Big Data as a Service (BDaaS) Market size is anticipated to grow at lucrative CAGR during the forecast period. BDaaS provides services such as processing, storage, and analysis of data in large volumes. Major factors for the growth include cost-savings, time reductions, high data quality, and robust business intelligence. To support big data analytics, a computing platform needs to support certain characteristics of data such as variety, velocity, and volume. Computing platforms can handle a wide variety of data, data at any velocity, and huge volumes of data to support big data analytics. These computing platforms are provided by BDaaS, which provide businesses with robust and real-time business intelligence after analysis.
Based on component, the Big Data as a Service market is segmented into solutions and services sub-segments. The solutions sub-segment is further segmented into Hadoop-as-a-Service (HDaaS) and Data Analytics-as-a-Service (DAaaS). The services sub-segment is further segmented into consulting, system integration, and maintenance. The demand for predictive analysis is growing in the business world due to the insightful information that it provides, leading to an increase in the demand for HDaaS. HDaaS converts big data into small chunks of data and handles data using distributed parallel processing. Data across industries is generated at a rapid rate, and DAaaS solution facilitates collecting, storing, and analyzing the massive amount of data. This will lead to an increase in the demand for DAaaS.
Based on deployment, the BDaaS market is segmented into public, private, and hybrid clouds. The public cloud segment is expected to hold the largest market share during the forecast period. Public clouds are used in predictable computing needs and require no investments in maintenance and deployment of IT infrastructures. Private clouds provide secure and dedicated servers that cannot be accessed by third-parties. Enterprises that operate in highly regulated industries or government agencies require a high rate of data security; hence, they use a private or hybrid cloud to manage data security.
Based on end-use, the Big Data as a Service market is segmented into BFSI, IT & telecommunication, healthcare & life sciences, e-commerce & retail, manufacturing, and media & entertainment. Various e-commerce companies use big data analytics to identify the buying behavior of customers. There are third-party vendors that provide solutions to various enterprises on a subscription level. For instance, AbsolutData provides solutions to enterprises by leveraging data generated by the enterprise. In a project in 2019, AbsolutData created an AI platform that revolutionized data for a consumer packaged goods company by centralizing the data that was scattered earlier.
North America is expected to hold a major share in the Big Data as a Service (BDaaS) market owing to the presence of technological giants, such as IBM and Amazon, in the region. The growth in the region is also attributed to a huge data repository of companies, such as Amazon, which is leveraged by using services such as Amazon Web Services (AWS).
Leaders in the global market are continuously providing new solutions to counter existing problems in the BDaaS market. For instance, in November 2019, Google LLC partnered with Delloite Touche Tohmatsu Limited. The partnership offers enterprises with new solutions and services to counter problems faced by users in utilizing cloud services. Major players in the market are Google LLC, DelloiteTouche Tohmatsu Limited, Amazon.com, Inc., IBM Corporation, Microsoft Corporation, Dell Technologies, Oracle Corporation, SAP SE, Teradata Corporation, SAS Institute, Hewlett Packard Enterprise, CenturyLink, Inc., Splunk, Inc., Salesforce.com, Inc., and Guavus, Inc.
Market by Component, 2015 - 2026 (USD Million)
Market by Deployment, 2015 - 2026 (USD Million)
Market by End-Use, 2015 - 2026 (USD Million)
The above information has been provided for the following regions and countries: