Big Data as a Service Market to Reach USD 61.42 Billion| Big Data, Bigger Solutions: BDaaS Takes Center Stage

Massive growth of big data across the globe, growing demand for real-time data analytics, surge in adoption of predictive modeling tools, and government initiatives supporting big data infrastructures drive the growth of the global big data as a service market. However, security and privacy threats and lack of big data IT skills hinder market growth. On the contrary, huge investment in IT sectors by the business is expected to create lucrative opportunities in the near future.

According to the report, the global big data as a service market accounted for $6.81 billion in 2019, and is expected to garner $61.42 billion by 2026, growing at a CAGR of 36.9% from 2019 to 2026.

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The current and future trends in the Big Data as a Service (BDaaS) market are delineated to assess the market's overall appeal. The most influential factors shed light on the opportunities that the BDaaS market holds throughout the forecast period. Factors such as the substantial proliferation of big data on a global scale, an increasing demand for real-time data analytics, government initiatives supporting the development of big data infrastructure, and a surge in the adoption of predictive modeling tools are anticipated to propel market growth.

Nevertheless, concerns regarding security and privacy, as well as a shortage of proficient big data IT personnel, are expected to act as hindrances to market growth in the forecast period. Additionally, significant investments in the IT sector by businesses are projected to present substantial growth prospects for the BDaaS market in the forthcoming years.

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Massive growth of big data across the globe, growing demand for real-time data analytics, surge in adoption of predictive modeling tools, and government initiatives supporting big data infrastructures drive the growth of the global big data as a service market. However, security and privacy threats and lack of big data IT skills hinder the market growth. On the contrary, huge investment in IT sectors by the business is expected to create lucrative opportunities in the near future.

By solution type, the Hadoop-as-a-service segment is anticipated to portray the fastest CAGR of 38.9% during the forecast period, owing to rise in demand for HaaS among SMEs, increase in cloud-based big data services along with flexibility and agility provided by these services. However, the Data Analytics-as-a-Service segment held the largest share in 2019, contributing to one-third of the market. This is due to increase in adoption of social media applications along with continuous rise in demand for advanced technologies to process high workload through the cloud.

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Organizations are grappling with an ever-expanding volume of data, primarily propelled by the proliferation of social media, the Internet of Things (IoT), and multimedia content. This surge has led to an inundation of data, arriving in structured and unstructured formats. For perspective, an astonishing 90% of the world's data has been generated within just the past two years. Notably, both machine-generated and human-created data are exhibiting a growth rate ten times faster than traditional business data. To illustrate, machine data is experiencing an exponential surge, growing at a staggering rate of 50 times faster. Furthermore, the anticipated presence of over 50 billion smart connected devices globally by 2020 will actively contribute to the collection, analysis, and sharing of this burgeoning data landscape.

The market across North America held the largest revenue in 2019, contributing to more than two-fifths of the market, due to presence of developed economies in the region. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 42.1% during the forecast period. This is owing to rise in number of smartphones as well as internet users and increased number of startups.

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The public cloud segment dominated the market in 2019, accounting for more than half of the market, as the initial investment required for the deployment is very less, and there are no responsibilities involved in managing the infrastructure. However, the hybrid cloud segment is projected to portray the fastest CAGR of 40.9% during the forecast period, due to its numerous benefits such as scalability, flexibility, cost-efficiency, and security.

Leading Market Players:

➢ Amazon Web Services, Inc.
➢ IBM Corporation
➢ Hewlett Packard Enterprise (HP)
➢ Oracle Corporation
➢ Microsoft Corporation
➢ SAS Institute Inc.
➢ SAP SE
➢ Google, Inc.
➢ Teradata Corporation

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