Data as a Service (DaaS) is a cloud service leverage 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 provider. 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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Data as a Service is emerging as fundamental technologies that upkeep web services and SOA (service-oriented architecture) mature. Increasing penetration of high speed Internet network infrastructure is enabling user to access data irrespective of its location, creating DaaS a lucrative choice for enterprises. Additionally, the advent of SOA has reduced the relevance of the specific platform which resides enterprise data to a significant extent and has in turn contributed to the development of DaaS.
DaaS is similar to Software as a Service (SaaS) and Storage as a Service (SaaS) models and can be integrated with one or both of these provision models.Therefore, DaaS is providing reducing operational cost and improving workflow process, the DaaS market is expected to observe substantial 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 a 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 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 ability to smoothly transfer data among different platforms, compatibility among diverse platforms, and reduction in overall cost of data maintenance and delivery.
The market growth is further propelled by increasing adoption of dedicated databases, performing efficiently one or two tasks such as transaction processing or analytics. Additionally, increasing interest of enterprises to leverage huge amount of generated data using set of complex database tools in order to create potential business opportunities are the other factors contributing to the growth of the market. DaaS model enables enterprises to test on-site and cloud based tools, and avoid the upfront capital costs of IT infrastructure.
Potential drawbacks which are expescted to restrain the growth of the DaaS market include server downtime from the data service provider, loss of data in case of a disaster, and data security breaches. In addition to this, challenges associated with its implementation, lack of technical expertise, and compromised data security are some of the other factors inhibiting the growth of the market. The future adoption of DaaS is more dependent on an organizational alignment, rather than on the technical efficiency of the cloud computing model.
Global DaaS market is mainly classified on the basis of pricing models, deployment type, organization size, industry verticals and geography.
On the basis of pricing models, DaaS market is segmented as Volume-based model and Data type-based model. Volume-based model is further classified into quantity-based pricing and pay-as-per use.
On the basis of deployment type, DaaS market is segmented as Public cloud, Private cloud and Hybrid cloud.
DaaS market is segmented on the basis of its end-users as SMEs and Large enterprises.
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The market is segmented on the basis of its end-user vertical as BFSI, IT and telecommunication, Healthcare and life sciences, Retail and consumer goods, Manufacturing, Travel and hospitality, Media and entertainment, and Government enterprises.