Implementation of DaaS Predicted to Boost Revenues for a Multitude of End-Use Sectors until 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research study released by Technavio, the global data-as-a-service (DaaS) market is expected to witness spectacular growth with a CAGR of more than 43% until 2020.
DaaS is a cloud computing model that refers to the provision and distribution of information in which data files, including text, images, and videos are made available to users on demand via the Internet. This research report titled ‘Global DaaS Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends.
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“DaaS helps organizations reduce costs, improve business productivity by focusing on core business activities, and gain a competitive edge over others. It offers tremendous opportunities for organizations across sectors such as banking, financial services, and insurance (BFSI), manufacturing, healthcare, government, IT and telecom, and retail to boost their revenues through better customer understanding and engagement models,” said Amit Sharma, one of Technavio’s lead analysts for cloud computing research.
“APAC is expected to show promising growth in the global DaaS market during the forecast period due to exponential growth in data driven by digital transformation efforts to improve customer experience,” added Amit.
Segmentation of global DaaS market by end-user 2015
- BFSI 21.43%
- Healthcare 18.57%
- Government 17.14%
- Manufacturing 14.29%
- IT and telecom 12.86%
- Retail 11.43%
- Others 4.29%
Source: Technavio research
BFSI segment of the global DaaS market: largest market
The global DaaS market by the BFSI sector was valued at USD 45 million in 2015. The residential market is the largest revenue contributor to the general lighting segment. In 2015, the BFSI sector held the largest share of this market. It is an information-intensive sector and has seen the highest spending on information and communications technology (ICT) compared to other sectors. The investment is directed toward digitalization and the growing need to keep pace with the digital era. Most products and services have now become digital in nature. Certain critical transaction processes such as electronic fund transfer, interbank settlement, and securities trading are now fully digital.
Healthcare segment of the global DaaS market: second-largest market
The global DaaS market by the healthcare sector was valued at USD 39 million in 2015. The healthcare sector is undergoing rapid digitalization changes. The sector generates large data volumes for record keeping due to legislative regulations. Most of the healthcare data are paper-based, and there is a growing need for digitization to harness the potential benefits of such data. The sector’s efforts to revamp electronic medical records, medical imaging, and healthcare service delivery mechanisms such as telemedicine will augur well for the market during the forecast period.
Government segment of the global DaaS market: third-largest market
The global DaaS market by the government sector was valued at USD 36 million in 2015. Government organizations worldwide invest in improving IT infrastructures and embracing digitalization. This helps governments meet citizen demands and achieve operational efficiency at lower costs. Also, the public sector aims to link all departments electronically so that people can have a single interface point to connect with government agencies.
Market conditions and regulatory imbalances often restrict governments of developing countries from spending on projects involving high capital outflow. Hence, these countries prefer cloud-based data management solutions. Government spending is a key driver for the growth of IT spending globally. This trend is expected to encourage the private sector to invest more on innovative IT solutions such as DaaS to improve business efficiency and drive down costs.
Browse related reports:
- Global Big Data as a Service Market 2016-2020
- Global Data Loss Prevention Applications Market 2015-2019
- Global Big Data Professional Services Market 2015-2019
- Global Data Protection as a Service (DPaaS) Market 2015-2019
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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