NEW YORK, Nov. 23, 2023 /PRNewswire/ — 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. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Buy the full report here
Data-as-a-Service (DaaS) Market 2023-2027: Segmentation
- End-user
- BFSI
- Retail
- Telecom
- Others
- Deployment
- Cloud
- On-premises
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
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
- Blockchain technology’s integration with Data-as-a-Service (DaaS) emerges as a significant trend driving market growth, particularly in the financial sector.
- Notable banks like JPMorgan, Citi, Wells Fargo, US Bancorp, PNC, Fifth Third Bank, and Signature Bank embrace blockchain, replacing traditional centralized financial models.
- Blockchain’s transparent transaction registration in a shared cloud-based database eliminates intermediaries, decentralizing authority and fostering adoption due to its decentralized nature.
- The shift from centralized ledgers to blockchain’s decentralized model signifies its impact on financial services, enhancing transparency and efficiency.
Download the sample report now for information on the Data-as-a-Service (DaaS) Market challenges.
The report also covers the following areas:
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
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist data-as-a-service market growth during the next five years
- Estimation of the data-as-a-service market size and its contribution to the parent market
- 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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SOURCE Technavio
