Big Data as a Service (BDaaS) Market to Partake Significant Development during 2032
Market Overview:
As per a study by? Persistence Market Research, from US$222.6 billion in 2022 to US$247.7 billion in 2032, the?global BDaaS (Big Data as a Service) Market? is predicted to grow at a 25.7% CAGR from 2023 to 2032. The combination of big data analytics technologies and cloud computing platforms has led to the development of Big Data as a Service or BDaaS. BDaaS offers analyses of large and complex datasets over the Internet or as cloud-hosted services.
The rise in the growth in data due to?digitization?and?automation, and rise in the growth for demand in Industries to gain actionable insights from big data, which is driving the market demand for BDaaS. Moreover, the rising number of connected devices globally is one of the factors that is expected to fuel the market growth during the forecast period. End-user industries such as government, media & entertainment, retail, BFSI, and manufacturing are adopting connected devices for their business and manufacturing units.
Some other factors that are accelerating the growth of the BDaaS Market include the growing demand in industries, which will gain actionable insights and growing organizational data across industries due to digitalization and automation of business processes. Further, the growing demand of real-time data analytics is another factor that is fueling the market growth during the analysis period. In addition, increase in the adoption of predictive modeling tools, rise in the government initiatives supporting big data infrastructure, rise in the growth in data due to?digitization?and?automation, and rise in the growth for demand in Industries to gain actionable insights from big data. These factors are favoring the market growth over the analysis period.
Market Growth Factors:
- Rising Volume of Big Data:
- The exponential growth of data generated by businesses, social media, IoT devices, and other sources has created a need for scalable solutions to store, process, and analyze large volumes of data.
- Cost-Effective Solutions:
- BDaaS offers a cost-effective alternative to traditional on-premises big data infrastructure. Organizations can avoid significant upfront capital investments by leveraging cloud-based BDaaS solutions and paying for resources on a pay-as-you-go basis.
- Scalability and Flexibility:
- BDaaS platforms provide scalability and flexibility, allowing organizations to easily scale their infrastructure up or down based on the changing volume of data and analytical needs. This agility is particularly crucial in dynamic business environments.
- Cloud Adoption:
- The increasing adoption of cloud computing is a major driver for BDaaS. Cloud-based services enable businesses to harness the power of big data analytics without the need for extensive in-house hardware and infrastructure.
- Advanced Analytics and Insights:
- BDaaS facilitates the implementation of advanced analytics, machine learning, and artificial intelligence algorithms, enabling organizations to derive meaningful insights and make data-driven decisions.
- Globalization of Businesses:
- As businesses expand globally, the need for centralized and accessible big data solutions becomes paramount. BDaaS, especially when deployed on cloud platforms, provides a centralized and easily accessible solution for organizations with a global footprint.
- Data Security and Compliance:
- BDaaS providers often invest heavily in security measures and compliance certifications, addressing concerns related to data security and regulatory compliance. This makes BDaaS an attractive option for organizations operating in regulated industries.
- Focus on Core Competencies:
- BDaaS allows organizations to focus on their core competencies while outsourcing the management of complex big data infrastructure to specialized service providers. This is particularly beneficial for smaller organizations with limited IT resources.
- Technological Advancements:
- Continuous advancements in big data technologies, such as improved data processing frameworks, enhanced storage solutions, and more efficient analytics tools, contribute to the growth of the BDaaS market.
- Increased Awareness and Education:
- Growing awareness about the benefits of big data analytics and BDaaS solutions is driving increased adoption. As organizations better understand the potential impact of leveraging big data, they are more inclined to invest in BDaaS.
- Internet of Things (IoT) Integration:
- The proliferation of IoT devices has led to an explosion of data. BDaaS platforms are well-suited to handle the diverse and large datasets generated by IoT devices, fostering the integration of IoT data into analytics workflows.
- Cross-Industry Applications:
- BDaaS has applications across various industries, including healthcare, finance, retail, and manufacturing. The versatility of BDaaS solutions makes them attractive to a wide range of businesses with diverse data needs.
