There’s no gainsaying that data is the lifeblood of many digital businesses. We’ve witnessed an unprecedented rise in the consumption of external data. Many data-centric organizations are rapidly looking to explore viable opportunities for external data monetization.

The concept of trading data for something of value is known as data as a service (DaaS). It’s a cloud service that ensures quick and cost-effective access to critical data. The global DaaS market is projected to attain a value of $5.4 billion in 2021. Today, DaaS is ubiquitous. The future is unarguably looking bright with big players like Amazon Web Services (AWS), VMware, Citrix, Alibaba Cloud, Evolve IP, IBM cloud, and Microsoft Azure. Learn more about DaaS below.

DaaS Defined

Cloud computing comprises several innovative tools and applications that deliver different services through the internet. These resources enhance cost savings, speed and efficiency, security, performance, and productivity. Before now, Cloud computing primarily comprised of three services; software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS).

Today, many businesses have adopted DaaS solutions to boost scalability and gain a competitive advantage over other companies. The heterogeneous data landscape is responsible for the rapid increase in demand for DaaS. The financial and investment-related enterprises usually adopt DaaS solutions. In the world of cloud computing, there are a ton of acronyms used to represent complex solutions. The underlying question on your mind right is most likely what is DaaS.

DaaS is an acronym for Data as a Service. It refers to an innovative data management strategy aimed at using critical data assets to deliver greater business agility. The latest “as a service” model helps users manage significant amounts of big data and share meaningful information across the organization for strategic decision-making. With DaaS, businesses can tap into their vast network of complex data sources to retrieve valuable sights to end-users. The democratization of data has paved the way for the monetization of an organization’s data assets.

How it Works

The Data as a Service (DaaS) model provides data from multiple sources through APIs. The model leverages a cloud-based technology that supports SOA (service-oriented architecture) and web services. The model also unifies datasets using data virtualization and makes the curated data streams available in different formats. Aside from data virtualization, Data as a Service (DaaS) utilizes various innovative data management solutions, including self-service analytics, data cataloging, and data services.

Finding the best Data as a Service solution can be daunting considering the many options available in the DaaS market. When picking a DaaS solution, consider reliability, scalability, pricing, integrations, and flexibility.

Benefits of DaaS

The benefits of DaaS go beyond its revenue-generating potential. The organization and its customers benefit from utilizing the “as a service” tool. Check out some significant benefits of the DaaS solution below.

1. Data Monetization

Today, many business leaders are increasingly looking for ways to leverage the total value of their organization’s data. DaaS has become prevalent in recent years as a data monetization initiative. With data as a Service, businesses can maximize the potential of their data assets.

2. Timely Decision Making

Data is unarguably a critical business asset that is integral for informed decision-making. DaaS enables end-users to access data, which significantly increases the time for data analysis. Certainly, businesses can leverage the insight gained to improve their products and services.

3. Data-driven Culture

Many businesses experience difficulty dismantling data silos and granting IT team members access to the data required for work. Data as a Service enables business users to provide curated data from various sources, invariably promoting data democratization and data-driven culture in the workspace.

4. Business Intelligence

DaaS helps facilitate business intelligence by unifying data sources, streamlining data standardization, and automating analytics. Data scientists can perform integrations and transformations dynamically. The decision-making process works best on accurate data.