The global Data-as-a-Service (DaaS) market size is expected to be valued at USD 10,429.0 million in 2023. The increasing adoption of cloud services in developing countries is expected to drive market growth. The overall demand for Data as a Service (DaaS) is projected to grow at a CAGR of 23.4% between 2023 and 2033, totaling around 85,619.0 million by 2033.
| Data Points | Key Statistics |
|---|---|
| Data as a Service (DaaS) Market Value 2023 | USD 10,429.0 million |
| Data as a Service (DaaS) Market Projected Value (2033) | USD 85,619.0 million |
| Data as a Service (DaaS) Market CAGR (2023 to 2033) | 23.4% |
Data as a Service (DaaS) is a cloud service leveraged to ensure the availability of critical data in a convenient, cost-effective manner to businesses. DaaS model works on the principle of offloading the load and risks associated with Data Management to a third-party Cloud-based provide
DaaS enables users to access specified useful data on demand, regardless of any organization’s structural and geographical barriers.
DaaS eliminates redundancy and streamlines operational costs by integrating critical data of business at a particular location, thus enabling multiple users to use and modify the data through a single update point.
The DaaS technology is used in business for applications including Customer Resource Management (CRM), e-commerce, supply chain management systems, customer intelligence, and Enterprise Resource Planning (ERP).
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The global demand for Data as a Service (DaaS) is projected to increase at a CAGR of 23.4% during the forecast period between 2023 and 2033, reaching a total of USD 85,619.0 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 21.3%.
The increasing adoption of subscription-based models in several developed regions like North America and Europe offers promising growth prospects for the DaaS market. These platforms allow end-users to switch from a capital expenditure-based model to an operating expenses-based model and acquire the latest technology.
Additionally, small and medium enterprises in developing countries are adopting contact-based services for minimizing operational expenses, and increasing efficiency is expected to drive market growth over the years coming by.
With the growth in the use of big data (complicated data sets) in the professional world, DaaS is expected to play a vital role in the development of enterprises across various industries. Cloud-based infrastructure and services, enterprise data syndication, and consumer services trends focused on XaaS (Everything as a Service) are the primary factors expected to pave the way for the DaaS market globally.
The primary drivers for the paradigm shift of data to cloud-based databases, i.e. data-as-a-service include features offered by cloud-based technologies including scalability and enhanced efficiency. Other factors include the ability to smoothly transfer data among different platforms, compatibility among diverse platforms, and reduction in data maintenance and delivery costs.
The market growth is further propelled by the increasing adoption of dedicated databases, performing efficiently one or two tasks such as transaction processing or analytics.
Additionally, the increasing interest of enterprises to leverage the huge amounts of generated data using a set of complex database tools to create potential business opportunities are the other factors contributing to the growth of the market. The DaaS model enables enterprises to test on-site and cloud-based tools and avoid the upfront capital costs of IT infrastructure.
Principal Consultant
Increasing Adoption of Dedicated Databases to Hinder Market Growth
With the growth in the use of big data (complicated data sets) in the professional world, DaaS is expected to play a vital role in the development of enterprises across various industries. Cloud-based infrastructure and services, enterprise data syndication, and consumer services trends focused on XaaS (Everything as a Service) are the primary factors expected to pave the way for the DaaS market globally.
The primary drivers for the paradigm shift of data to cloud-based databases, i.e. data-as-a-service include features offered by cloud-based technologies including scalability and enhanced efficiency. Other factors include the ability to smoothly transfer data among different platforms, compatibility among diverse platforms, and reduction in the overall cost of data maintenance and delivery.
The market growth is further propelled by the increasing adoption of dedicated databases, performing efficiently one or two tasks such as transaction processing or analytics.
Additionally, increasing interest of enterprises to leverage the huge amounts of generated data using a set of complex database tools to create potential business opportunities are the other factors contributing to the growth of the market. The DaaS model enables enterprises to test on-site and cloud-based tools, and avoid the upfront capital costs of IT infrastructure.
Early Adoption of DaaS Platforms to Capture a Governing Share for North America
In terms of regional platforms, North America holds a significant market share in the Data as a Service (DaaS) market. The region is expected to surge to over 32.6% share in 2022. North America is the biggest market for Data as a Service (DaaS) market to ensure compliance with business processes and legal issues.
North America is one of the early adopters of the latest technologies, such as cloud computing, the IoT, and new service models such as device-as-a-service. Prominent IT firms are concentrating on developing state-of-the-art technology to enhance the optimization of high volumes of data.
In November 2021, Oracle agreed to acquire Nor1. The acquisition extended Oracle Hospitality’s OPERA cloud Suite by Adding the Nor1 Merchandising platform that enables hotels to provide personalized offers throughout the guest journey using AI and machine learning.
The regional market is also feasible on account of government rules and regulations for startups and large enterprises. These aspects are projected to drive market growth. Mounting demand from IT and telecommunications for the device-as-a-service model and the swelling demand for mobile devices in several industries are also likely to favor the growth of the market.
