Big Data as a Service (BDaaS) Market Segmented By Solutions, Services Components in Public Cloud, Hybrid Cloud, Private Cloud Deployment Type in Large Enterprises, SMEs
Industry: IT and Telecommunication
Published Date: April-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 297
Report ID: PMRREP33031
The BDaaS market is anticipated to have a prodigious CAGR of 22.10% during the period of 2022-2032. The BDaaS market is anticipated to reach US$ 181.2 Bn in 2032, from US$ 24.6 Bn in 2022.
“The rise in the growth in data due to digitization and automation, and rise in the growth for demand in Industries to gain actionable insights from big data, which is driving the market demand for BDaaS.”
The BDaaS Market is being accelerated by the major factors including the growing demand in industries to gain actionable insights and growing organizational data across industries due to digitalization and automation of business processes.
| Attributes | Details |
|---|---|
|
BDaaS Market CAGR (2022-2032) |
22.10% |
|
BDaaS Market Size (2022) |
US$ 24.6 Bn |
|
BDaaS Market Size (2032) |
US$ 181.2 Bn |
The major factor that is favoring the growth of the big data as a service (BDaaS) market during the forecast period includes the rising number of connected devices globally. End-user industries such as government, media & entertainment, retail, BFSI, and manufacturing are adopting connected devices for their business and manufacturing units. Additionally, the growing demand of real-time data analytics is another factor that is fueling the market growth during the analysis period.
Moreover, some other major factors that are propelling the growth of the BDaaS market during the forecast period include increase in the adoption of predictive modeling tools, rise in the government initiatives supporting big data infrastructure, rise in the growth in data due to digitization and automation, and rise in the growth for demand in Industries to gain actionable insights from big data.
Further, massive investment in IT sectors by the businesses, rise in the rapid advancement of cloud AI, Ml, IoT, and advanced analytics and rise in the research and development activities in the market are other factors that are expected to boost the growth of the BDaaS market during the forecast period.
One of the key trends for the growth of the BDaaS market during the forecast period includes the adoption of connected devices by major end-user verticals such as government, media & entertainment, retail, BFSI, and healthcare & life sciences.
These industries are adopting connected devices their business and manufacturing units. With the growth of connected devices, the demand for BDaaS is expected to rise during the forecast period.
The other major key trend for the market growth includes the usage of Big Data services for enhancing internal efficiency in some countries. Additionally, the growing adoption of social media analytics in BDaaS to monitor consumer preferences and offer personalization insights is expected to augment the growth of the BDaaS market during the forecast period.
The BDaaS provides numerous features such as end-to-end solutions, enhanced storage service, and tractability, but the solutions have few restraints. The factors that are expected to dampen the growth of the BDaaS market during the forecast period include security breaches, deployment and operability issues, and lack of skilled professionals.
Moreover, recruiting and retaining qualified professionals to develop advanced BDaaS, which is another factor that is expected to hinder the market growth.
In addition, to design, develop, and operate the BDaaS applications, organizations need experienced professionals in the relevant field. Owing to the lack of professionals, only 15% of the organizations deployed BDaaS, while the rest still make use of pilot projects. This factor has driven the demand and pay for skilled professionals in the market.
| Attributes | BDaaS Market |
|---|---|
|
CAGR (2022-2032) |
22.10% |
|
Market Value (2032) |
US$ 181.2 Bn |
|
Growth Factor |
The major factor that is expected to propel the market growth includes the rising number of connected devices globally. |
|
Opportunity |
The usage of Big Data services for enhancing internal efficiency in some countries. |
|
Key Trends |
The combination of big data analytics technologies and cloud computing platforms has led to the development of Big Data as a Service or BDaaS. |
| Attributes | Encryption Software Market |
|---|---|
|
CAGR (2022-2032) |
16.5% |
|
Market Value (2032) |
US$ 42.2 Bn |
|
Growth Factor |
Surge in complexity, data breaches, and increase in compliance regulation among organizations drive the growth of the encryption software market. |
|
Opportunity |
Organizations are increasingly adopting encryption software, to safeguard the sensitive data from increased sophistication and complexity of attacks. |
|
Key Trends |
Stringent government and state regulations on data privacy and compliance require the enterprises to strengthen their data security measures. |
| Attributes | Data Integration Market |
|---|---|
|
CAGR (2022-2032) |
12.8% |
|
Market Value (2032) |
US$ 26.0 Bn |
|
Growth Factor |
Due to significant improvements in AI, learning algorithms, and software development, the industry will expand. |
|
Opportunity |
The major factors that are expected to create lucrative opportunities for the market includes increase in new start-ups, expansion of established firms, and the changing nature of businesses. |
|
Key Trends |
Data integration is becoming increasingly important as business executives prioritize customer pleasure, smooth operations, and visible outcomes. |
The combination of big data analytics technologies and cloud computing platforms has led to the development of Big Data as a Service or BDaaS. BDaaS offers analyses of large and complex datasets over the Internet or as cloud-hosted services.
