Data Management as a Service Market Will Escalate Rapidly in the Near Future

Digital data is growing exponentially in the current market. IoT proliferation is generating volume of digital information at an exponential rate. The data universe has seen this tremendous growth in the last few years. In fact, over 80% to 90% of digital data present in the current market was created in the last two years. With data rise, the number of data breaches have gone up. For instance, Yahoo Inc., experienced data breach in 2013-2014, leading to the loss of 3 billion user account data base. Friend Finder Networks Inc., an American internet company lost the database of its 412.2 million users in its 2016 data breach episode. Similarly, eBay, Equifax, and Heartland Payment Systems have witnessed data theft. Thus, rise of data necessities secure data management and data operations, in turn creating demand for data management vendors in the end-use market. Data management is an administrative process and comprises data storage, data acquisition, validation, protection, and processing required data to ensure the accessibility, reliability, and timeliness of the data.

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Cloud platform adoption, next generation data center evolution, and cost effective and flexible data management solutions are creating demand traction for data management as a service. It is anticipated that rising trend of cloud adoption would drive the data management as a service market over the years. Rising data breaches across the globe is necessitating the modernization of existing enterprise infrastructure. Thus, enterprise data management infrastructure modernization across the world is set to boost the global data management as a service market in the near future. However, lack of complete data security assurance and misuse of collected data are factors obstructing data management as a service market growth in international and domestic markets. Further, security and reliability concerns such as cyber-attacks are expected to slow down the adoption of data management as a service, thus reducing the CAGR growth of the market globally. Rising number of enterprises and their migration from on premise to cloud is creating lucrative market opportunity for data management as a service vendors across the world, and predominantly in the Asia Pacific market.