Big Data as a Service Market is Expected to grow at an impressive CAGR
The increasing volume and variety of data handling is
expected to drive the growth of the global big data as a service market during
the forecast period.
According to TechSci Research report, Global
Big Data as a Service Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2028, the global big data as a service market is
anticipated to register robust growth during the forecast period. The growing
demand in industries for useful information and the expansion of organizational
data across industries as a result of digitalization and business process
automation are some key factors fueling the growth of the global big data as a
service market. The demand for real-time data analytics is also increasing,
which is driving the market's expansion throughout the study period.
Additionally, there has been an increase in the use of predictive modelling
tools, government measures supporting big data infrastructure, data expansion
as a result of digitization and automation, and industry need for meaningful
insights from big data. These elements encourage market expansion during the
study period.
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The global big data as a service market is
segmented on the basis of solution type, deployment model, organization size, industry
vertical, and region. Based on solution type, the market is divided into hadoop-as-a-service,
data-as-a-service, and data analytics-as-a-service. Based on deployment model,
the market is divided into public cloud, private cloud, and hybrid cloud. Based
on organization size, the market is divided into small & medium enterprises
and large enterprises. Based on Industry Vertical, the market is divided into
BFSI, Retail and E-Commerce, IT & Telecom, Healthcare, Government,
Manufacturing, and Others. Based on region, the market is further bifurcated
into North America, Asia-Pacific, Europe, South America, and Middle East &
Africa.
Based on deployment model, the private cloud segment will dominate
the market during the forecast period. Private cloud services are typically
accessed through a private network or corporate WAN rather than an open
Internet source since they are created particularly to meet the demands of an
organization. These services provide seamless connectivity between cloud-hosted
apps and internal applications and allow organizations to design their IT
infrastructures by defining their needs for security and service-level
agreements. Cloud access is more secure because private cloud environments are
accessed through secure network connections rather than the open internet.
Additionally, private clouds provide a fixed pricing structure as opposed to a
pay-as-you-go model, allowing businesses to plan long-term growth and budget
more effectively.
Enterprises that can estimate their workloads, need specialized
customization, operate in regulated industries, and are required to adhere to
governance and security standards find these benefits to be especially
attractive. Industries such as finance and government are more likely to use a
private cloud solution because the specialized infrastructure offers total
control over data and applications.
Based on organization size, the large enterprises segment is
expected to hold a majority of the market share during the forecast period. Due
to their passionate pursuit of a larger market share in today's fiercely
competitive environment, large businesses adopt BDaaS solutions at a high rate.
These organizations typically have data dispersed across numerous departments.
Large businesses are using on-demand services to take advantage of cloud-based
big data analysis to extract useful insights from this clustered data. Large
businesses are combining their internal and external data with cloud-based
analytics to glean insightful information. Enterprises benefit from faster
access to their data, due to the big data analytics. As a result, they invest a
lot of money in learning new technologies. Major businesses use BDaaS solutions
at a higher rate than small and medium-sized businesses (SMEs). Large
businesses also invest a lot of money in education and training programmes to
provide their staff members the tools they need to take full advantage of BDaaS
solutions.
Key market players in the global
big data as a service market are:
- Microsoft Corporation
- Oracle Corporation
- Google LLC
- Hewlett Packard Enterprise
Development LP
- Accenture
- Teradata Corporation
- SAP SE
- SAS Institute Inc.
- Amazon Web Services, Inc.
- International Business Machines
Corporation (IBM)
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“The global big data as a service market is being driven by the
increase in data growth brought on by digitalization and automation, as well as
the increasing demand in industries for big data that may produce useful
insights. Moreover, one of the factors anticipated to spur market expansion
during the forecast period is the increase in connected devices on a global
scale. Connected devices are being adopted by end-user industries for their
commercial and production operations, including government, media &
entertainment, retail, BFSI, and manufacturing,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Big Data as a Service Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028F- By Solution Type (Hadoop-as-a-Service,
Data-as-a-Service, and Data Analytics-as-a-Service), By Deployment Model
(Public Cloud, Private Cloud, and Hybrid Cloud), By Organization Size (Small
& Medium Enterprises and Large Enterprises), and By Industry Vertical
(BFSI, Retail and E-Commerce, IT & Telecom, Healthcare, Government,
Manufacturing, and Others), and By Region and Competition” has evaluated the
future growth potential of the global big data as a service market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global big data as a service market.
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