Increasing demand for better data storage scalability and effective big data solutions are key factors driving market revenue growth
Big data as a service, or BDaaS for short, is a cloud-based service relating to the distribution of tools or information based on statistical analysis that aids a company in comprehending and utilizing the insights produced in order to increase productivity. A group of data scientists may utilize BDaaS as their operating system. It is dependent on the internet or cloud storage to deliver constant access to data. It reduces the time and effort needed to manually process data using a platform or analytics software. Additionally, its predictive analysis helps firms increase operational efficiency and a competitive edge.
The global Big Data as a Service (BDaaS) market size reached USD 18.42 Billion in 2021 and is expected to register a revenue CAGR of 30.3% during the forecast period, according to the latest analysis by Emergen Research. Between 2022 and 2030, it is anticipated that important factors including rising demand for enhanced data storage scalability and efficient big data solutions will propel market revenue growth.
One of the main drivers of market growth is the booming banking, financial services, and insurance (BFSI) sector. The market is growing as a result of the rising internet penetration rate and the expansion of the Internet of Things (IoT) in a variety of business sectors. Numerous industries produce a vast volume of unstructured data, which is processed using big data to provide room for the efficient use of organizational resources.
Covid-19 Impact on the Big Data as a Service Market –
During the Covid-19 pandemic epidemic, it is anticipated that the market for big data as a service would continue to expand. The “working from home” model is typically used to do business in the IT sector. As a result, big data as a service is routinely adopted in its application industries, such as BFSI, e-commerce, technology & telecom, healthcare, and government.
The operational halt by governments of all nations during the new coronavirus pandemic, on the other hand, has diminished the demand for big data as a service from industries like manufacturing and retail.
Key Highlights From the Report
In 2021, the area of banking, financial services, and insurance (BFSI) held the biggest market share for big data as a service. One of the biggest issues facing the BFSI sector is fraud, which can be overcome or achieved using big data as a service. It is difficult to implement sensible or intelligent strategies in the BFSI sector because of solutions like fraud identification and risk management, but during the forecast period, deterrence against such possibilities and investments across the potential attack points are expected to increase credibility, foster customer trust, and spur revenue growth in this sector.
Due to rising demand for or preference for cloud deployment among organizations due to its capacity to store enormous volumes of data at a minimal cost and with security layers that seem adequate for the time and technology available at the moment, the public cloud segment accounted for the largest revenue share in the big data as a service market in 2021.
Due to rising government initiatives in nations like China, Japan, South Korea, and India for the expansion of digital technologies across countries in the area, the Asia Pacific market is anticipated to record a rapid rate of revenue growth during the forecast period.
Oracle Corporation, SAP SE, International Business Machines Corporation (IBM), Accenture PLC, Hewlett Packard Enterprise, Dell Technologies Inc., Teradata Corporation, Cloudera, Inc., CenturyLink, Inc., Qubole, Inc., Microsoft Corporation, Google LLC, SAS Institute Inc., and GoodData Corporation are among the prominent companies mentioned in the market report.
Emergen Research has segmented global big data as a service market on the basis of solution, component, deployment, organization size, end-use, and region:
- Solution Outlook (Revenue, USD Billion; 2019–2030)
- Data Analytics-as-a-Service
- Component Outlook (Revenue, USD Billion; 2019–2030)
- Deployment Outlook (Revenue, USD Billion; 2019–2030)
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Organization Size Outlook (Revenue, USD Billion; 2019–2030)
- Small and Medium-Sized Enterprises
- Large Enterprises
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Banking, Financial Services and Insurance (BFSI)
- Media and Entertainment
- Information Technology & Telecom
- Retail & Ecommerce
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