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The Big Data as a Service (BDaaS) Market size is projected to increase by USD 41.20 billion at a CAGR of 28.45% between 2023 and 2028. The growth rate of the market depends on several factors, including the growing amount of data, the increase in the adoption of big data services in industries and the increased importance of big data in social media marketing. Big data as a service is a cloud-based service that provides massive and complicated datasets with scalable and on-demand processing, storage, and analytics. Big data as a service eliminates the need for organizations to invest in and manage large on-premises infrastructure, providing a more cost-effective and flexible alternative. It consists of numerous data processing tools, analytics apps, and storage resources that let businesses leverage the power of big data without having to deal with the underlying technical complexity. Big data as a service makes it easier to extract useful insights, helps data-driven decision-making, and enables organizations to obtain actionable intelligence from their huge and diversified datasets.
The report includes a comprehensive outlook on the big data as a service market offering forecasts for the industry segmented by Type, which comprises data analytics-as-a-service, hadoop-as-a-service, and data-as-a-service. Additionally, it categorizes Deployment into public cloud, hybrid cloud, and private cloud, and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The growing amount of data is notably driving the market growth. The amount of data is growing exponentially. More than 2.0 megabytes (MB) of new data are predicted to be created per second for every individual on the planet by 2023. Enterprise applications will continue to generate significant volumes of data. Many sources, like the Internet, mobile devices, and social media, are producing large amounts of data. Organizations are finding it more challenging to analyze and manage massive databases effectively due to the expanding 4Vs (volume, variety, veracity, and velocity) of data. The increasing volume of data generated in organizations through various channels and sources has compelled organizations to implement big data analytics and save a significant amount of cost for the organizations.
However, big data analytics retrieve and analyze data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats and optimize business decisions. Since the demand for big data analytics is growing, there is a need for big services such as big data project-based services and big data outsourcing services to manage big data analytics applications to ensure security, agility, and performance. Such factors are expected to drive the growth of the market during the forecast period.
The increasing popularity of big data in blockchain technology is an emerging trend shaping market growth. Blockchain technology is gaining popularity in the financial sector. It is replacing the current centralized business model of financial services. Currently, a central ledger, such as the Federal Reserve and its members, acts as the custodian of financial firm information. In blockchain technology, the information of each transaction is transparently registered digitally in a shared database of the cloud. This eliminates the middleman or a central acting body. This feature of blockchain technology to decentralize the central authority is the main driver for its adoption.
Moreover, cases such as fraud, hacking, and unauthorized data access can be identified by utilizing big data blockchain technology. The technology also overhauls and improves security and highlights where action needs to be taken before and after a hack. Such factors will drive the growth of the global big data as a service market during the forecast period
Data privacy and security risks regarding large amounts of data a significant challenges hindering the market growth. Due to the exponential development in data volumes, the task of maintaining effective security measures and addressing privacy concerns in the big data as a service (BDaaS) market is crucial. To protect sensitive information from cyber threats and unauthorized access, big data as a service providers must traverse the complicated landscape of data protection. Government rules exacerbate the difficulty, as noncompliance might result in significant penalties. Considerable rules include the European Union GDPR, which enforces tight privacy safeguards and charges considerable fines for infractions.
Additionally, in the US, the Health Insurance Portability and Accountability Act (HIPAA) governs the protection of healthcare data by setting stringent security and privacy regulations. Navigating these rules while enabling flawless big data as a service operations necessitates a thorough approach to security and privacy, adding complexity to the operational picture. Such factors will result in moderate growth of the market during the forecast period.
The market share growth by the data analytics-as-a-service segment will be significant during the forecast period. Data analytics-as-a-Service (DAaaS) is a leading type in the global big data as a service market, allowing organizations to gain on-demand access to diverse and important datasets without the need for costly infrastructure. This type of service enables real-time data analytics, assisting organizations in making educated decisions
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The data analytics-as-a-service was the largest segment and was valued at USD 2.59 billion in 2018. DAaaS solutions are available from leading providers such as International Business Machine and Amazon.com, allowing businesses to use the power of external datasets for greater insights. The DAaaS segment environment is rapidly growing as organizations increasingly recognize its significance in supplementing internal data sources. Integration of DAaaS with big data as a service system improves total analytics capabilities, creating a dynamic landscape in which organizations can exploit varied datasets to achieve a competitive advantage, thereby driving the growth of the global big data as a service market during the forecast period.
In the global big data as a service market, the market environment for public cloud as a main deployment type is promising. The scalability, cost-effectiveness, and accessibility of public cloud deployment are driving its wider application. Amazon.com and Microsoft dominate this sector, offering a comprehensive portfolio of big data services. Organizations are increasingly turning to public cloud solutions because of their flexibility and ability to employ advanced analytics capabilities without requiring large infrastructure investments. The simplicity of integration with current systems and the flexibility to support different workloads reinforce the public cloud popularity in the big data as a service market, generating a dynamic and competitive environment among top cloud providers, thereby driving the growth of the global big data as a service market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The big data as a service market in North America is actively expanding. The region's early embrace of sophisticated technologies, a robust IT infrastructure, and a growing need for data-driven insights across industries are key factors driving this market. Amazon.com, Microsoft, and International Business Machine provide extensive big data as a service solution, capitalizing on the region's strong technological maturity. Real-time analytics, artificial intelligence, and machine learning applications are in high demand in the big data as a service market in North America.
In addition, finance, healthcare, and e-commerce are major contributors, employing big data as a service to improve decision-making processes. North America's competitive landscape is defined by ongoing innovation, strategic alliances, and a focus on meeting varied industry needs, cementing the region's position as a global big data as a service market leader. Such factors are expected to drive the regional market growth during the forecast period.
Big Data as a Service Market forecasts include the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their big data as a service market growth and trends strategies.
Global Big Data as a Service Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc - The company offers big data as a service such as Data led Transformation.
Alphabet Inc. - The company offers big data as a service such as BigQuery.
Alteryx Inc. - The company provides data storage, retrieval, management, reporting, and analytics solutions.
The Big Data as a Service Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Big Data as a Service Market market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The big data as a service market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
Big Data As A Service Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 28.45% |
Market Growth 2024-2028 |
USD 41.20 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
26.44 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Alphabet Inc., Alteryx Inc., Amazon.com Inc., Circana, Cloudera Inc., Datameer Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Enthought Inc., Hewlett Packard Enterprise Co., Hitachi Ltd., Idera Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., PricewaterhouseCoopers LLP, Salesforce Inc., SAP SE, SAS Institute Inc., and Teradata Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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