Integration of Cutting-edge Technologies Like Big Data & AI in Pricing Model to Act as Primary Growth Driver
According to Future Market Insights, Europe is expected to provide immense growth opportunities for Data as a Service (DaaS) and is expected to reach the highest share of 22.7% in 2022. Europe is expected to emerge as the second-largest region, driven by the adoption of data-driven strategies in business processes.
This platform helps the customers to shift the huge cost of procuring the latest technology from a capital expenditure to an operating expense.
The digital revolution in the Europe region is encouraging small and medium enterprises to adopt various systems and models to boost their productivity at a lower cost. European companies want to automate their processes as they are experiencing market challenges, including supply chain disruption and skill shortages.
More frequently, companies will adopt Cloud to create a solid real-time data analysis foundation that supports business agility and resilience. Additionally, several companies are shifting their focus from heavily investing in hardware and software to smartly allocating funds on other core activities while adopting data-as-a-service.
Robust Growth in the IT Sector & Rising Investments to Elevate Regional Growth
As per the recent analysis by Future Market Insights, Asia Pacific is anticipated to be a significantly growing region over the forecast period. The growth in the Asia Pacific will primarily be driven by the increasing concentration of IT, and Telecommunication and retail organizations adopting Data as a Service (DaaS) to enhance workability & and streamline their operational cost. These companies are utilizing cloud-based services to store clients’ data and enhance their functionality.
Recently Salesforce designed a platform that is built on Commerce Cloud by ISV partner XCentium. This new digital portal for wholesale apparel and fashion companies can be used to support pre-season ordering and in-season re-supply. It also initiates fully automated interactions across self-service and sales teams.
The increasing internet penetration rate and the unabated growth of several industries in countries such as China, India, and Japan could also bode well for the regional market's growth.
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The global Data as a Service (DaaS) market is segmented into pricing models, deployment type, end-user type, and regions. Based on the end-user type segment, the small & medium enterprises segment captures the highest volume of market share in the global Data, accounting for more than 60% in 2020.
Device-as-a-service aids enterprises to prioritize their investments by leasing hardware and associated services instead of buying high-cost products. The model minimizes cost and increases profit by tracking expenses daily. These factors, along with the growing awareness of the model, are expected to drive the growth of the segment.
The small and medium enterprise segment is also estimated to expand at the highest growth rate of over 38.0% from 2022 to 2032. Small and medium enterprise owners and IT leaders have a range of tasks, comprising managing inventories and avoiding cyberattacks. Besides, small and medium enterprises prefer the operating expenses business model over capital expenditure owing to the cost and flexibility benefits offered.
These factors lead to the high adoption of the device-as-a-service model in small and medium enterprises. The COVID-19 pandemic has accelerated ongoing digital transformation efforts, further boosting the demand for the device-as-a-service model among small and medium enterprises.
How key Players are Opening Frontiers for Future Growth?
There are many prominent market players in the Data as a Service (DaaS) market, who are working hand-in-hand to provide the best-in-class Data as a Service (DaaS) for enhancing the global analytics arena.
However, many global start-ups in the Data as a Service (DaaS) market are stepping forward in matching the requirements of the Data as a Service (DaaS) domain.
What are the Leading Players in the Data as a Service (DaaS) Market Up to?
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 23.4% from 2023 to 2033 |
| Market Value in 2023 | USD 10,429.0 million |
| Market Value in 2033 | USD 85,619.0 million |
| Base Year for Estimates | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Pricing Model, Deployment type, End-user, Region |
| Regions Covered | North America; Latin America; Europe; The Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | The USA, Canada, Brazil, Mexico, Germany, The UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Microsoft Corporation; Google Inc.; Amazon Web Services; HP Enterprise Services (HP Enterprise strategic business unit); IBM Corporation; Oracle Corporation; EMC Corporation; SAP SE; SAS Institute, Inc.; Teradata Corporation. |
The market is valued at USD 10,429.0 million in 2023.
Cloud-based infrastructure and services, enterprise data syndication, and consumer services trends focused on XaaS are gaining popularity.
Increasing adoption of dedicated databases is expected to hinder market growth.
North America holds a significant market share in the Data as a Service (DAAS) market. It had a 32.6% share in 2022.
Based on the end-user type segment, the small & medium enterprises segment captures the highest market share volume in the global data.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Pricing Model 5.1. Volume-Based Model 5.2. Data Type-Based Model 5.3. Quantity-Based Pricing 5.4. Pay-As-Per-Use 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment Type 6.1. Public Cloud 6.2. Private Cloud 6.3. Hybrid Cloud 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. SMEs 7.2. Large Enterprises 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Microsoft Corporation 18.2. Google Inc. 18.3. Amazon Web Services 18.4. HP Enterprise Services (HP Enterprise strategic business unit) 18.5. IBM Corporation 18.6. Oracle Corporation 18.7. EMC Corporation 18.8. SAP SE 18.9. SAS Institute, Inc. 18.10. Teradata Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
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