The Global Big Data as a Service (BdaaS) Market is valued at USD 12.8 Billion in 2020 and is anticipated to grow with a CAGR of 32.7% during the forecast period from 2020 to 2028. The major factor that is contributing to the growth of the market is the growth of data-driven applications and automation in almost every industry vertical. However, as these solutions are majorly deployed for cloud environments, data privacy and security have become a key concern, which can hinder the market growth during the forecast period.
Big data as a service (BDaaS) are statistical analysis solutions or information provided by an outside provider, which helps organizations in understanding and using the insights gained from a large set of information to gain a key competitive advantage in the market. Big data as a service (BDaaS) is a combination of cloud computing platforms and big data technologies that help users minimize the time and cost required to deploy big data projects. Big data as a service enables enterprises to manage big data on cloud platforms to provide easy accessibility. The BDaaS solutions are equipped with statistical analytics tools that enable companies to analyze complex data sets efficiently to draw conclusions from it.
The major driving factor for the growth of big data as a service (BDaaS) market is the increasing requirement of structured data analysis. Since the amount of data is increasing day by day, there is a huge requirement for solutions for data analysis which can help enterprises in achieving their desired tasks and fulfill their requirements.
The competitive analysis of the market comprises many large vendors that provide BDaaS solutions and services to enterprises of all sizes. IBM Corporation has recently made considerable developments to its Watson Data Platform available on the IBM cloud. It is used by data scientists and data engineers for data refining. It allows them to compose the required business solution
Global Big Data as a Service (BDaaS) Market, by Component
In terms of components, the solutions segment holds a larger market share in 2020. The data generated in organizations across various industry verticals are growing at a tremendous rate, which has resulted in organizations emphasizing on getting meaningful insights from the large volume of data generated in various departments to gain a competitive advantage in the market. Therefore, enterprises are adopting big data as a service solution, which enables them to collect, store, and analyze an enormous volume of data. This is expected to boost the demand for BDaaS solutions.
Global Big Data as a Service (BDaaS) Market, by Organization Size
In terms of the organization size, the large enterprise segment of the big data as a service (BDaaS) market is leading the global market in 2020, as large enterprises have to deal with a massive amount of data. Also, due to the outbreak of coronavirus, these enterprises have to implement work from home services, which has led to the higher adoption of these solutions across large enterprises.
Global Big Data as a Service (BDaaS) Market, by Deployment
In terms of deployment, the cloud segment of Big Data as a Service (BDaaS) market has captured the largest market share in 2020, as these solutions are mostly deployed and used to deal with the data over cloud.
Global Big Data as a Service (BDaaS) Market, by Verticals
In terms of verticals, the manufacturing segment of the Big Data as a Service (BDaaS) market is expected to grow at the largest CAGR during the forecast period due to the increasing adoption of digitalization and automation across the manufacturing sector which produces the large amount of data. So, to gain useful insights from these big data, the adoption of BDaaS solutions is expected to increase in the manufacturing sector in the near future.
Global Big Data as a Service (BDaaS) Market, by Region:
In terms of region, North America is anticipated to account for the largest market share in the global Big Data as a Service (BDaaS) in 2020. The major contributing factors are the presence of major market players in the region and the adoption of advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), machine learning (ML), and cloud services in various industry verticals.
Some Major Findings of Big Data as a Service (BDaaS) Market Report Include:
By Organization Size
Detailed scope covering all the major segments in the market
In line data validations to ensure data precision
Market recommendations supporting decision making processes
Round the clock analyst support to resolve your queries
Up to 15% additional free customization to meet your specific requirements