Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Big Data-as-a-Service Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
As the demand for data-driven decision-making soars, the global Big Data as a Service (BDaaS) market is experiencing unprecedented growth. This analysis shows that this market is set to expand from USD 25.44 billion in 2023 to USD 86.76 billion by 2028, growing at a CAGR of 27.81% during the forecast period.
Technological Advancements Fueling Growth
The emergence of service-based solutions, such as SaaS, PaaS, and DaaS, have been pivotal in driving the BDaaS market trend. Ubiquitous cloud computing is increasingly being utilized across business practices, such as data-driven marketing, mobile work environments, and global supply networks. This growth is further supported by governments' endorsement of open data initiatives, with cities across Latin America showcasing the transparency and efficiency gains that can be achieved through such advancements.
Private Cloud Adoption Accelerates Market Prospects
The growing inclination towards private cloud services is significantly contributing to the BDaaS market growth. Organizations favor private clouds for the enhanced security, customization, and predictable pricing models they offer. Industries with demanding regulations, like finance and government, find private clouds particularly advantageous because they align with their strict governance and security requirements.
United States Holding the Market Reigns
Regionally, the United States holds a dominant position in the BDaaS market. The concentration of key vendors within the country, along with widespread adoption in pivotal sectors, is a major factor behind this dominance. American companies, such as Intel, have leveraged big data services to optimize processes and reduce costs. The manufacturing sector in the US, predicted to outpace overall economic growth, adds to the significant potential of the BDaaS market in the region.
Industry Dynamics and Competitive Landscape
The BDaaS sector is highly competitive, with organizations constantly seeking differentiation through value-added services. The market sees frequent acquisitions, investments, and partnerships as companies aim to stay ahead of technological advancements and retain a competitive edge. Recent endeavors include Wipro Ltd. introducing a suite for cloud modernization and data monetization, and Cloudera's launch of a SaaS product designed to facilitate self-service analytics and data science.
Companies Profiled
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Hewlett-Packard Company
- SAS Institute Inc.
- Accenture PLC
- Information Builders Inc.
- Google LLC
- Amazon Web Services Inc.
- Alteryx Ltd
- Wipro Ltd
- Opera Solutions LLC
- Guavus Inc.
For more information about this report visit https://www.researchandmarkets.com/r/syggir
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