According to MarkNtel Advisors, the Asia-Pacific Data as a Service (DaaS) Market is projected to grow at a CAGR of around 42.65% during the forecast period, i.e., 2022-27. The increasing digitalization across diverse verticals, including BFSI, healthcare, IT & telecom, etc., coupled with the skyrocketing fintech industry have proliferated the amounts of data generation to several folds during the historical period. This has heightened the implementation of Data as a Service (DaaS) in the historical years. Moreover, the rapid integration of technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, Industry 4.0, and BigData, among various others, for bringing automation & deriving critical business insights for making real-time decisions have accelerated the collection of the humongous pool of data stored in the form of structured or unstructured data. The gathered data from machine-to-machine operations & general public data are, therefore, stored in large data lakes, data warehouses, etc. Here, data as a service plays a vital role in storing, managing, retrieving, and churning insightful outcomes from the accumulated data. This way, enterprises can access their data from anywhere via the cloud platform.
Additionally, DaaS allows the enterprise to receive & share data on demand from anywhere, at any time, and on any device. Furthermore, with the integration of application programming interfaces (APIs), the DaaS tools can deliver relevant curated content that provides the enterprise with the exact information & insights needed to drive the business growth. Hence, the rising number of enterprises in the region is expected to magnify the scope of DaaS in the forthcoming years, further states the research report, "Asia-Pacific Data as a Service (DaaS) Market Analysis, 2027.”
Public Cloud Held a Notable Share in the Asia-Pacific Data as a Service (DaaS) Market
Based on the deployment, the market bifurcates into Public, Private, Hybrid & Multicloud. Among them, Public Cloud acquired a considerable share in the Asia-Pacific Data as a Service (DaaS) market during 2017-21 due to its subscription-based model & the services provided by the cloud providers to the enterprises. The scalability provided by the cloud has led many enterprises to opt for the public cloud for achieving cost-effectiveness in data-related services such as storage, processing, and analytics. Moreover, the ability to convert the costs pertaining to IT capital expenditures to operational expenditures has been appealing to small- & medium-sized businesses, which aim at cutting down their overall annual expenditures by moving to the public cloud. As a result, DaaS helps enterprises manage their large volume of data & generate insights over an integrated data platform.
Further, the unstoppable wave of digitization in the banking industry has led to the adoption of complete cloud-based processes with minimal or zero requirement for human interaction for running banking operations. Hence, this has led to the generation of gigantic piles of data used to analyze & enrich consumer behavior, customer service, and pitching the right product, among others. Additionally, these developments have led to the adoption of DaaS services for new applications such as online banking applications, banking as a service, open banking platforms, and embedded finance, among various others. Therefore, enhancing the market growth in the coming years.
India to Witness Substantial Growth in the Years to Come
Geographically, India is anticipated to witness a considerable growth rate in the Asia-Pacific Data as a Service (DaaS) market during the forecast period. The enormous ICT industry of the country with ever-growing digitalization across diverse domains, including government services, and private institutions, among others, has made India a key marketplace for DaaS implementation. The country's favorable government initiatives towards startup incubation, accelerating R&D investments for improving its technological capabilities & strengthening the technological landscape with the continuous efforts made by various global IT players have opened up the market potential for data generation and processing on a large scale.
On the other hand, the rising push by the government to migrate to a cloud platform with the development of comprehensive unified payments systems, such as Unified Payments Interface (UPI), and initiatives, such as Digital India, SAMARTH Udyog Bharat 4.0, among various others have acted as a catalyst for DaaS in the country, which is expected to elevate the scope of DaaS during the forecast period, reveals MarkNtel Advisors in their research report "Asia-Pacific Data as a Service (DaaS) Market Analysis, 2027.”
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Asia-Pacific Data as a Service (DaaS) Market are Microsoft Corporation, Google, Amazon Web Services, IBM Corporation, Oracle Corporation, Alibaba Group Holding Limited, SAP SE, Teradata Corporation, SAS Institute, Inc., Huawei Technologies Co., Ltd., Bloomberg Finance L.P, IQVIA, TIBCO Software, Thomson Reuters Corporation, Morningstar, Inc., Equifax, Inc., Moody's Investors Service, Inc., MasterCard Advisors LLC, Dow Jones & Company, Inc., Hitachi Vantara, Information Builders, NetApp, Inc., and Others.
Key Questions Answered in the Study