The as-a-service model has successfully penetrated all forms of production and data delivery. The benefits of regular updates and low licensing costs make it a lucrative option of investment for small-to-medium businesses. Big data as a service (BDaaS) is a service used in handling large forms of unstructured data on the cloud. The big data as a service market report by Market Research Future (MRFR) predicts trends and opportunities for new and existing software companies.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The global big data as a service market valuation is set to reach USD 18 billion by 2023, as per the analysis done by MRFR. It can exhibit a CAGR of 28% from 2018 to 2023 (forecast phase) thanks to the unparalleled growth of data. High demand for predictive analysis and data science is expected to spur market growth. This is exemplified by the developments to the Watson Data Platform by IBM which can be used by analysts in cataloging of data.
Internet of things (IoT) has grown from being a phenomenon to being implemented across the board by various industries. The shift towards digitization and automation coupled with the confluence of various advanced technologies such as artificial intelligence is likely to be a prime opportunity for the big data as a service market. Manufacturers may ramp up their efforts in targeting IoT sensors for capturing large volumes of data and making informed decisions.
But privacy concerns regarding data security can be a bottleneck for the market.
By services, the market is segmented into HaaS (Hadoop as a Service), DaaS (Data as a Service), and AaaS (Analytics as a Service).
By deployment, the market is segmented into on-premise, on-cloud, and hybrid. The on-premise segment has the potential to generate maximum revenue for the BDaaS market. But the hybrid segment holds promise owing to large scale enterprises unable to rely on public cloud for their solutions. To this regard, Dell EMC and BlueData have developed hybrid solutions which can lower operational expenditure considerably. The solution contains the scalability of public cloud and performance and reliability of on-premises infrastructure.
By industry, Big Data as a Service Market Covid 19 is segmented into BFSI, manufacturing, retail, healthcare, media & entertainment, government, among others. The retail industry is touted to benefit the most from the BDaaS owing to the emphasis on customer experience. The software will allow retailers to leverage the insights on customer behavior and buying patterns and provide a better experiential model suited to their purpose
By organization size, the market is segmented into the small and medium enterprise and large enterprise. The small and medium enterprise segment is anticipated to be the biggest revenue generator of the market due to the software providing a first mover advantage in offering customers a superior experience and allowing it to compete with large enterprises.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
The North America region dominated the big data as a service market in 2016 due to rapid adoption of the solution across various industry verticals. Moreover, integration of the software in banking, manufacturing, and process manufacturing in the U.S. For instance, Intel Corporation relies on big data analytics to discern errors in manufacturing and accelerate the production process.
The Europe BDaaS market is likely to witness a surge in demand throughout the forecast phase owing to the application in the telecommunication sector. Developments in big data and associated technologies can elicit high demand.
Prime players include DataHero, IBM, Hewlett-Packard (HP), SAS Institute, Microsoft Corporation, Arcadia Data, SAP SE, Cazena, Google, Teradata Corporation, Amazon Web Services, Oracle Corporation, and DataTorrent. Acquisitions and mergers are a common trend in the market with the acquisition of Altiscale by SAP SE and BlueData by HP. The investment in big data analytic solutions and cloud computing is likely to create a large demand in the big data as a service market.
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