The hype around the Data as a Service (DaaS) framework is palpable, with business adoption still picking pace. The DaaS market evolved on the back of the growing popularity of X as a Service (XaaS) framework across enterprises, big and small; SaaS being a vibrant example. The growing complexity of myriad data sets in businesses has fueled the hype of DaaS providers, reason having to do with the former’s lack of expertise for implementing data analytics. The DaaS market has generated heat due to the intensifying need for extracting accurate insights from unstructured data that sits on the diverse database platforms. Unsurprisingly and steadily, DaaS is being internalized as a key part of several forward-looking enterprises.
The study on the DaaS market scrutinizes the aforementioned trends and many pertinent trends that have shaped the evolution of the demand. The report takes a closer look at factors that will open new avenues for DaaS providers and the share and size of prominent stakeholders in the DaaS market.
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Data as a Service (DaaS) Market: Competitive Analysis and Key Developments
Technology companies are unveiling DaaS providers to meet the demands for data analytics tools to fuel digital transformations. Recently a U.S.-based technology company Avaya have recently expanded their Subscription program by launching DaaS for business communication devices for its consumers. Some of the notable devices that will leverage DaaS are desktop phones, conference phones and multimedia devices.
The company has tried to bank upon opportunities in the DaaS market by pivoting on new pricing points. The growing popularity of subscription-based services is boosting the DaaS market.
Data as a Service (DaaS) Market: Key Trends
The drive for extracting actionable insights from complex data sets have stimulated them to seek low-hanging fruits on the back of smart analytics as a part of growth-driving initiatives, boosting the role of DaaS providers. The DaaS market has thrived on the spiraling business proposition of Big Data. DaaS providers are playing an increasing role in monetizing Big Data and help companies adopt data-centric strategies without spending heavily on building in-house expertise.
DaaS is gathering steam among client-facing businesses and B2B industries, propelling the expansion of the DaaS market, on the back of rising significance of data analysis for driving growth. DaaS is also expected to occupy a prominent place in various strategies that companies undertake from time to time to understand positive customer experiences. However, personal data privacy has dampened the prospects in the DaaS market to an extent.
Key application areas in the DaaS market include customer resource management (CRM), e-commerce, supply chain management systems, customer intelligence and enterprise resource planning (ERP).
DaaS providers are expected to grow in business significance on the back of testing of cloud-based tools.
In the wake of the emerging COVID-19 lockdown, DaaS subscribers have gained some advantages in the light of rapidly increasing trend of work-from-home around the world.
Some of the promising players in the DaaS market are Teradata Corporation, SAP SE, SAS Institute, Inc., EMC Corporation, HP Enterprise Services, Amazon Web Services, Google Inc., and Microsoft Corporation.
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Data as a Service (DaaS) Market: Regional Analysis
The various key regions in the DaaS market are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America has emerged as a lucrative market due to the vast uptake of cloud-based infrastructure and services. Strides being made in cloud computing models in numerous economies of Asia Pacific has resulted in the region contributing significant shares to the global DaaS market. Lucrative markets stem from the repeated adoption of DaaS in enterprises.
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