Our in-depth analysis of the global data as a service market includes the following segments:
Global data as a service market is further classified on the basis of region as follows:
Global data as a service market is anticipated to grow at a considerable CAGR over the forecast period, i.e. 2017-2024. Further, global data as a service market is likely to grow highly as anticipated due to the increasing penetration of high speed internet network infrastructure is enabling user to access data regardless of its location. Moreover, rising advancement of web services is anticipated to positively impact the growth of the global data as a service market.
Regionally, North-America is projected to dominate the overall data as a service market during the forecast period. Factors such as, increasing digital transformation in the region is anticipated to fuel the growth of the global data as a service market. Moreover, rising demand for data recovery services is opening a gateway of opportunities for the growth of data as a service market over the forecast period.
Europe data as a service market is expected to witness substantial growth over the forecast period. Factor such as, growing data center compliance and regulatory requirements especially data privacy are envisioned to strengthen the growth of data as a service market in Europe. Moreover, Asia Pacific is poised to record fastest growth rate during the forecast period. Countries such as China, Japan and India are anticipated to exhibit faster growth rate as compared to other countries in the region. Moreover, the advancement of technology in data as a service is anticipated to fuel the growth of the Asia Pacific data as a service market.
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Based on deployment model, data as a service market is segmented into public cloud, private cloud, hybrid cloud. Further, private cloud is accounted for the largest market share in overall data as a service market.
Increasing cloud based technologies and improved efficiency across the globe is anticipated to intensify the growth of the global data as a service market. In addition, increasing technical infrastructure in cloud based architecture is anticipated to positively drive the growth of the data as a service market.
Apart from this, rising growth in the data is anticipated to be the dynamic factor behind the growth of the data as a service market. Factor such as, ability to transfer data with ease is anticipated to supplement the growth of the global data as a service market.
Further, rising number of cloud based design are likely to further strengthen the growth of the data as a service market. In addition, increasing interest of enterprises to control huge amount of generated data using set of complicated database tools in order to create potential business chances is predicted to contribute significantly towards the growth of data as a service market over the forecast period.
However, lack of security and loss of data in case of a disaster are some of the key factors which are expected to limit the growth of global data as a service market in upcoming years.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.