Data as a Service (DaaS) is a cloud service used to ensure vital data availability in a simple and cost-effective manner for enterprises. The DaaS concept works by transferring the load and hazards associated with data management to a third-party cloud-based provider. DaaS allows customers to obtain certain useful data on demand, regardless of an organization's structural or geographical limitations. DaaS removes redundancy and reduces operating expenses by integrating important business data at a specific location, allowing numerous users to use and edit the data from a single update point. DaaS technology is utilised in a variety of corporate applications, including Customer Resource Management (CRM), e-commerce, supply chain management systems, customer intelligence, and Enterprise Resource Planning.
Asia Pacific Data as a Service (DaaS) Market Driving Factors and Challenges
Drivers: Increasing Inclination Towards Cloud Computing in Various Industry Verticals Drives Market Growth - The growing use of digitalized services, such as cloud computing, serverless computing, software as a service, business process automation, and so on, has increased the demand for data services that manage and extract insights from data aggregators. In Asia-Pacific countries, a growing number of organisations are turning to cloud computing. Furthermore, major corporations are investing heavily in areas such as fintech, digital payments, data processing and hosting, cloud computing, and professional and technical services. Furthermore, many commercial and public entities in the Asia-Pacific area are establishing investment promotion agencies, digital clusters, and digital special economic zones, which is fostering the growth of DaaS. Furthermore, the ongoing adoption of digitalization services via data localization policies, local storage needs, and conditional flow regimes would expand the use case of DaaS in the coming years.
Challenges: Concerns about data security impede Daas adoption- The primary concerns of an organisation that impedes market expansion are data privacy and security difficulties, as well as poor governance. across recent years, cyber security breaches and cyber-attacks have escalated dramatically across Asia-Pacific. These security breaches cause financial and data-related losses for companies. As a result, the organisation avoids using these solutions, which impedes market expansion. Furthermore, to use DaaS, the organisation must migrate all of its data from on-premises to the cloud. This shared data contains crucial information about both the client and the company's finances. As a result, there is a high risk of data susceptibility and exposure in terms of data security if the DaaS vendor's security is outdated. As a result, the organisation becomes concerned about data security, slowing DaaS adoption even further.
Impact of COVID-19 on Asia Pacific Data as a Service (DaaS) Market
The COVID-19 epidemic has had a favourable impact on the market for data as a service. The pandemic's spread has highlighted the importance of data-driven decision-making, particularly during times of uncertainty, as businesses across industries sought to understand changing consumer behaviours, supply chain disruptions, and market trends, fueling demand for DaaS solutions that could provide relevant and up-to-date data to support decision-making.
Asia Pacific Data as a Service (DaaS) Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players 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.
Asia Pacific Data as a Service (DaaS) Market Segmentation:
By Development: Based on the Development, Asia Pacific Data as a Service (DaaS) Market is segmented as; Public Cloud, Private Cloud, Hybrid Cloud.
By Organisation Size: Based on the Organisation Size, Asia Pacific Data as a Service (DaaS) Market is segmented as; SMEs, Large Enterprises.
By End User: Based on the End User, Asia Pacific Data as a Service (DaaS) Market is segmented as; BFSI, Healthcare, Retail, IT and Telecom, Government, Others.
By Region: This research includes data for China, Japan, India, South Korea, Australia, Indonesia, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.