Data-as-a-Service or DaaS offers convenient and cost-effective solutions for customer- and client-oriented enterprises. It is a cloud-based approach to assist the accessibility of business useful data in a well-timed, protected & affordable manner. It also provides a convenient and the cost-effective solutions for the consumer and the client-oriented enterprises. It also removes the redundancy & reduces associated expenditures via accommodating the essential data in a single location. Some of the key benefits include the ease of collaboration & administration, and the ability to move data easily, agility, preservation of data integrity, global accessibility & affordability, avoidance of vendor lock-in, data quality, compatibility among diverse platforms and automatic updates etc. DaaS is impacted by some of the major criticisms for instance security, privacy and the data governance issues.
According to study, “Global Data-as-a-Service Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023” some of the major companies that are currently working in the global data-as-a-service market are IBM Corp., Oracle Corp., Acxiom Corporation, Microsoft, Actifio Inc., Google Inc., Money.Net Inc., Morningstar Inc., Bloomberg Finance L.P, FactSet Research Systems Inc., SAP SE, Fair Isaac Corporation, Nielsen Holdings N.V., Equifax Inc., Moody’s Investors Service Inc., MorningStar Inc., Environmental Systems Research Institute, Sentieo Inc., MasterCard Advisors LLC, Experian plc., LinkedIn Corporation, Alibaba Group Holding Limited, Factual, Gravy Analytics, The Dun & Bradstreet Corp., HG Data Company,Zoom Information, Inc.,DATASIFT INC.,Dow Jones & Company Inc., StatSocial Inc., FirstRain, Inc., PlaceiQ, Thomson Reuters Corporation, Facebook, Inc., Ycharts, Mirantis Inc., comScore, Inc., SAS Institute Inc., Opera Solutions LLC, Birst Inc., Twitter, Inc., Teradata Corporation, Verizon Communications, Inc., Wolters Kluwer N.V., LexisNexis Group, SunGard, EMC Corporation, Datameer Inc., Sisense Inc., MapR Technologies Inc., MOTOR Information Systems, REaD Group, and CloudCoCo.
Based on deployment, the data-as-a-service market is segmented into private cloud, public cloud and hybrid cloud. Based on pricing model, the market is segmented into data type-based pricing model and volume-based pricing model. Volume based pricing model is further sub-segmented into pay per call (PPCall) pricing and quantity-based pricing. Based on solution, the market is categorized into test data management, disaster recovery & backup solution, data migration and data warehousing etc. Based on the professional services, market is segmented into support & maintenance, implementation & deployment and consulting activities. Based on business size, the market is segmented into large, medium and small enterprise. In addition, the end-user segment includes media & entertainment, transportation, retail, BFSI, information technology & telecom, manufacturing and healthcare.
The demand of data-as-a-service is primarily driven by the increasing requirement for long-term data retention, growing penetration of the data-based decisions followed by the increased adoption of the cloud-based services in the enterprises, the increased digital transformation, rising need of data-driven decision-making technology-driven marketing decisions. Apart from benefits, some of the major restraints includes unskilled human resources, lack of technical expertise, concerns on the privacy & security and excessive cost of ownership associated with the use of the data. DaaS is emerging as an underlying technology that support Web services and SOA (service-oriented architecture) mature. The use of high-speed internet service has become widely available to support the user access around the world, making DaaS as a major option to more and more people and the organizations.
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Ankur Gupta, Head Marketing & Communications