The global big data as a service market reached a value of US$ 10.7 Billion in 2019. Big data as a service, abbreviated as BDaaS, is a cloud-based service related to the delivery of tools or information based on statistical analysis that helps an organization to understand and use the insights generated in order to improve their efficiency. BDaaS can be used as a software that is operated by a team of data scientists. It relies on the internet or cloud storage for providing uninterrupted access to data. It decreases the efforts required to manually process data through a platform or an analytics program. Furthermore, its predictive analysis assists the organizations to have a competitive edge and gain operational efficiency.
The thriving banking, financial services, and insurance industry (BFSI) is one of the key factors driving the market growth. The increasing rate of internet penetration coupled with the development of Internet of Things (IoT) across various industry sectors, is also augmenting the market growth. An enormous amount of unstructured data is generated by various sectors, which is processed using big data to create space for effective utilization of organizational resources. The implementation of BDaaS has enabled organizations to efficiently make data-driven decisions as it aids in the forecast of event outcomes. This consequently helps organizations to reduce their upfront data storage, management and infrastructure costs. Utmost precision along with insightful analytical results is the key feature favoring the adoption of big data services across many organizations. Moreover, the growing adoption of cloud computing coupled with the increasing focus on research and development (R&D) activities to launch services with more enhanced security features is also projected to positively impact the industry growth in the coming years. Looking forward, IMARC Group expects the global big data as a service market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global big data as a service market, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, solution, deployment model, platform type, organization size and verticals.
The report has also analysed the competitive landscape of the market with some of the key players being Amazon Web Services Inc., Oracle Corporation, Google Inc., Hewlett-Packard, SAP SE, Accenture, IBM, SAS Institute, Dell EMC, Teradata, Alteryx Ltd, Opera Solutions, Wipro, Information Builders, MicroStrategy Inc., etc.
The global big data as a service market was worth around US$ 10.7 Billion in 2019.
According to the estimates by IMARC Group, the global big data as a service market will exhibit strong growth during the next five years.
The high internet connectivity, along with the increasing penetration of smart devices across numerous end-use industries, is currently driving the demand for big data as a service across the globe.
The rising investments in the R&D activities for introducing enhanced security and improved data quality represent one of the key trends in the global big data as a service market.
Sudden outbreak of the COVID-19 pandemic had resulted in the increasing adoption of big data as a service in the healthcare sector for storing a large amount of patient-related data and medical records.
On the basis of the deployment model, the market has been bifurcated into public cloud, private cloud, and hybrid cloud. Amongst these, public cloud holds the majority of the total market share.
On the basis of the organization size, the market has been classified into small and medium-sized enterprise and large enterprises. At present, large enterprises exhibit a clear dominance in the market.
On the basis of the vertical, the market has been categorized into BFSI, healthcare, retail, IT and telecommunication, manufacturing, media and entertainment, and others. Amongst these, the BFSI vertical currently accounts for the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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