The global big data as a service market reached a value of US$ 8.7 Billion in 2018. 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 market to reach a value of US$ 17.1 Billion by 2024, registering a CAGR of 25.2% during 2019-2024.
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.
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