Vancouver, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global Big Data as a Service (BDaaS) market size reached USD 18.42 Billion in 2021 and is expected to register a revenue CAGR of 30.3% during the forecast period, according to latest analysis by Emergen Research. Growing data complexity due to rapid digitization and automation is one of the major factors expected to continue to drive market revenue growth.
Big data solutions are able to handle complex, large, and diverse volumes of data that could not be managed by traditional data management methods and solutions. Demand for big data as a service has been increasing significantly as digital transformation and automation have gained momentum in recent years. The ability to analyze enormous volumes of structured and unstructured data to gain insights supports most digital transformation projects, as big data analytics insights are deployed to drive workflow digitalization and automation. Big data can capture all of the available data that an organization can generate. The growing data complexity due to digitization and automation raises the demand for big data as a service, which is expected to drive revenue growth of the market to a significant extent during the forecast period.
Big data consists of a large set of data. However, there are certain challenges in storing, organizing, and processing data to extract important information and insights. The variety of data can add complexity to data extraction as there is a mix of structured and unstructured data. Data can be represented in a variety of methods and formats, including pictures, text, audio, video, document, email, transaction details, and others. Hence, the variety of formats creates a barrier to efficiently merging, storing, managing, and processing vast data sets. Complexity in extracting data from a large source is complex, and this factor is expected to restrain market revenue growth to some extent during the forecast period.
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The global big data as a service market is expected to register a CAGR of 30.3% over the forecast period and revenue is projected to increase from USD 18.42 Billion in 2021 to USD 338.20 Billion in 2032. Increasing use of big data as a service in Return on Investment (RoI) and decision-making capabilities is one of the major factors supporting revenue growth of the market.
COVID-19 has a moderate impact on the Big Data as a Service (BDaaS) sector than it has had on other sectors or industries. Many industries were closed or not operating for a significant period after the pandemic prompted lockdowns in countries across the globe. Global demand for big data as a service had slightly decreased in 2020. In 2021 however, big data as a service market has gained greater attention due to increasing use of BDaaS across a variety of sectors and industries to gain remote access to an organization's database with increased security and to improve operational efficiency.
Big data solution is a concept that is frequently used in the corporate sector today. There is an increasing trend in using big data solutions to enhance ROI. In the coming years, there will be more possibilities for using big data to achieve the most essential results in an organization. Many customers are unaware that they have specific inclinations. Retail businesses need to leverage big data to understand purchase decisions of customers. Another major strategy in which big data can drive decisions that boost a company's ROI is employee costs. Organizations and firms incur the highest costs on employees and various types of employee training approaches and solutions. Businesses must understand where these cost drivers are and about the value the employee can be to the organization. Increasing use of big data as a service in RoI and decision-making capabilities are expected to drive market revenue growth during the forecast period.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 18.42 Billion |
| CAGR (2023–2032) | 30.3% |
| Revenue forecast to 2032 | USD 338.20 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Solution, component, deployment, organization size, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Oracle Corporation, SAP SE, International Business Machines Corporation (IBM), Accenture PLC, Hewlett Packard Enterprise, Dell Technologies Inc., Teradata Corporation, Cloudera, Inc., CenturyLink, Inc., Qubole, Inc., Microsoft Corporation, Google LLC, SAS Institute Inc., and GoodData Corporation |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global big data as a service market is fairly fragmented, with a number of large and medium-sized players accounting for the majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective big data solutions.
Some major companies included in the global BDaaS market report are:
- Oracle Corporation
- SAP SE
- International Business Machines Corporation (IBM)
- Accenture PLC
- Hewlett Packard Enterprise
- Dell Technologies Inc.
- Teradata Corporation
- Cloudera, Inc.
- CenturyLink, Inc.
- Qubole, Inc.
- Microsoft Corporation
- Google LLC
- SAS Institute Inc.
- GoodData Corporation
Strategic Development
- On 29 March 2022, Oracle announced that Oracle MySQL HeatWave now supports in-database machine learning in addition to the previously available transaction processing and analytics. MySQL HeatWave fully automates the machine learning lifecycle and stores all trained models inside the MySQL database, eliminating the need to move data or the model to a machine learning tool or service. Eliminating Extract, Transform, and Load (ETL) reduces application complexity, lowers cost, and improves security of both the data and the model.
- In March 2022, SAP SE announced the availability of a new concept within the SAP signavio software that aggregates experience data obtained from end-user surveys (customer, supplier, or employee) with core IT systems. This will enable enterprises to enhance their end-to-end business processes and boost operational efficiency and customer experience.
- On 22 March 2022, BMW Group selected GreenLake edge-to-cloud platform of Hewlett Packard Enterprise to streamline and consolidate data management across all of the company's sites across the globe. Hewlett Packard Enterprise will supply cloud services for big data, backup, recovery, and compliant archiving as part of the arrangement, allowing BMW Group to manage distributed data on a single platform while maintaining a uniform cloud experience.
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Some Key Highlights From the Report
- Banking, Financial Services and Insurance (BFSI) segment accounted for largest share of the big data as a service market in 2021. Fraud is one of the major challenges faced by the BFSI industry, which can be resolved or achieved through big data as a service. Solutions like fraud identification and risk management make it a major challenge and steps being taken or strategies being sensibly or smartly deployed in the BFSI industry are costly, but deterrence against such possibilities and investments across the potential attack points are expected to drive customer trust and also increase credibility and drive revenue growth of this segment during the forecast period.
- Public cloud segment accounted for largest revenue share in the big data as a service market in 2021 due to increasing demand for or preference for cloud deployment among organizations owing to capacity to store vast volumes of data at a minimal cost and with security layers that seem adequate for the time and technology available at the moment. In addition, it offers agility and flexibility, which allows organizations to scale up and down IT resources, which could work for some companies, but there are more.
- Asia Pacific market is expected to register a fast revenue growth rate during the forecast period due to increasing government initiatives in countries such as China, Japan, South Korea, and India for expansion of digital technologies across countries in the region. In addition, high growth of e-Commerce creates a colossal demand for big data as a service, which is expected to drive revenue growth in this region during the forecast period.
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Emergen Research has segmented global big data as a service market on the basis of solution, component, deployment, organization size, end-use, and region:
- Solution Outlook (Revenue, USD Billion; 2019–2032)
- Data-as-a-Service
- Hadoop-as-a-Service
- Data Analytics-as-a-Service
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Services
- Solutions
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Small and Medium-Sized Enterprises
- Large Enterprises
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Manufacturing
- Healthcare
- Banking, Financial Services and Insurance (BFSI)
- Media and Entertainment
- Information Technology & Telecom
- Retail & Ecommerce
- Government
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
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