UA-145931898-1

Big Data as a Service Market: Size, Share, Trends, Current and Future Analysis

Comments · 161 Views

Key Companies Covered in Big Data as a Service (BDaaS) Market are IBM (US), Oracle (US), Microsoft (US), Google (US), AWS (US), SAP (Germany), Teradata (US), SAS (US)

According to a research report"Big Data as a Service Market Forecastby 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 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.

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 (RD) 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.

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 BDaaS market with their company profiles, recent developments, and key market strategies.

About MarketsandMarkets

MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Comments