- Collaboration and Partnerships:
- Collaboration between BDaaS providers, cloud service providers, and industry-specific solution providers contributes to the development of comprehensive and integrated solutions that meet the evolving needs of organizations.
The Big Data as a Service (BDaaS) market is witnessing significant growth, driven by a variety of factors that reflect the increasing adoption of big data analytics and the demand for scalable, flexible, and cost-effective solutions. Here are some key growth factors influencing the BDaaS market:
Key Takeaways:
- On the basis of Component, the?solutions?category from?the BDaaS market?is expected to grow at the fastest CAGR of 25.0% during the forecast period.
- Public Cloud?is expected to grow at a high rate in the?deployment?sector of?the BDaaS market, with a CAGR of 25.0% during the forecast period.
- The BDaaS market for the US?is expected to be worth US$ 88.4 billion by 2032, with a CAGR of 25.5% over the forecast period.
- The?market size?for?BDaaS?in?China?is expected to reach US $17.8 billion by 2032, growing at a CAGR of 25.0% during the research period.
- UK?is expected to reach a?market size?of US$ 10.2 billion in?the BDaaS market?by 2032, with a CAGR of 24.2% during the research period.
- Japan?is expected to have a?market size?for?BDaaS?of US$ 14.4 billion by 2032, with a CAGR of 23.8% during the research period.
- By 2032,?South Korea?is expected to reach a?market size?of US$ 9 billion in the?BDaaS market, with a CAGR of 23.0% during the research period.
Competitive Landscape:
- Microsoft
- Amazon Web Services
- IBM
- Oracle
- SAP
- Teradata
- SAS
- Dell Technologies
- Hewlett Packard Enterprise
Major players such as IBM Corporation, Hewlett Packard Enterprise, and Oracle Corporation are expected to dominate the market share in terms of revenue. This domination is owing to the rising investment for developing advanced BDaaS to cater to industries such as manufacturing, BFSI, healthcare, and others.
- In November 2020, Snowflake Inc. extends its data cloud capabilities by launching advanced big data services equipped with features such as Snowpark (big data service), unstructured data such as audio, video, pdfs, row access policies, and others.
- In November 2019, Google Cloud collaborated with Deloitte Touche Tohmatsu Limited to offer advanced?cloud computing?solutions and services to create significant opportunities for big data applications.
- In October 2018, IBM announced the decision to acquire Red Hat Inc. for USD 34 billion. By this acquisition, IBM became the world’s number one hybrid cloud provider, offering companies the only open cloud solution that may unlock the full value of the cloud for their businesses.
Find More Valuable Insights on BDaaS Market
Persistence Market Research puts forward an unbiased analysis of the global BDaaS market, providing historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
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To understand the opportunities in Big Data as a Service, the market is segmented on the basis of component, deployment type, organization size, and vertical across five major regions.
- By Component (Solutions- Hadoop as a Service (HDaaS), Data Analytics as a Service (DAaaS), Services)
- By Deployment Type ( Public Cloud, Hybrid Cloud, Private Cloud)
- By Organization Size (Large Enterprises, SMEs)
- By Vertical (BFSI, Information Technology (IT) and Telecom, Healthcare and Life Sciences, eCommerce and Retail, Manufacturing, Media and Entertainment, Others)
- By Region( North America, Europe, Asia Pacific, Middle East and Africa, Latin America)
Market Segments:
By Component
- Solutions
- Hadoop as a Service (HDaaS)
- Data Analytics as a Service (DAaaS)
- Others
- Services
By Deployment Type
- Public Cloud
- Hybrid Cloud
- Private Cloud
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- BFSI
- Information Technology (IT) and Telecom
- Healthcare and Life Sciences
- eCommerce and Retail
- Manufacturing
- Media and Entertainment
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Us:
Persistence Market Research is a U.S. based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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COMTEX_443636382/2840/2023-11-17T17:32:58
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