Big Data as a Service (BDaaS) Market worth $42.7 billion by 2024
According to a new research report "Big Data as a Service (BDaaS)
Market by Component (Solutions and Services), Organization
Size, Deployment Type, Industry Vertical (BFSI, IT and Telecom, Healthcare and
Life Sciences, eCommerce and Retail, and Manufacturing), and Region - Global
Forecast to 2024", published
by MarketsandMarkets, the global Big Data as a Service (BDaaS) Market size is
expected to grow from USD 11.3 billion in 2019 to USD 42.7 billion by 2024, at
a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period.
Key factors driving the Big Data as
a Service (BDaaS) Market include the growing demand in industries to gain
actionable insights from big data and enormous amount of data generated due to
digitization and automation of enterprises across industries.
Browse and in-depth TOC on “Big Data as a Service (BDaaS) Market”
108 - Tables
32 - Figures
137 - Pages
Large
enterprises segment to hold a larger market size during the forecast period
The adoption of BDaaS solutions is high among large enterprises, as
they spend a significant amount to make themselves technologically proficient.
Large enterprises have distributed data scattered over various departments. In
order to gain valuable insights out of this clustered data, large enterprises
are deploying on-demand services to leverage the benefits of cloud-based
analysis of big data. They are making significant use of cloud-based analytics
to combine their external and internal information and to extract valuable
insights out of it. Big data analytics provide enterprises with faster access
to their data. Large enterprises also spend a significant amount on training
workshops and education to enable their employees to effectively leverage the
benefits of BDaaS solutions.
eCommerce
and retail segment to grow at the highest CAGR during the forecast period
The data volume of the eCommerce and retail industry has increased
significantly in the recent years. Through various omni-channels, vast
unstructured data, and social communication, the industry has realized the need
to recognize the benefits of big data. BDaaS technologies offer centralized
processing of a large chunk of this data. Hence, companies with a strong global
presence can access the data of their centralized located offices from anywhere
at any time. This industry uses advanced analytical solutions to enhance its
customer experience by analyzing the data stored in the form of customer
feedbacks. A high social media presence of these companies to increase their
market presence increases the amount of big data. eCommerce and retail
organizations utilize the benefits of cloud-based storage to store a huge
amount of unstructured data due to its cost-effectiveness and deployment
capabilities to gain actionable insights.
North America to account for a
high market share during the forecast period
The
adoption of BDaaS solutions is expected to be the highest in North America as
compared to other regions. North America is considered to be the most advanced
region in terms of technological adoption. This is due to the presence of
various developed economies, including the US and Canada, and their focus on
innovations obtained from Research and Development (R&D) and innovative technologies.
Organizations and customers in the region have adopted cutting-edge
technological solutions. Due to rapid technological developments, customers’
demands in this region are changing swiftly. This is because of the early
adoption of advanced technologies, such as advanced analytics, cloud, big data,
Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things
(IoT). The high adoption rate of cloud and related services, and far-reaching
cloud network across the region due to the presence of strong cloud service
providers further fuels the growth of the market in the region. A direct
presence of many major BDaaS vendors in North America, has further added to the
high adoption of BDaaS solutions in North America.
Market Players
The
global Big Data as a Service (BDaaS) Market comprises major solution
providers, such as IBM (US), Oracle (US), Microsoft (US), Google (US), AWS
(US), SAP (Germany), Teradata (US), SAS (US), Dell Technologies (US), HPE (US),
CenturyLink (US), Splunk (US), Cloudera (US), Salesforce (US), Qubole (US),
GoodData (US), Hitachi Vantara (US), IRI (US), 1010data (US), and Guavus (US).
The study includes an in-depth competitive analysis of key players in the Big
Data as a Service (BDaaS) Market with their company profiles, recent
developments, and key market strategies.
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