Big Data as a Service Market Worth USD 76.47 Billion at a CAGR of 23.19% by 2030 – Report by Market Research Future (MRFR)
Decision-making is the key holder of BDaaS Market as analyzing data and identifying patterns has become easier.
New York, US, Nov. 22, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Big Data as a Service Market Information, by Services, by Deployment, by Industry, Organization Size – Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 76.47 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 23.19% during the assessment timeframe.
Big Data as a Service Market Overview:
The big data as a service market is estimated to witness rapid revenue growth over the next few years. Improvements and technology upgrades implemented by key BDaaS providers would support the market growth. Implementing big data as a service (BDaaS) helps businesses to understand and gain insights from a huge amount of raw and unstructured data. The growing need for structured data analysis is a primary growth driver for the market. Moreover, the massive demand for predictive analysis and data science escalates the market value. Increasing artificial intelligence-related applications for improving data visibility to secure private data boost market revenues.
Also, growing numbers of data science researchers for data cataloging and data refining accelerate market shares. Additionally, the rise of predictive modeling tools, proliferation of interactive visualization, and automation influence the development of the market. The increasing use of customer analytics, the rising developments of risk reporting & threat management, and predictive analytics substantiate the Big Data as a Service Market growth.
Active Players in the global Big Data as a Service Market are-
- Oracle Corporation (US)
- Microsoft Corporation (US)
- IBM (US)
- Google (US)
- SAP SE (Germany)
- Amazon Web Services (US)
- New Relic (US)
- Cazena (US)
- Arcadia Data (US)
- Tableau Software (US)
- VMware, Inc (US)
- DataTorrent (US)
- Hewlett-Packard (US)
- DataHero (US)
- Splunk (US)
- Teradata Corporation (US)
- SAS Institute (US)
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Partnering with big data as a service provider helps businesses to streamline information flow and set up effective data governance policies to meet compliance needs. Enterprises look for a BDaaS provider that can offer flexible data ownership strategies. Therefore, BDaaS providers build effective strategies to establish transparency in their workflows, enforcing data storage guidelines.
On the other hand, the lack of awareness of the potential benefits of big data services is a major headwind impeding market growth. Despite the hype, many businesses still need to be made aware of the potential big data services benefits. Also, big data concerns, such as sensitive business data exposed to a third-party vendor and inconsistency in enterprise architecture and device selection, restrict the adoption of BSaaS. These concerns should be properly addressed to avoid a significant increase in expenses and loss of productivity and competitiveness of the organizations.
BDaaS Market Report Scope:
|Big Data as a Service Market Revenue forecast in 2030||USD 76.47 Billion|
|Big Data as a Service Market Growth Rate||CAGR of 23.19% from 2020 to 2030|
|Key Market Opportunities||Big Data markets better product designs by using minimal hardware and involving cost-effective technologies to develop real-time machines|
|Key Market Drivers||Decision-making is the key holder of big data as a service market as analyzing data and identifying patterns has become easier|
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Big Data as a Service Market Segments
The Big Data as a Service Market is segmented into services, organization sizes, deployments, industries, and regions. The service segment is sub-segmented into Hadoop as a Service(HaaS), Data as a Service (DaaS), and Analytics as a Service (AaaS). The organization size segment is sub-segmented into small & medium enterprises and large enterprises.
The deployment segment is sub-segmented into on-premise, on-demand, and hybrid. The industry segment is sub-segmented into BFSI, manufacturing, retail, healthcare, media & entertainment, government, and others. The region segment is sub-segmented into the Asia-Pacific, Americas, MEA, Europe, and the Rest-of-the-World.
Big Data as a Service Market Geographical Analysis
North America is the largest market for big data as a service, witnessing the higher adoption of BDaaS across various industrial segments. Moreover, the early adoption of cloud-based deployment services drives the region’s market shares, influencing the adoption of big data analysis services among businesses to re-structure business functions and strategies.
Advances in technology and the vast amount of unstructured data generated due to the rapid digitization across the industries in the region impact the growth of the market positively. Also, the large presence of key market players and the vast usage of connected devices boost regional BDaaS Market growth.
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Europe is another lucrative market for big data as a service. The region has seen increased applications of BDaaS in the IT & telecommunication sectors, fostering the growth of the BDaaS Market. Additionally, increasing deployments of advanced big data as a service features boost the adoption of BDaaS solutions in this region.
APAC is emerging as a promising market for big data as a service. The increasing uptake of cloud-based services across businesses in the region demonstrates enormous growth opportunities for BDaaS. Furthermore, the growing adoption of big data as a service influences the region’s BDaaS Market shares. It is expected that the APAC big data as a service market will create a substantial revenue pocket over the forecast period, valuing considerably.
Big Data as a Service Market Competitive Landscape
Fiercely competitive, the global BDaaS Market appears fragmented, with various notable players forming a competitive landscape. These players increasingly focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, to gain a larger competitive share. BDaaS providers make substantial investments to drive R&D activities to develop and expand required technologies.
Strategic partnerships are primarily focused on offering secured data storage services and cloud-based Data Security-as-a-Service (DSaaS) offerings. Using secure data access, cloud applications, storage capacities, and effective data processing between offices enable businesses to avoid the unreliability of terrestrial networks. Data center service providers strive to offer increased access to space-based secure data storage services and expand the reach of their innovative data security platforms.
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For instance, on Nov.15, 2022, Accenture (the US), a leading global professional services company, announced the acquisition of ALBERT Inc. (Japan), a data science company, to further strengthen its data and AI capabilities. The acquisition will enable Accenture to help Japanese companies to lead in terms of growth and competitiveness by reinventing enterprise data with artificial intelligence (AI).
ALBERT offers AI & big data analytics services, AI-based algorithm development, AI implementation consulting, and data science training support. ALBERT will join Accenture’s Applied Intelligence platform, providing AI and data-led transformation solutions & services. Accenture also plans to purchase ALBERT’s all remaining shares and stock acquisition rights soon.
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