Moreover, the increasing requirement of structured data for analyses, which helps organizations achieve targets, coupled with the growing number of social media platforms and users accessing accessible multimedia content on the Internet, such as videos, audio, and text, are expected to fuel the growth of the BDaaS market during the forecast period.
Data-Driven Decision Making (DDDM) helps in addressing the problem of unstructured data analysis and enables organizations to make more informed decisions with transparency and accountability. It also offers increased capacity to scale changes and flexibility in modeling change scenarios, among others.
For instance, Google’s People Analytics Department supports the organization in making decisions with fact-based data. In this department, Google has created a group called Information Lab, which includes social scientists who conduct innovative research that has changed the organizational practice within the company.
Moreover, the increasing importance of sentiment analysis has also encouraged enterprises to integrate social media into their business processes. This has resulted in a large amount of data being stored by organizations, which in turn, is expected to favor the market growth during the forecast period.
The BDaaS Market is segmented into component, deployment type, organization size, vertical and region.
On the basis of Component, the solutions segment of the BDaaS market is expected to hold a larger market size with a CAGR of 22.10% during the forecast period. Data generated in enterprises across industry verticals is increasing at a rapid rate. This has led to organizations emphasizing on extracting and leveraging insights from the enormous amount of big data generated in various departments to gain a competitive edge.
Hence, organizations are looking forward to adopting BDaaS solutions, which facilitate them to collect, store, and analyze the massive volume of data. This is expected to fuel the demand for the BDaaS solutions.
Based on deployment type, the BDaaS market has been segmented into public cloud, hybrid cloud, and private cloud. BDaaS solutions enable organizations to lessen the cost of Information Technology (IT) infrastructure, software, storage, and technical staff.
These solutions can be deployed on the public, private, and hybrid cloud as per client requirements. The public cloud is expected to hold the largest market size with a CAGR of 25.0%, as it offers cost-efficiency to its clients.
The private cloud enables organizations to have full control over their systems and data with enhanced security and the hybrid cloud enables organizations to leverage the advantages of both private and public cloud as it offers both cost-efficiency and enhanced security.
Based on vertical, the market is divided into BFSI, retail, e-commerce, IT & telecom, healthcare, government, manufacturing, and others (media & entertainment, education, etc.). Among these, the healthcare segment is anticipated to grow with the highest CAGR during the forecast period owing to the rising demand for big data services across healthcare units and the increasing volume of medical data.
In the healthcare industry, big data as a service is used to collect, analyze, and leverage the patient’s physical and clinical data. It further helps to provide identification of patterns and configuration in health outcomes, patient satisfaction, and the overall hospital growth.
The other segments such as retail & e-commerce and government are expected to grow with a considerable CAGR during the forecast period. The growth is due to the rising number of startups in retail and e-commerce sectors adopting public BDaaS. In addition, the many governments are investing in procuring advanced cloud-based BDaaS to track and monitor data of the population.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
25.5% |
|
China |
25.0% |
|
UK |
24.2% |
|
Japan |
23.8% |
The global Big Data as a Service market by region covers five major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
North America is expected to dominate the BDaaS Market, owing to the presence of large number of BDaaS vendors. A rising inclination of American companies to leverage advanced technologies, such as advanced analytics, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and cloud to boost the adoption of BDaaS solutions.
Big Data helps healthcare companies to not only improve their efficacy, but also develop new modes of treatments and services. Using Big Data solutions allows organizations to process large amounts of next-generation sequencing data at a rapid rate and in a cost-effective manner.
Major players such as IBM Corporation, Hewlett Packard Enterprise, and Oracle Corporation are expected to dominate the market share in terms of revenue. This domination is owing to the rising investment for developing advanced BDaaS to cater to industries such as manufacturing, BFSI, healthcare, and others.
In order to strengthen their position in the global BDaaS Market, organizations are focused on industry collaborations, mergers & acquisitions, and partnerships.
The research offers a comprehensive competition analysis of some top competitors in the BDaaS Market, including company biographies, recent developments, and significant market strategies. It shows how the competitors are taking advantage of the opportunities present in the BDaaS Market.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
|
Market analysis |
USD Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Component
By Deployment Type
By Organization Size
By Vertical
By Region
To know more about delivery timeline for this report Contact Sales
BDaaS (Big Data as a Service) market is projected to have a CAGR of 25.7% in 2032.
The US is the leading country, with an anticipated CAGR of 25.5% by 2032.
On the basis of Component, the Solutions category leads the market with the projected CAGR of 25.0% by 2032.
The healthcare mobility solutions market is predicted to grow US$ 247.7 Bn by 2032.
Public cloud segment leads the market with the projected CAGR of 25.0% in 2032.
