Data as a service to top $61bn as firms head to cloud

The data as a service (DaaS) market is set to surpass $61.40bn (£45.7bn) by the end of the decade, with a compound annual growth rate of 36.9%, as organisations increasingly turn to the cloud to streamline their infrastructure and workloads.

According to a Market Research Future study, Microsoft, Facebook, and IBM will be among the big winners of this move to DaaS, which enables companies to better manage their data workloads, boost reliability and integrity of data, and decrease time-to-insight.

The service is also an increasingly popular choice for data integration, management, storage, and analytics.
North America currently holds the largest share of the global DaaS market, with the rapid market growth in the region attributed to unstructured data gathering in the commercial and industrial sectors.

DaaS is in the Asia Pacific region also poised to generate considerable revenue over the forecast period.

“Increasing uptake of cloud-based services and enormous opportunities across businesses provide better scope for the APAC countries to advance in the data as a service (DaaS) market,” the report states.

The study follows similar positive predictions for cloud-based subscription data analytics services, which are forecast to increase in value from $9.7bn (£7.7bn) in 2018 to $126.5bn (£101bn) by 2026, while business analytics is set to grow from $171.4bn (£135.7bn) in 2018 to $512bn (£405bn) by 2026.

However, the trump card remains digital transformation. A report from cloud platform Twilio claimed that the coronavirus has been the digital accelerant of the decade, with UK firms reporting that the pandemic has accelerated their programmes by over five years.

This was reinforced by a separate report from IDC, which claimed that spending on technologies and services that enable so-called “DX” will to soar to $7.4 trillion (£5.7tn) in three years, driven by data intelligence and analytics.

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