At Monda, we talk a lot about data-as-a-service (DaaS). It’s one of the most exciting developments in the external data industry. Our core customer base is made up of data-as-a-service companies, who use Monda to sell DaaS. Our founder even appeared on the World of DaaS podcast. But what specifically do we mean by data-as-a-service? How does the data-as-a-service business model work? How is data-as-a-service different to data-as-a-product? And perhaps most important to ask: what’s next for data-as-a-service companies? What impact is DaaS going to have on data commerce in the coming months and years?
Let’s dive into DaaS and begin by looking at how exactly to define data-as-a-service in 2024.
Not to be confused with desktop-as-a-service (beware - same acronym) - data-as-a-service (DaaS) is a method of managing & delivering data. It’s a way of managing the vast quantities of data constantly produced by businesses into curated, relevant deliverables. DaaS delivery is then facilitated by APIs and cloud technology. It allows buyers to subscribe for access to external data whenever they need it, wherever they are. In this sense, DaaS is like all as-as-Service companies, most obviously software-as-a-service (SaaS). The deliverable (i.e. the data) is available to subscribers on-demand.
The data in question is hosted and delivered by an external data provider - the DaaS company. Buyers pay to access this data they need when they need it. It doesn’t matter that buyer and provider are in different time zones and geographies, belong to different companies, or have different technology stacks.
Service-orientated architecture in software development has enabled companies in the data industry to overcome spatial and technographic obstacles. Specifically, the mainstream adoption of APIs in B2B companies means data can be sent from supplier to consumer with ease. What’s more, DaaS typically involves lower cost and effort than traditional data exchange solutions, such as the data brokerage model. In a nutshell, DaaS is an on-demand, cloud-based model that offers users access to data from any location with an internet connection and API.
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