Press Release

Asia-Pacific Data as a Service Market to Grow at a CAGR of Around 22% During 2024-2030

The Asia-Pacific Data as a Service Market is projected to grow at a CAGR of 22% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rapid digitalization across different industry verticals, coupled with the rising startups in the fintech industry have proliferated the amounts of data generation in Asia-Pacific nations. This has elevated the implementation of Data as a Service (DaaS) to manage & store the data, contributing to the market growth.

Moreover, the increasing incorporation of emerging technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Blockchain, for automating different industries is also amplifying the need for digital solutions.

Additionally, these services help in deriving critical business insights and making real-time decisions based on the collected data. Therefore, organizations are increasingly using these solutions to gain a competitive edge over the other market players in the region.

Further, the generated data are stored in large data warehouses, which results in additional costs for the enterprises. Therefore, large-scale enterprises seek cost-effective solutions that help in the storage & management of data. Along with this, these solutions also help in retrieving insightful outcomes from the accumulated data and enable enterprises to easily access their data from anywhere via the cloud platform.

Furthermore, with the integration of application programming interfaces (APIs), the DaaS tools deliver relevant curated content that provides the enterprise with the exact information & insights needed to drive 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, “Global Market Analysis, 2024.”

Asia-Pacific Data as a Service Segmentation Analysis

BFSI Leads Asia-Pacific Data as a Service Market

Based on the End User segment, the market is further bifurcated into, BFSI, Healthcare, Retail, IT & Telecom, Government and Others (Media & Entertainment, Industrial, etc.). Of them all, BFSI holds a notable market share in the Asia-Pacific Data as a Service Market. DaaS services within the financial institution is used for diverse application areas, such as online banking applications, banking as a service, open banking platforms, and embedded finance, among various others. As a result, the increasing inclination towards the digital banking is uplifting the need for the DaaS solutions. Furthermore, financial institutions in the Asia-Pacific countries are increasingly allocating funds to upgrade their technology. As per the IDC, around 64% of the banks in APAC have increased their funding to adopt Big Data Analytics. With the growing shift towards new technologies in banking institutions, the deployment of DaaS is expected to increase in the forecast years.

India Outperforms in Asia-Pacific Data as a Service Market

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.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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 are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?