Data as a Service Market Share, Size, Trends, Industry Analysis Report, By Deployment (Public, Private, Hybrid); By Enterprise Size; By Industry; By Region; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3831
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global data as a service market was valued at USD 11.87 billion in 2023 and is expected to grow at a CAGR of 30.00% during the forecast period.
The surging prevalence of DaaS solutions across the globe due to their ability to provide companies value for their data assets and allow companies to easily offer their extensive data to external parties while providing the scalability required to handle varying data workloads and volumes are key factors boosting the growth of the global market.
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In addition, there has been an emerging trend among DaaS solution providers towards incorporating AI and machine learning capabilities into their services to offer predictive analytics and automated insights and also introducing newer solutions with enhanced characteristics and features like customization and personalization, which is also anticipated to create lucrative growth opportunities for the data as a service market.
For instance, in February 2023, Apex Group introduced a new pioneering ESG Data as a Service platform, especially for private data as a service market. The new ESG DaaS will include several data points for the peer comparison, including carbon footprints, management of climate-related risks, and DE&I statistics, among others.
Moreover, with the rising adoption and usage of graph databases by major DaaS providers worldwide to efficiently manage or query data with various complex relations like recommendation systems, social networks, and fraud detection, the need for advanced service solutions to handle data with interconnected elements have increased drastically in the recent years.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the data as a service data as a service market. The spread of the pandemic has highlighted the importance of data-driven decision-making, especially during times of uncertainty, as businesses across industries were in need of understanding changing consumer behaviors, supply chain disruptions, and market trends that have fueled the demand for DaaS solutions that could provide relevant and latest data to support decision-making globally.
Growth Drivers
Increasing adoption of cloud-based analytics
The rapidly increasing adoption and integration of various cloud-based advanced analytics by organizations all over the world that include different applications like visualization, machine learning, forecasting, sentiment, semantic analysis, graph analysis, and data/text mining, among others, coupled with the surging need for data as a service among large social media platforms like LinkedIn, Facebook, and Instagram, are among the major factors propelling the demand and growth of the market.
Furthermore, the extensive surge in the number of connected devices worldwide and prevalence among end-user industries, including media & government, retail, BFSI, and government, towards adopting connected devices for their manufacturing and business units, along with the drastic increase in the demand for data analytics from the energy sector, as a result of strong foothold of data analytics vendors worldwide, has also been propelling the growth of the market over the years.
Report Segmentation
The market is primarily segmented based on deployment, enterprise size, industry, and region.
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By Deployment |
By Enterprise Size |
By Industry |
By Region |
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By Deployment Analysis
The Public Segment Accounted for the Largest Market Share in 2022
The Public segment accounted for the largest market share in 2022 and is likely to retain its market position throughout the study period. The growth of the segment market is majorly driven by an increased number of SMEs and startups focusing on deploying public cloud solutions in their business operations and units to efficiently leverage benefits, including advanced security solutions, immense storage capacity, and the ability to combine both internal and external data.
The hybrid segment is projected to grow at the highest growth rate over the next coming years on account of its capabilities to provide organizations with access to their faster and improved security. Apart from this, hybrid cloud models are globally known for their ability to let organizations optimize their overall operation costs with the help of using on-premises resources for stable workloads and also cloud resources for dynamic workloads.
By Enterprise Size Analysis
The Large Segment Held a Significant Market Revenue Share in 2022
The large segment held a significant market share in terms of revenue in 2022, which has been driven by various factors, including easier access to these advanced solutions and services and the increased focus of several large organizations on their core competencies rather than diverting resources to managing data infrastructure. These services could also offer advanced analytics tools and capabilities, which enable large organizations to leverage to extract valuable insights from their data that lead to informed decision-making and strategic planning.
The small segment is likely to gain a substantial growth rate during the anticipated period, which is mainly accelerated by increasing awareness among small companies about the availability and accessibility of these services that can simultaneously handle their complex technical aspects without needing extensive technical knowledge.
By Industry Analysis
The It and Telecommunication Segment is Expected to Witness the Highest Growth Rate over the Projected Period
IT and telecommunication are expected to grow at the highest growth rate during the study period on account of the rapidly growing proliferation of IoT services across various sectors, including manufacturing, healthcare, and retail, among others, along with the exponential shift to subscription-based models from traditional software licensing and a growing number of businesses worldwide undergoing a digital transformation that requires faster access to quality data for informed decision-making.
For instance, the number of IoT devices all over the world is estimated to be around 13 billion devices. The number is projected to reach 25.4 billion devices by 2030. there are more than 400 active IoT platforms currently in existence globally.
The BFSI segment led the industry market with substantial revenue share in 2022, which is largely attributable to the widespread adoption and use of these services in the banking and insurance sector, as these sectors heavily rely on vast amounts of data in their day-to-day operations. Besides this, with the exponential rise in financial fraud across the world, many institutions are significantly investing in advanced fraud detection and prevention mechanisms, which, in turn, have fueled the adoption of DaaS solutions in the market over the years.
Regional Insights
North America Region Dominated the Global Market in 2022
The North American region dominated the global market with a considerable share. The regional market growth can be largely attributed to the growing number of organizations across the region realizing the importance and value of their data assets, along with the continuous surge in the adoption of cloud computing, resulting in easier access and sharing of sophisticated data.
Additionally, a large number of DaaS providers in the region have started offering subscription-based pricing models in the last few years, allowing businesses to conveniently access the data they needed without large upfront investments, which made these services more accessible and attractive to a wider range of companies and pushing the regional market growth forward.
Asia Pacific will grow at a rapid pace, owing to the rising proliferation of social media usage, connected devices, and e-commerce, which has led to significantly increased data generation, requiring efficient service solutions for managing or handling data. For instance, the number of social media users in India stood at around 467 million in January 2023, which equals to 32.8% of the total population.
Competitive Insight
The data as a service market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Accenture Plc.
- Alteryx Ltd
- Amazon.com Inc.
- Google LLC
- Guavus Inc.
- Hewlett Packard Enterprise
- IBM
- Information Builders Inc.
- Microsoft Corporation
- Opera Solutions LLC
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Snowflake Inc
- Teradata Corporation
- Wipro Limited
- ZeroStack Inc.
Recent Developments
- In October 2022, Fujitsu announced the launch of its new Fujitsu Computing as a Service Data e-Trust, which will make advanced computing technologies easily accessible and available to everyone. It further supports the authentication of various information related to individuals as well as corporations in digital transactions and the secure, safe, and free exchange of data.
- In March 2022, Stibo Systems introduced its new cloud-based DaaS service, mainly focused on efficiently delivering data to data-consuming applications. It can be used for various applications such as websites, point of sale, & call centers.
Data as a Service Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 15.39 billion |
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Revenue Forecast in 2032 |
USD 125.40 billion |
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CAGR |
30.00% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Deployment, By Enterprise Size, By Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation |
FAQ's
The data as a service market report covering key segments are deployment, enterprise size, industry, and region.
Data as a Service Market Size Worth $125.40 Billion By 2032.
The global data as a service market is expected to grow at a CAGR of 29.9% during the forecast period.
North American is leading the global market.
key driving factors in data as a service market are increasing adoption of cloud-based analytics.
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