount of data is to drive the market growth – Technavio

    NEW YORK, NY, November 27, 2023 /24-7PressRelease/ -- The Data-as-a-Service (DaaS) Market size is set to increase by USD 56.85 billion from 2022 to 2027, according to Technavio. The market's growth is driven significantly by the escalating volume of data. Since 2014, data generation has surpassed all previous records, with an estimated creation of 1.7 megabytes (MB) per second worldwide in 2020. Projections indicate that by 2025, cloud storage will hold over 200 zettabytes of data globally. The continuous surge in data production from diverse sources like the Internet, mobile devices, and social media, particularly in enterprise applications, is anticipated to persist and increase. As the 4Vs of data (volume, variety, veracity, velocity) expand, organizations encounter challenges in efficiently analyzing and managing these extensive databases.

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Data-as-a-Service (DaaS) Market 2023-2027: Segmentation
•End-user
oBFSI
oRetail
oTelecom
oOthers

•Deployment
oCloud
oOn-premises

•Geography
oNorth America
oEurope
oAPAC
oMiddle East And Africa
oSouth America

The BFSI segment is expected to experience substantial market share growth, driven by the adoption of Data as a Service (DaaS). From 2017 to 2021, the segment showcased continuous growth, leveraging DaaS technologies like data virtualization and analytics to enhance trading, fund management, and risk control models. This adoption enables BFSI organizations to derive insights from expanding customer data, ultimately improving operational efficiency, customer experiences, risk assessment, and decision-making processes. Integration of AI further enhances customer loyalty and connectivity. Overall, DaaS empowers BFSI firms to embrace data-driven models, ensuring competitiveness in a complex business landscape.

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Data-as-a-Service Market 2023-2027: Company Analysis and Scope

Some of the major companies of the data-as-a-service market include 3 Step IT Group Oy, Accenture Plc, Bloomberg L.P, CHG-MERIDIAN AG, Cisco Systems Inc., CompuCom Systems Inc., Computacenter plc, CSI Leasing, Inc., Dell Technologies Inc., Dow Jones and Co. Inc., Econocom Group SE, Foxway, GreenFlex, Hewlett Packard Enterprise Co., International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., Oracle Corp., Telia Co. AB, and Wipro Ltd. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 companies operating in the market.

Data-as-a-Service (DaaS) Market 2023 – 2027: Market dynamics
•Leading trends influencing the market
oBlockchain technology's integration with Data-as-a-Service (DaaS) emerges as a significant trend driving market growth, particularly in the financial sector.
oNotable banks like JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank embrace blockchain, replacing traditional centralized financial models.
oBlockchain's transparent transaction registration in a shared cloud-based database eliminates intermediaries, decentralizing authority and fostering adoption due to its decentralized nature.
oThe shift from centralized ledgers to blockchain's decentralized model signifies its impact on financial services, enhancing transparency and efficiency.

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The report also covers the following areas:

o Data-as-a-Service Market size
o Data-as-a-Service Market trends
o Data-as-a-Service Market industry analysis

The data-as-a-service market is fragmented, and the degree of fragmentation will accelerate. The growing amount of data will offer immense growth opportunities. However, the Adhering to diverse client requirements will hamper market growth.

Data-as-a-Service Market 2023-2027: Key Highlights
o CAGR of the market during the forecast period 2023-2027
o Detailed information on factors that will assist data-as-a-service market growth during the next five years
o Estimation of the data-as-a-service market size and its contribution to the parent market
o Predictions on upcoming trends and changes in consumer behavior

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Related Reports:
Platform-as-a-Service (PaaS) Market: The platform-as-a-service (PaaS) market size is estimated to grow at a CAGR of 26.42% between 2022 and 2027. The market size is forecast to increase by USD 80.82 billion.

Factory Automation Platform as a Service (FA PaaS) Market: The Global Factory Automation Platform as a Service (FA PaaS) Market size is poised to grow by USD 6,649.1 million, at a CAGR of 21.51% between 2022 and 2028.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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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