Every digital business thrives on data. Cloud computing has become increasingly complex over the years. We’ve seen the emergence of many viable opportunities for data monetization and DaaS platforms are the latest “as a service” offering to hit the cloud service market.
Nowadays, many businesses are exchanging data among themselves using Data as a Service (DaaS) model. What’s more, the global DaaS market is valued at a whopping $5.4 billion currently, with a projected growth rate of 26% by 2026. Notable DaaS providers like Evolve IP, Microsoft Azure, Citrix, IBM Cloud, Alibaba Cloud, Amazon Web Services (AWS), and VMware have made DaaS ubiquitous. This article explains the concept of Data as a Service.
DaaS Defined
The answer to the question “what is Data as a service?” isn’t far-fetched given the massive gains recorded in cloud computing. Cloud computing encompasses many applications that provide different services online. These applications go a long way in improving an organization’s performance, security, productivity, efficiency, and cost savings. Contrary to popular belief, cloud computing doesn’t end with platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and software-as-a-service (SaaS).
DaaS is also a critical aspect of the “as a service” product offerings. Like Software as a Service (SaaS), Data as a Service (DaaS) provides a way for faster access to an organization’s big data. It’s a data management strategy that leverages data assets for greater business agility. In addition, users can leverage data analytics to gain insight for timely, data-driven decision-making. With the DaaS platform, a data scientist can quickly access critical complex data via a cloud-based platform.
Today, many businesses have adopted DaaS solutions to boost scalability and gain a competitive advantage over other businesses. DaaS adoption has become more prevalent in recent years.
How it Works
The Data as a Service (DaaS) approach involves gathering data from a variety of sources through APIs. That way, end-users can quickly access the data sets in different formats, which are often unified via data virtualization. DaaS architecture also incorporates a variety of data management technologies like data services, data cataloging, and self-service analytics.
The entire DaaS solution provides an opening for businesses to quickly tap into their growing network of data sources and collect meaningful insight for critical decision making. Businesses can use the democratization of data enabled by DaaS to turn their data into real value. This presents a unique opportunity for companies to monetize their data and gain a comparative advantage over their competition.
Many DaaS vendors offer innovative Data as a Service solutions. When looking for a DaaS vendor, prioritize scalability, reliability, flexibility, pricing, and integrations.
Benefits of DaaS
The benefits of DaaS are often understated. We’ve compiled a couple of significant benefits of the Data as a Service (DaaS) solution.
1. Business Intelligence
Data as a Service (DaaS) platform serves as a launching tool for big data analytics markets and business intelligence (BI). Keep in mind that the BI market bears a resemblance to a build-driven business model.
2. Data Monetization
DaaS can help businesses maximize the full potential of their total data assets. One significant challenge that companies face today is organizing and managing their data. DaaS is a crucial data monetization initiative that companies can leverage to boost their revenue stream.
3. Decision Making
Today, Data is vital for making timely, fact-based decisions making. It’s a critical business asset for effective data management and strategic decision-making. The best part is it that supports self-service data access.
4. Cost Savings
In many ways, DaaS can help businesses lower costs and decrease spending. Essentially, it entails more data-driven decisions and less time on gut feel. Companies can use predictive analytics to create personalized products and services.
