The Global Big Data as a Service Market size is expected to grow from USD 38.65 billion in 2022 to USD 240.90 billion by 2030, at a CAGR of 25.7% during the forecast period (2023-2030).
Big data as a Service (BDaaS) refers to services that provide analysis of large or complex data sets, typically over the Internet as cloud-hosted services. Similar types of services include software as a service (SaaS) and infrastructure as a service (IaaS), where specific Big data as a Service option are used to assist businesses in dealing with what the IT world refers to as big data, or sophisticated aggregated data sets that provide a lot of value to today's businesses. Other common marketing strategies for Big data as a Service have been identified by experts. One instance is the placement of cloud data storage resources in conjunction with analytics so that hot or cold data is stored close to where it will be manipulated for analysis.
Top Key Players for Big Data as a Service Market:
Amazon Web Services Inc., Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata Corporation, Google Inc., Accenture, Salesforce, Hitachi Vantara, CenturyLink Inc., Wipro Limited, Snowflake Inc., and Other Major Players.
Market Dynamics and Factors for Big Data as a Service Market:
Drivers:
Increasing Demand for Channelized Data Flow in Organizations
The escalating demand for streamlined and structured data flow within organizations has emerged as a pivotal catalyst driving the growth of the Big Data as a Service (BDaaS) market. As businesses seek to harness the potential of vast and complex datasets, channelized data flow offers the efficiency and accessibility needed for data analysis and decision-making. BDaaS solutions provide scalable and flexible infrastructure to manage, process, and analyze these large datasets, empowering organizations to extract valuable insights.
Opportunities:
Increasing Demand for Real-Time Data Analytics and Supportive Government Policies
The surging demand for real-time data analytics presents a significant opportunity for the Big Data as a Service (BDaaS) market. Organizations are increasingly reliant on up-to-the-minute insights for agile decision-making. BDaaS platforms offer the necessary infrastructure and tools to process and analyze data in real-time, enabling businesses to stay competitive in dynamic markets. Furthermore, supportive government policies, promoting data-driven innovation and security compliance, create a conducive environment for BDaaS adoption. This convergence of demand for real-time insights and favorable regulatory conditions positions the BDaaS market to flourish as a vital solution for enterprises aiming to harness the power of data.
Segmentation Analysis of the Big Data as a Service Market:
- By Solution Type, the Hadoop-as-a-service is expected to grow with the highest CAGR during the forecast period. The rising internet penetration and small and medium-sized enterprises (SMEs) adopting Hadoop-as-a-service in their business units are responsible for the growth of this segment.
- By Deployment Model, the public cloud is expected to lead the market share in terms of revenue during the forecast period. This is due to the rising demand for hybrid cloud-based BDaaS among SMEs and emerging start-ups. SMEs and e-commerce startups are focusing on deploying public cloud in their business units to leverage benefits such as immense storage capacity, advanced security solutions, and the facility to combine external and internal data.
Regional Analysis of the Big Data as a Service Market:
North America region is expected to grow with a substantial CAGR during the forecast period. The increasing investment by major players to procure BDaaS in their business and manufacturing units is one of the key factors driving the regional market. Key companies such as Intel Corporation and others are adopting BDaaS in their manufacturing units to boost their productivity. For instance, in 2018, Intel Corporation adopted big data services in its manufacturing unit to develop integrated chips. BDaaS assists the company in producing chips faster, provides an immense storage system, and identifies manufacturing bugs, and cyber vulnerabilities.
Key Industry Development:
- In July 2021, IBM announced the acquisition of Bluetab Solutions Group, S.L. to expand its portfolio of data and hybrid cloud consulting services. Bluetab will be integrated into IBM's data services consulting practice to help the company advance its hybrid cloud and AI strategy.
