Data as a Service Market Size (2024 - 2029)

The market size for Data as a Service (DaaS) is projected to grow significantly due to the increasing need for businesses to gain a competitive edge through data utilization. The adoption of DaaS, which can be deployed on various cloud platforms, is escalating due to its ability to break down data silos and improve agility. The market growth is also fueled by organizations' increasing adoption of real-time data analytics and big data to gain valuable insights. However, the market expansion may be challenged by concerns over the privacy and security of cloud platforms involved in DaaS deployment. The COVID-19 pandemic has positively impacted the market, leading to a surge in cloud computing adoption and increased use of data analytics.

Market Size of Data as a Service Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Data as a Service Market Summary
Study Period 2021 - 2029
Market Size (2024) USD 20.74 Billion
Market Size (2029) USD 51.60 Billion
CAGR (2024 - 2029) 20.00 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Data as a Service Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Data as a Service (DaaS) Market Analysis

The Data as a Service Market size is estimated at USD 20.74 billion in 2024, and is expected to reach USD 51.60 billion by 2029, growing at a CAGR of 20% during the forecast period (2024-2029).

The rapidly increasing appetite of businesses to gain a competitive advantage over the competition from the use of data, coupled with the challenges of managing an increasingly complex and heterogeneous data landscape, has created the right conditions for the data-as-a-service (DaaS) market.

  • Data as a Service is based on the cloud deployment model. It can be deployed on hybrid, public, and private cloud platforms. Owing to the benefits cloud computing offers, it is witnessing a rapid increase in its adoption. Moreover, the number of applications where data is being used is increasing, which was previously confined only to core business strategies. The adoption of DaaS can break down data silos, help in improving agility, and enable effortless manipulation of data, thus, making it the best solution in the current market scenario.
  • Also, organizations are increasingly adopting real-time data analytics and big data to gain valuable insights from these databases. Big data is becoming imperative to businesses, and the amount of storage required to support circulation is also increasing. Many companies use big data to establish their business strategies, driving the market's growth. As per Seagate, global data production, capture, copying, and consumption are all expected to rise sharply. Global data generation is anticipated to increase to more than 180 zettabytes over the following years, up until 2025.
  • Companies worldwide heavily utilize data to increase their brand appeal and advertisement reach, specifically in the retail and telecommunications industries. Therefore, growth in the number of social media-related DaaS providers can be observed. Also, real-time analytics across organizations to gain insights at the earliest is driving the demand for DaaS solutions. Also, as DaaS solutions can be outsourced entirely as a unified solution (like in Oracle) or as stand-alone ones without investing in the whole technology, they are increasingly becoming a lucrative choice for smaller companies and emerging businesses.
  • However, concerns regarding the privacy and security of cloud platforms involved in DaaS deployment can challenge the market's growth.
  • The COVID-19 pandemic has positively impacted the market. Owing to the benefits cloud computing offers, it has witnessed a rapid increase in its adoption since the COVID-19 pandemic. The pandemic also led to the rise in digitization. According to a survey from Sisense, 50% of companies are utilizing data analytics more or much more than before the COVID-19 pandemic, including over 68% of small businesses.

Data as a Service (DaaS) Industry Segmentation

Data as a Service is an information provision and distribution model in which data files are made available to customers over a network. DaaS is primarily a cloud strategy used to facilitate the accessibility of business-critical data in a protected and affordable manner.

The Data as a Service market is segmented by end users (BFSI, IT and telecommunications, government, retail, education, oil and gas, and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By End User
BFSI
IT and Telecommunications
Government
Retail
Education
Oil and Gas
Other End Users
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa

Data as a Service Market Size Summary

The Data as a Service (DaaS) market is experiencing significant growth due to the increasing demand from businesses to gain a competitive edge through data utilization. The complexities of managing a diverse data landscape have also contributed to the rise of the DaaS market. DaaS is based on the cloud deployment model and can be implemented on hybrid, public, and private cloud platforms. The adoption of DaaS is expanding beyond core business strategies to include a wider range of applications, breaking down data silos and improving agility. The increasing use of real-time data analytics and big data to derive valuable insights is also driving the market's growth. Despite this, concerns about the privacy and security of cloud platforms involved in DaaS deployment pose a challenge to the market. The DaaS market is highly competitive, with many small and large players operating both domestically and internationally. The market appears fragmented, with major players adopting strategies such as product and service innovation, and mergers and acquisitions. Key players in the market include IBM Corporation, Oracle Corporation, SAP SE, and Bloomberg Finance LP. The DaaS market is witnessing high growth in the BFSI sector, as banks adapt DaaS to offer services such as reports-as-a-service or analytics-as-a-service to customers. North America is leading in terms of DaaS adoption, with strong demand for data analytics in the energy sector and widespread implementation of DaaS by regional firms.

Explore More

Data as a Service Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Technology Outlook

    4. 1.4 Assessment of the Impact of COVID-19 on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By End User

      1. 2.1.1 BFSI

      2. 2.1.2 IT and Telecommunications

      3. 2.1.3 Government

      4. 2.1.4 Retail

      5. 2.1.5 Education

      6. 2.1.6 Oil and Gas

      7. 2.1.7 Other End Users

    2. 2.2 By Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 Latin America

      5. 2.2.5 Middle East and Africa

Data as a Service Market Size FAQs

The Data as a Service Market size is expected to reach USD 20.74 billion in 2024 and grow at a CAGR of 20% to reach USD 51.60 billion by 2029.

In 2024, the Data as a Service Market size is expected to reach USD 20.74 billion.

Data as a Service Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)