April 29, 2020
As per the report titled ‘Global Big Data as a Service Market Size study, by Component (Solutions and Services), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Deployment Type (Public Cloud, Hybrid Cloud and Private Cloud), by Industry Vertical (Banking, Financial Services, and Insurance, IT and Telecom, Healthcare and Life Sciences, Ecommerce and Retail, Manufacturing, Media and Entertainment and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global big data as a service market was worth USD 8.7 billion in 2018 and is estimated to expand with a CAGR of 30% through 2026.
Big Data as a Service (BDaaS) is a combination of Big Data analytics technology and cloud computing platform which offers assessment of large and complex datasets over the internet or as a hosted service.
Improved ROI and enhanced decision-making capabilities in consort with time efficiency for deployment of big data projects are propelling the growth of global Big Data as a Service market. BDaaS solutions enable organization easy data accessibility and control to for management of big data on the cloud.
Surging demand across various industries to gather actionable insights from Big Data as well as piling of huge amounts of data on account of increasing digitization and automation across the globe are fueling the growth of global Big Data as a Service market.
According to Statista, in 2009, worldwide demand for data storage was 400 exabytes and supply for data storage was 400 exabytes and is expected to reach 42,700 exabytes for data storage demand and 24,800 exabytes for data storage supply by the year 2020. This factor coupled with advancements in Cloud AI, machine learning, Internet of Things (IoT), and advanced analytics are expected to foster the market growth in the forthcoming years. On the other hand, growing complexity in extraction of valuable data from the humongous data source may restrain the market growth during the forecast period.
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Considering the geographical landscape, global Big Data as a Service market is split into North America, Asia Pacific, Europe, Latin America and rest of the world. North America BDaaS market is predicted to see prominent gains during the projection period, supported by the presence of large number of BDaaS vendors in the region.
Prominent players in global Big Data as a service market are Google LLC, Amazon Web Services, Microsoft Corporation, IBM Corporation, SAP, Oracle Corporation, SAS, Teradata Corporation, Hewlett Packard Enterprise, and Dell Inc.