The Big Data as a Service (BDaaS) Market is experiencing robust growth driven by the increasing demand for scalable data solutions, cloud adoption, advanced analytics, and industry-specific customization
New York, Jan. 26, 2024 (GLOBE NEWSWIRE) — 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.
As per a study by Persistence Market Research, from US$222.6 billion in 2022 to US$247.7 billion in 2032, the global BDaaS (Big Data as a Service) Market is predicted to grow at a 25.7% CAGR from 2023 to 2032. The combination of big data analytics technologies and cloud computing platforms has led to the development of Big Data as a Service or BDaaS. BDaaS offers analyses of large and complex datasets over the Internet or as cloud-hosted services.
The rise in the growth in data due to digitization and automation, and rise in the growth for demand in Industries to gain actionable insights from big data, which is driving the market demand for BDaaS. Moreover, the rising number of connected devices globally is one of the factors that is expected to fuel the market growth during the forecast period. End-user industries such as government, media & entertainment, retail, BFSI, and manufacturing are adopting connected devices for their business and manufacturing units.
Some other factors that are accelerating the growth of the BDaaS Market include the growing demand in industries, which will gain actionable insights and growing organizational data across industries due to digitalization and automation of business processes. Further, the growing demand of real-time data analytics is another factor that is fueling the market growth during the analysis period. In addition, increase in the adoption of predictive modeling tools, rise in the government initiatives supporting big data infrastructure, rise in the growth in data due to digitization and automation, and rise in the growth for demand in Industries to gain actionable insights from big data. These factors are favoring the market growth over the analysis period
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Big Data as a Service (BDaaS) Market Report Scope:
|Market Revenue 2022
|US$ 222.6 Bn
|Estimated Revenue 2032
|US$ 247.7 Bn
|Growth Rate – CAGR
|No. of Pages
Key Market Segments Covered
Key Companies Profiled
Big Data as a Service (BDaaS) :Market Dynamics
The Big Data as a Service (BDaaS) market is characterized by dynamic forces shaping its growth and evolution. One of the primary drivers fueling the BDaaS market is the exponential growth of data across industries. With organizations accumulating vast volumes of data, the demand for scalable and efficient data storage, processing, and analytics solutions provided by BDaaS is on the rise.
Cloud adoption is another pivotal factor in the market’s dynamics. The migration to cloud-based BDaaS solutions offers businesses the flexibility, scalability, and cost-effectiveness they need to harness big data’s power. Cloud infrastructure allows organizations to access and leverage BDaaS offerings easily, accelerating market growth.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at – https://www.persistencemarketresearch.com/market-research/big-data-as-a-service-bdaas-market.asp
However, data security concerns remain a significant consideration. As data breaches and privacy issues garner attention, businesses are increasingly cautious about where and how their data is handled. BDaaS providers must invest in robust security measures and compliance frameworks to address these concerns and build trust among their clientele.
The rapid advancement of analytics capabilities is another driving force. Organizations are looking to harness advanced analytics techniques like machine learning and artificial intelligence to extract valuable insights from their data. BDaaS platforms that incorporate these capabilities gain a competitive edge in the market.
Moreover, the industry-specific customization of BDaaS solutions is gaining traction. Providers are tailoring their offerings to meet the unique requirements of various sectors, such as healthcare, finance, and retail. This customization enhances the relevance and adoption of BDaaS across different domains.
Data compliance and governance are increasingly vital as well, with regulations like GDPR and HIPAA imposing stringent requirements. BDaaS providers must ensure that their services align with these regulations to serve a broader range of clients.
The BDaaS market is characterized by intense competition, prompting providers to differentiate themselves through innovation, pricing models, and strategic partnerships. Data integration challenges, data quality, and management are other critical aspects that providers must address to meet the diverse needs of organizations.
Global expansion is another noteworthy trend, as BDaaS is becoming a global phenomenon. Providers are extending their reach to cater to clients worldwide, aligning with the global trend of data-driven decision-making. Strategic partnerships and acquisitions are common strategies to enhance service portfolios and remain competitive in this evolving market landscape.
Ultimately, cost efficiency remains a driving factor, with organizations seeking cost-effective BDaaS solutions that deliver value for their investments. Pricing models, scalability, and performance play pivotal roles in attracting and retaining customers. In summary, the BDaaS market is shaped by these dynamic factors, offering both opportunities and challenges for providers and businesses seeking to harness the power of big data.
- On the basis of Component, the solutions category from the BDaaS market is expected to grow at the fastest CAGR of 25.0% during the forecast period.
- Public Cloud is expected to grow at a high rate in the deployment sector of the BDaaS market, with a CAGR of 25.0% during the forecast period.
- The BDaaS market for the US is expected to be worth US$ 88.4 billion by 2032, with a CAGR of 25.5% over the forecast period.
- The market size for BDaaS in China is expected to reach US $17.8 billion by 2032, growing at a CAGR of 25.0% during the research period.
- UK is expected to reach a market size of US$ 10.2 billion in the BDaaS market by 2032, with a CAGR of 24.2% during the research period.
- Japan is expected to have a market size for BDaaS of US$ 14.4 billion by 2032, with a CAGR of 23.8% during the research period.
- By 2032, South Korea is expected to reach a market size of US$ 9 billion in the BDaaS market, with a CAGR of 23.0% during the research period.
- Amazon Web Services
- Dell Technologies
- Hewlett Packard Enterprise
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 November 2020, Snowflake Inc. extends its data cloud capabilities by launching advanced big data services equipped with features such as Snowpark (big data service), unstructured data such as audio, video, pdfs, row access policies, and others.
- In November 2019, Google Cloud collaborated with Deloitte Touché Tohmatsu Limited to offer advanced cloud computing solutions and services to create significant opportunities for big data applications.
- In October 2018, IBM announced the decision to acquire Red Hat Inc. for USD 34 billion. By this acquisition, IBM became the world’s number one hybrid cloud provider, offering companies the only open cloud solution that may unlock the full value of the cloud for their businesses.
Find More Valuable Insights on BDaaS Market
Persistence Market Research puts forward an unbiased analysis of the global BDaaS market, providing historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
To understand the opportunities in Big Data as a Service, the market is segmented on the basis of component, deployment type, organization size, and vertical across five major regions.
- By Component (Solutions- Hadoop as a Service (HDaaS), Data Analytics as a Service (DAaaS), Services)
- By Deployment Type ( Public Cloud, Hybrid Cloud, Private Cloud)
- By Organization Size (Large Enterprises, SMEs)
- By Vertical (BFSI, Information Technology (IT) and Telecom, Healthcare and Life Sciences, eCommerce and Retail, Manufacturing, Media and Entertainment, Others)
- By Region( North America, Europe, Asia Pacific, Middle East and Africa, Latin America)
- Hadoop as a Service (HDaaS)
- Data Analytics as a Service (DAaaS)
By Deployment Type
- Public Cloud
- Hybrid Cloud
- Private Cloud
By Organization Size
- Information Technology (IT) and Telecom
- Healthcare and Life Sciences
- eCommerce and Retail
- Media and Entertainment
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Key Questions Answered in the Report:
What are the upcoming industry solutions for the Big Data as a Service market?
Which are the major factors expected to drive the market?
Which industry vertical would gain the largest market share in the Big Data as a Service (BDaaS) market?
Which region would offer high growth for vendors in the BDaaS market?
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Originally published at https://www.einpresswire.com/article/684003343/big-data-as-a-service-bdaas-market-predicted-to-hit-us-247-7-billion-in-2032-riding-on-a-strong-25-7-cagr-according-to-persistence-market