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Global Big Data as a Service Market to Reach US$ 17.1 Billion by 2024, Propelled by Increasing Reliance on Data Analytics

The latest report by IMARC Group, titled “Big Data as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global big data as a service market size reached US$ 8.7 Billion in 2018. Big data refers to a complex and voluminous data set that cannot be stored or processed efficiently using traditional data management tools. Big data as a service (BDaaS) is the software solution used by organizations to understand and use insights analyzed computationally to reveal patterns, trends and associations, especially relating to human behavior and interactions. It is generally operated by a team of data scientists over the internet or cloud to preserve continual data access for the company that owns the information, as well as the provider working with it. Nowadays, big data as a service is gaining immense traction across the globe as it aids in real-time monitoring for easy retrieval of data to improve workflows and operational efficiencies.

Global Big Data as a Service Market Trends:

The introduction of big data as a service (BDaaS) technology has offered a highly functional architecture to organizations, enabling them to reduce the expenditures on the employment of programming experts and data scientists. Besides this, with the rising internet penetration and the advent of the Internet of Things (IoT), various industrial sectors are relying on big data services. For instance, the banking and finance services industry (BFSI), with the help of data analytics and management, has been employing big data to boost organizational success and ensure risk management, performance and profitable growth. On the other hand, the healthcare sector has adopted BDaaS as it enables professionals to get patient data as and when required to facilitate immediate action and precautionary measures during an emergency. Moreover, there has been an increasing emphasis on research and development (R&D) activities to introduce services with a more enhanced layer of security and improved quality of data. On account of these factors, the market value is projected to reach US$ 17.1 Billion by 2024, registering a CAGR of 25.2% during 2019-2024.

Market Summary:

  • Based on the solution, the market has been segmented into Hadoop-as-a-Service (HDaaS), Data-as-a-Service (DaaS) and Data Analytics-as-a-Service (DAaaS).
  • On the basis of the deployment model, the market has been segregated into public, private and hybrid clouds.
  • The market has been categorized based on the platform type into JAVA, Microsoft, Oracle, SAP and others.
  • Based on the organization size, the market has been bifurcated into small and medium sized, and large enterprises.
  • On the basis of the vertical, the market has been divided into BFSI, healthcare, retail, IT and telecommunication, manufacturing, media and entertainment and others.
  • Region-wise, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined, with some of the key players being Amazon Web Services Inc., Oracle Corporation, Google LLC, Hewlett-Packard Enterprise Company (HPE), SAP SE, Accenture Plc, International Business Machines (IBM) Corporation, SAS Institute, Inc., Dell Inc., Teradata Corporation, Alteryx, Inc., Opera Solutions, LLC, Wipro Group, Information Builders, and MicroStrategy Incorporated.

 

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