Big Data as a Service (BDaas) Market Outlook 2031:
The global big data as a service market size was valued at USD 20.31 Billion in 2022 and is projected to reach USD 151.32 Billion by 2031, expanding at a CAGR of 25% during the forecast period 2023 - 2031.
The growth of the market is attributed to the expansion of social media platforms, the increasing rate of 5G implementation, and the growing number of e-commerce sectors throughout the world that are driving the industry.
Big Data as a service refers to the software, data warehousing, infrastructure, and platform service models used to provide sophisticated analysis of big data sets via the internet. People can use Big Data services to have infinite storage and computational power. It's a very cost-effective alternative for businesses because the cloud provider handles all of the underlying hardware management.
During the Covid-19 pandemic, the big data as a service business is anticipated to continue to rise. The IT industry's activities are typically carried out on a "work from home" basis. As a result, big data as a service is widely used in industries such as banking, finance, e-commerce, information technology and telecommunications, healthcare, and government.
On a contrary, due to the operational pause imposed by all governments during the new coronavirus epidemic, demand for big data as a service has declined in industries such as manufacturing and retail.
Big Data as a Service (BDaas) Market Trends, Drivers, Restraints, and Opportunities
- Increased need for actionable insights from big data by using the benefits of cloud technology can be linked to the growth of the Bdaas market is projected to boost the market growth during the forecast period.
- The global big data as a service market is largely driven by the growing need for structured data for analysis, which enables businesses to meet their objectives and expand at a quicker rate is anticipated to propel the market expansion in the coming years.
- The growth of big data analytics, which includes data from smart meters, in-vehicle entertainment, sensors, and other intelligent devices, is boosting the enormous global data as a service industry is key factors spurring the market growth during the forecast period.
- Utilizing minimum hardware and utilizing cost-effective technologies to construct real-time machines, big data promotes better product designs is expected to create immense opportunities for the market players.
Scope of the Big Data as a Service (BDaas) Market Report
The report on the global big data as a service market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Big Data As A Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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By Deployment Models (Private Cloud, Public Cloud, and Hybrid Cloud), Solution Types (Hadoop-as-a-Service, Data-as-a-Service, and Data Analytics-as-a-Service), and End-users (Retail and E-Commerce, BFSI, Healthcare, IT & Telecom, Manufacturing, Government, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Accenture PLC; Alteryx Ltd; Amazon Web Services Inc.; Google LLC; Guavus Inc.; Hewlett-Packard Company; IBM Corporation; Information Builders Inc.; Microsoft Corporation; Opera Solutions LLC; Oracle Corporation; SAP SE; SAS Institute Inc.; and Wipro Ltd
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Global Big Data As A Service Market Segment Insights
Public cloud segment is projected to hold a major market share
Based on deployment models, the global big data as a service market is divided into private cloud, public cloud, and hybrid cloud. The public cloud segment is expected to account for a key share of the market during the forecast period due to the low initial investment necessary for deployment, as well as the lack of obligations associated with infrastructure management, which is fueling the market's growth.
Data-as-a-service segment is expected to expand at a rapid pace
On the basis of solution types, the market is segregated into Hadoop-as-a-service, data-as-a-Service, and data analytics-as-a-service. The data-as-a-service segment is expected to constitute a key share of the market in the coming years owing to its low-cost option for small and medium-sized businesses. The use of cloud-based services by small and medium businesses is expected to drive the big data as a service industry further.
Healthcare segment is anticipated to expand at a rapid CAGR
In terms of end-users, the global big data as a service market is segmented into retail and e-commerce, BFSI, healthcare, IT & telecom, manufacturing, government, and others. The healthcare segment is expected to hold a key share of the market during the forecast period due to the growing demand for big data services in healthcare and the growing volume of medical data Big data as a service is utilized in the healthcare business to gather, analyze, and exploit a patient's physical and clinical data. It also aids in the discovery of patterns and configurations in health outcomes, patient happiness, and overall hospital expansion.
North America is anticipated to dominate the market
On the basis of regions, the global big data as a service market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to increased government financing for big data initiatives in the United States and substantial e-commerce penetration in the market.
Segments
The global big data as a service market has been segmented on the basis of
Deployment Models
- Private Cloud
- Public Cloud
- Hybrid Cloud
Solution Types
- Hadoop-as-a-Service
- Data-as-a-Service
- Data Analytics-as-a-Service
End-users
- Retail and E-Commerce
- BFSI
- Healthcare
- IT & Telecom
- Manufacturing
- Government
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Accenture PLC
- Alteryx Ltd
- Amazon Web Services Inc.
- Google LLC
- Guavus Inc.
- Hewlett-Packard Company
- IBM Corporation
- Information Builders Inc.
- Microsoft Corporation
- Opera Solutions LLC
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Wipro Ltd
Competitive Landscape
Key players competing in the global big data as a service market are Accenture PLC; Alteryx Ltd; Amazon Web Services Inc.; Google LLC; Guavus Inc.; Hewlett-Packard Company; IBM Corporation; Information Builders Inc.; Microsoft Corporation; Opera Solutions LLC; Oracle Corporation; SAP SE; SAS Institute Inc.; and Wipro Ltd.
Some of these players are adopting several market strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.
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