Big data as a service Market
The demand for data science and predictive analysis is increasing which boosts the big global data as a service market.
PORTLAND, PORTLAND, OR, UNITED STATE, October 6, 2022 /EINPresswire.com/ — The global big data as a service market size was valued at $4.99 billion in 2018, and is projected to reach $61.42 billion by 2026, registering a CAGR of 36.9% from 2019 to 2026. The rise in demand for real-time data analytics, government initiatives supporting big data infrastructure, and an upsurge in the adoption of predictive modeling tools are driving the market growth for big data as a service industry.
However, security and privacy threats and a lack of big data IT skills hamper the growth of the market. Furthermore, huge investment in IT sectors by businesses is anticipated to create major opportunities for the market.
By solution type, the data analytics-as-a-service segment garnered a major big data-as-a-service market share in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to a major shift toward cloud-based services mainly to reduce the cost of building, running, and protecting applications.
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Also, the data analytics-as-a-service segment is expanding at a higher pace, due to factors such as an increase in the adoption of social media applications along with the continuous rise in demand for advanced technologies to process high workloads through the cloud. However, the Hadoop-as-a-service segment is expected to witness the highest growth rate in the upcoming years.
Based on deployment type, the public cloud segment dominated the global big data as a service market share in 2018 and is expected to generate the highest revenue during the forecast period due to its ability to help users easily store and manage large and varied datasets at low costs, which is driving the growth of the market. However, the hybrid cloud segment is expected to witness the highest growth rate in the upcoming years.
The growth of this segment is mainly attributed to the increasing demand for hybrid cloud across various end-user industries due to its numerous benefits such as scalability, flexibility, cost efficiency, and security. Owing to these benefits, organizations are shifting toward a hybrid cloud to achieve the security of data and applications and large storage spaces to reduce their capital expenditure by deploying a combination of private and public cloud models.
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By organization size, large enterprises segment dominated the global big data as a service market in 2018 and is expected to remain dominant during the forecast period. Numerous large enterprises are adopting big data as a service due to the increase in the number of datasets and data handling solutions such as data transformation, data migration, data warehousing, and data hub.
However, the small and medium enterprise segment is predicted to witness the fastest growth during the forecast period due to the rapid increase in adoption of big data-enabled cloud services by these organizations across different industry verticals.
In terms of industry verticals, the BFSI segment is expected to witness high adoption of big data as service solutions and services. The dominance of this industry is attributed to growth in regulatory scrutiny combined with improved customer satisfaction. Along with this, it provides numerous benefits to the BFSI industry such as risk management, fraud detection, customized solutions, and others, which are expected to drive the growth of the market.
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Some of the key Big data as a service industry players profiled in the report include Amazon Web Services, Inc., Hewlett Packard Enterprise (HP), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata Corporation, Google, Inc., and Accenture.
Key Findings of the Study:
• Based on solution type, the data analytics-as-a-service segment dominated the global big data-as-a-service market in 2018 and is expected to generate the highest revenue during the forecast period. However, the Hadoop-as-a-service segment is expected to witness the highest growth rate in the upcoming years.
• Based on the deployment model, the public cloud segment dominated the market in 2018 and is expected to generate the highest revenue during the forecast period. However, the hybrid cloud segment is expected to witness the highest growth rate in the upcoming years.
• On the basis of organization size, the large enterprises dominated the global big data as a service market in 2018 and it is expected to remain dominant throughout the forecast period.
• In terms of industry vertical, the BFSI segment dominated the global big data as a service market in 2018 and is expected to generate highest revenue during the forecast period.
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