In a recent published report, Kenneth Research has updated the market report for Data as a Service Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Data as a Service Market products.
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In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2024. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
The Data as a Service Market is expected to grow with a significant CAGR during the forecast period, i.e. 2024-2023, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2024 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Data as a Service Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024
Overview:
In recent years, enterprises across the industries have increased their data consumption, mainly due to the increasing smartphone penetration and high-speed Internet users. The latency reduction in the Internet service, increasing devices connectivity, rising volumes of digital content, and increasing adoption of digital services are among the primary reasons for increasing data consumption by enterprises.
It was estimated that in 2017, over 145 thousand petabytes of data were consumed by both enterprises and consumers, which is likely to reach 850 thousand petabytes by 2024. A major percentage of this data is consumed by enterprises as they are the service providers. Enterprises are heavily investing in data centers to meet the data consumption needs of consumers. Owing to this, they must pay for the storage space that is not utilized, and these storage platforms do not facilitate organized data storage and bringing insights from it.
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These features explained above have resulted in the emergence of Data as a Service (DaaS), which offers agility, affordability, and data quality to enterprises. DaaS is a differentiator compared to other “as-a-service” model, as it offers real-time data insights to its users on a third-party cloud, which is a cost-effective solution for enterprises. As the enterprises are moving closer to hybrid cloud architecture, the enterprise use of DaaS increases. This service manages, protects, and helps enterprises to access data easily with least concerns about data backup, disaster recovery, Internet outage, and data storage costs. Also, this service includes hassle-free transmission of real-time data across enterprise channels located far away, without disclosing the sensitive information to other business units within an organization. Further, DaaS also offers enterprises to integrate data easily across the business units irrespective of its locations, to capitalize on big data, and to streamline data more effectively.
Market analysis
DaaS is a self-usable software platform; the leading segments of the market are storage, tools & analytics, and solutions. The storage is expected to hold a significant market share in 2017 and it will continue through 2024. The storage market is driven by increasing DaaS consumers due to hybrid cloud enablement. As enterprises move away from traditional storage systems, the demand for storage will increase. Also, the disaster recovery and long-term data storage services by vendors are expected to push the market for storage. On the other hand, the increasing demand for location-based services, huge volumes of customer generated data will push the need for storage. This segment is expected to grow at a CAGR of 15.9% during 2017–2023. Analytics and Solutions are the other two segments in the market. The demand for these segments is expected to grow on par with the growing trend for storage services, because the value of DaaS is null without analytics and enterprise specific solutions.
The industries covered in this report are Retail, Healthcare, BFSI, Telecom, Manufacturing, and Automotive. The retail and healthcare segments are expected to dominate the market with a combined market share of 43.7% in 2017, which is expected to reach 48.9% by 2024. The increasing demand for real-time data analytics, push for centralized data warehousing approaches, and disaster recovery are the major drivers for the growth in these industries.
Regions
The Americas and Europe are most likely to hold a more significant share in the DaaS market. Americas is expected to remain as a leading adopter of DaaS, with a CAGR of 15.2% through 2024. Asian market is expected to become the second largest market for DaaS, primarily due to the increasing demand from China, India, Japan, and South Korea.
Vendors
Large enterprise service providers, such as Oracle, IBM, Google, and Microsoft are dominating the market. However, along with DaaS, these vendors are offering analytics and managed services, such as testing of data management environments, data warehouses, and business intelligence tools among others. The report also contains an in-depth analysis of vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are Oracle, IBM, Microsoft, Google, Actifio Inc., Gravy Analytics, REaD Group, MOTOR Information Systems and CloudCoCo.
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