Big data as a service (BDaaS) is the use of statistical analysis tools for gaining information from big data lakes and large data sets. It can help organizations for gaining information from unstructured datasets as well as reduce cost and time for deploying big data projects. The global BDaaS Market size is primed to reach a valuation of USD 76.47 billion by 2030, according to Market Research Future (MRFR). It is estimated to exhibit 23.19% CAGR over the forecast period (2020-2030). MRFR produces first-rate market reports by attaining data from interviews from reputed players and third-party sites such as news aggregators, databases, and publishers for the veracity of data.
Market Scope
The global Big Data as a Service Market is set for explosive growth owing to digitization and automation of processes. Huge requirement of analysis of unstructured data as well as increasing volume of data can drive the market demand among large organizations. Moreover, the reliance on smart devices by customers for daily activities has created information that can be analyzed and processed by the software. The high demand for cloud for storing datasets and demands by enterprises for gleaning insights can bode well for the market over the assessment period.
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The COVID-19 pandemic has made business owners of the advantages of BDaaS and its ability to leverage on situations. Companies can identify new trends and niches by leveraging internal and third-party data for formulating new marketing and sales strategies. Moreover, healthcare organizations have used big data software for tracking the spread of the virus and the effect of medical prevention.
Segmentation
By services, the market is segmented into AaaS (Analytics as a Service), HaaS (Hadoop as a Service), and DaaS (Data as a Service).
By deployment, the market is segmented into on-premise, on-cloud, and hybrid. The hybrid deployment is expected to gain traction in the global BDaaS market owing to the use of cloud solutions for alleviating operational and infrastructural costs. Leveraging the benefits of public and private cloud models for offering cost-efficiency and heightened security can drive organizations towards the hybrid approach.
By industry, the market is segmented into government, BFSI, manufacturing, healthcare, retail, media entertainment, among others. The media entertainment industry can benefit from BDaaS solutions by attaining a sustainable model owing to the rise of digital subscriptions. Retention of valued customers and changes in customer spending patterns are likely to be gleaned early by large organizations able to deploy big data.
By organization size, the market is segmented into the small and medium enterprise and large enterprise. Large enterprises can hold a major market share over the forecast period owing to glean valuable insights from uncluttered data distributed over discrete departments. Deployment of on-demand services for leveraging data from the cloud can drive the demand for BDaaS solutions.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW) are major regions covered for outlining the prospects of the global Big Data as a Service Market.
North America is expected to be the leading region of the global market owing to the presence of various big data solution providers and large corporations. Inclination of companies towards machine learning, artificial intelligence, and internet of things (IoT) can drive the regional market demand.
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Competitive Scope
Teradata Corporation, Amazon Web Services, Microsoft Corporation, SAP SE, IBM, Hewlett-Packard (HP), DataTorrent, Google, DataHero, Cazena, Oracle Corporation, SAS Institute, Arcadia Data, and others are prominent players of the global Big Data as a Service Market. Expansion strategies are likely to emerge owing to scaling of operations by large businesses by leveraging on big data. Investments in startups or acquisitions of small firms are likely to be witnessed over the forecast period.
Industry News
Snowflake and BlackRock have decided to partner for launching Aladdin Data Cloud, an investment platform, that can combine data within Aladdin and outside its capacity for developing systems for wealth management, risk management, and sustainable investing.
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