Data as a service market set to reach $61 billion by 2030

The data as a service (DaaS) market is slated to reach $61.42 billion by 2030, with a compound annual growth rate of 36.9%, according to Market Research Future (MRFR).

DaaS enables enterprises to better manage their data workloads, boost reliability and integrity of data, and decrease time-to-insight. Owning to the benefits, the service is an increasingly popular choice for data integration, management, storage, and analytics.

As more organizations turn to the cloud to streamline their infrastructure and workloads, MRFR forecasts significant gains for the DaaS market in the coming years. Microsoft, Facebook, IBM are among the market's dominant players.

Additionally, North America holds the largest share of the global DaaS market. The rapid market growth in the region can be 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,” MRFR stated in its report.

Mergers, acquisitions, and collaboration are a few strategies enterprises use to remain competitive.

As an example, Intermap Technologies, a geospatial information and content services firm, recently announced a new contract with a European airline, providing elevation data as a service for route planning operations.

In another instance, PhaseZero, a provider of B2B and B2C digital commerce software solutions, unveiled CxAnalytics, a tool capable of proactively managing sales and market share growth, in addition to mitigating critical risks. The service is another strategic move by PhaseZero as it continues to build out its multi-cloud enterprise SaaS application platform.