Big Data as a Service Market is Segmented by Solution Type (Hadoop as a Service, Data as a Service and Data Analytics as a Service), by Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), By Industry Vertical (BFSI, Retail and E-Commerce, IT & Telecom, Healthcare, Government, Manufacturing, and Others), by Organization Type (Small & Medium Enterprises and Large Enterprises), Opportunity Analysis and Industry Forecast, 2019 – 2026. This report is published on Valuates Reports in the Big Data Category.
The global big data as a service market was valued at USD 4.99 Billion in 2018, and is projected to reach USD 61.42 Billion by 2026, registering a CAGR of 36.9% from 2019 to 2026.
Major Factors Driving the BDaaS Market Size are:
- Growing demand in industries to gain actionable insights
- Increasing organizational data across industries due to digitalization
- Automation of business processes
TRENDS INFLUENCING THE BDaaS MARKET SIZE
The massive growth of big data across the globe is expected to drive the growth of big data as a service market size. Owing to the emergence of social media, the Internet of Things (IoT) and multimedia, which have generated an enormous flow of data in either structured or unstructured format. The amount of data collected by organizations is continuously growing, and these data can be turned into meaningful insights using big data analysis.
Huge investment in IT sectors by businesses is expected to fuel the growth of big data as a service market size. The growing adoption of advanced and emerging technologies such as artificial intelligence (AI), robotics, the Internet of Things (IoT), and machine learning is steadily catalyzing change through industries such as manufacturing, transport, healthcare, retail, and others. In addition, many companies are investing heavily in both the IT sector and new technologies, which are expected to provide lucrative opportunities for the big data as a service market. It is anticipated that the introduction of these technologies would produce large quantities of data, which can help gain business insights from this information.
The growing adoption of Data-Driven Decision Making (DDDM) has enabled organizations to make informed decisions. Data-driven decision-making provides several advantages over traditional technologies, such as association mining and clustering datasets. In addition, it provides improved capacity to scale changes as well as versatility in the scenario of change modeling. This, in turn, is expected to propel the growth of Big Data as a service market size.
During the Covid-19 pandemic outbreak, the growth of Big Data as a service sector is expected to continue. Operations in the IT industry are typically carried out in the structure of ‘working from home.’ Therefore, the adoption of big data as a service is typically performed in its application sectors such as BFSI, e-commerce, it & telecom, healthcare, and government. On the other hand, demand for big data as a service from manufacturing and retail sectors has decreased due to lockdown.
BDaaS MARKET SHARE ANALYSIS
BFSI segment is dominating the Big Data as a Service market share and is expected to garner the highest revenue during the forecast period with USD 15.31 Billion in revenue in 2026. This growth can be attributed to advantages offered by Big data as a service, including improved customer satisfaction, including benefits such as fraud detection, risk management, and customized solutions.
The data analytics-as-a-service segment held the largest big data as a service market share in 2018 and is expected to continue its dominance during the forecast period. Data Analytics-as-a-Service is considered a low-cost alternative for small and medium-sized enterprises. Increased adoption of cloud-based services in small and medium-sized enterprises is expected to fuel the growth of big data as a service market size.
The public cloud segment dominated the big data as a service market share in 2018. Since the initial investment needed for implementation is very small, and there is no obligation to maintain the infrastructure that further drives the growth of the sector. However, in the coming years, the hybrid cloud segment is expected to see the fastest growth rate.
