The global big data as a service market valuation is set to reach USD 18 billion by 2023, as per the analysis done by MRFR. It can exhibit a CAGR of 28% from 2018 to 2023 (forecast phase) thanks to the unparalleled growth of data. High demand for predictive analysis and data science is expected to spur market growth. This is exemplified by the developments to the Watson Data Platform by IBM which can be used by analysts in cataloging of data.
The top market players functioning in the global big data as a service market as identified by MRFR are Oracle Corporation (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), Google (U.S.), Amazon Web Services (U.S.), SAP SE (Germany), Arcadia Data (U.S.), Cazena (U.S.), DataTorrent (U.S.), Hewlett-Packard (HP) (U.S.), DataHero (U.S.), Teradata Corporation (U.S.), SAS Institute (U.S.), and others.
Other market players include New Relic (U.S.), Tableau Software (U.S.), Splunk (U.S.), VMware, Inc (U.S.), among others. The Key players are likely to continue innovating and invest more in R&D to create a cost-effective portfolio.
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Internet of things (IoT) has grown from being a phenomenon to being implemented across the board by various industries. The shift towards digitization and automation coupled with the confluence of various advanced technologies such as artificial intelligence is likely to be a prime opportunity for the big data as a service market. Manufacturers may ramp up their efforts in targeting IoT sensors for capturing large volumes of data and making informed decisions.
But privacy concerns regarding data security can be a bottleneck for the market.
The as-a-service model has successfully penetrated all forms of production and data delivery. The benefits of regular updates and low licensing costs make it a lucrative option of investment for small-to-medium businesses. Big data as a service (BDaaS) is a service used in handling large forms of unstructured data on the cloud. The big data as a service market report by Market Research Future (MRFR) predicts trends and opportunities for new and existing software companies.
in its recently published research report, Market Research Future (MRFR), asserts that the global big data as a service market is thriving and expected to grow exponentially over the review period, recording a significant market valuation of USD 18 billion and a healthy CAGR of 28% in the forecast period.
- Big Data as a Service services providers
- Network Component providers
- Hadoop service providers
- Software Developers
- Analytics software developers
- Government Agencies
- Electronic Device Manufacturers
- Value-Added Resellers
- Security agencies
- Research Firms
Drivers and Restraints
One of the main factors driving the growth of big data as a service market is the growing need of structured data analysis. As the amount of data keeps on rising, there is a huge necessity of data analysis supporting the organizations to achieve their tasks and complete their requirements. Moreover, there is a huge demand for predictive analysis and data science, which is also expected to drive the market growth. The proliferation of various real time information from sources including but not restricting to social media, mobile devices, log files and others. has played a crucial role in the growth of the big data market. Moreover, the development of big data analytics, covering data from intelligent systems such as smart meters, in-vehicle infotainment, sensors, etc. further fuel the big global data as a service market. The current growth of cloud computing is also likely to impulse big data as service market owing to its flexibility in deployment models which is mostly considered as the best approach for business users. However, challenges associated with privacy has hindered the growth of the big data market to a larger extent. On the other hand, the demand across different business verticals and investments made by major market players in research and development is likely create greater opportunities.
By services, the market is segmented into HaaS (Hadoop as a Service), DaaS (Data as a Service), and AaaS (Analytics as a Service).
By deployment, the market is segmented into on-premise, on-cloud, and hybrid. The on-premise segment has the potential to generate maximum revenue for the BDaaS market. But the hybrid segment holds promise owing to large scale enterprises unable to rely on public cloud for their solutions. To this regard, Dell EMC and BlueData have developed hybrid solutions which can lower operational expenditure considerably. The solution contains the scalability of public cloud and performance and reliability of on-premises infrastructure.
By industry, the market is segmented into BFSI, manufacturing, retail, healthcare, media & entertainment, government, among others. The retail industry is touted to benefit the most from the BDaaS owing to the emphasis on customer experience. The software will allow retailers to leverage the insights on customer behavior and buying patterns and provide a better experiential model suited to their purpose
By organization size, the market is segmented into the small and medium enterprise and large enterprise. The small and medium enterprise segment is anticipated to be the biggest revenue generator of the market due to the software providing a first mover advantage in offering customers a superior experience and allowing it to compete with large enterprises.
The geographic analysis of the global big data as a service market has been carried out in four major regions, covering North America, the Asia Pacific, Europe, and the rest of the world (the Middle East and Africa, Latin America,). Among these regions and countries mentioned above, the big data as a service market was largely led by North America in 2016. North American market for big data as a service is much occupied by various key players, such as Dell, HP, IBM, and Cisco, driving the U.S. to surface as the leading regional market for big data as a service in North America since a majority of them reside in the United States. Additionally, the higher adoption of big data as a service across numerous industrial segments supports the growth of this market in North America. North America accounts for more than 60% of the top leading players offering services in big data as a service market. Europe and North America are the technologically improved regions, and the factors influencing the growth of this market is increasing implementation of advanced big data as a service features.
The big data as a service market in Europe is experiencing a substantial change. The market for big data as a service has seen an augmented application in IT & telecommunication sector. There are many advancements being done in the big data and technologies related to it. Equating with North America, Europe lacks most of the prominent players.
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