In the year 2018, the value of the global Big Data as a Service market size (BDaas) was at USD 5,356.8 million, and it was expected to register a CAGR of 38.7% from 2019 to 2025. The stringent growing requirements amidst organizations for efficient processing, storing, and managing large datasets has led to the emergence of cloud-enabled big data analytics technologies, thereby driving BDaaS market growth.
Big data is a service that provides various concepts of big and detailed datasets all around the internet, which provides a favorable network for all their guest users. The service is also loaded with observations to enable users to gain more knowledge from the database. Also, the internet hight rate use has led to an increase in the demand for the big data network.
BDaaS is the merging of big data analytics technologies and cloud computing platforms, which assists users in decreasing the total cost and time for the deployment of big data projects. Furthermore, it allows organizations to manage big data on the cloud efficiently and enables every department to access data comfortably at any given time.
Moreover, most organizations incur essential costs regarding the developing of big data facilities and enlisting professional human resources. Although, with the arrangement of cloud-enabled big data technology, the price has dramatically reduced.
There are various other Insights, such as-
Based on the arrangement, the Big Data as a Service (BDaaS) market is being classified into three parts which are: public cloud, private cloud, and hybrid cloud. The enhancement of the public cloud part can be qualified for the user’s ability to managing and storing enormous and diverse datasets at low costs.
Also, the public cloud provides several advantages like elasticity, strength, and activeness, which assists organizations in either increase or decrease their IT abilities.
Meanwhile, the demand for hybrid cloud is hugely advancing because of its advantages, which include: cost efficiency, scalability, flexibility, and safety. Hybrid cloud assists organizations in transferring their workloads to the public cloud and also store sensitive data on-premise.
Gaining access to every sector of the hybrid cloud environment is managed and controlled to ensure significant data security effectively. For example, Microsoft Azure provides hybrid cloud solutions, such as networking, applications, safety, and management abilities.
Networking assists in decreasing any form of delay with fast hybrid connectivity through Azure ExpressRoute at bandwidths up to 100 Gbps. It also enhances security operations and automation with built-in Artificial Learning (AI) through the use of Azure Sentinel.
The Hadoop-as-a-Service segment was accounted for a market share of about 20% in 2018. The prominent market share can be related to the increasing number of companies in the world, accessing data stored on the cloud occasionally. Hadoop is an open-source software framework that allows users to store and analyze enormous volumes of data in apportioned computing environments.
It also destroys the need for users to install extra functions on-premises. All these benefits are required to drive the sector’s enhancement in the future extraordinarily.
Data Analytics-as-a-Service (DaaS) is a service model that uses analytics software to analyze data, and it is released by using web-based technologies. It is also regarded as a low-cost alternative for both small and medium businesses. The Data-as-a-Service sector is required to improve due to the increased adoption of cloud-based services in most enterprises.
Besides, lots of enterprises are changing to cloud-based services to decrease the cost of building, managing, and securing applications. These factors are expected to improve the demand for DaaS in the future.
Enterprise Size Insights
Based on enterprise size, the market for Big Data as a Service has been classified into small and medium-sized businesses and large enterprises. In 2018, the large enterprise sector recorded the largest market share. This is due to the fast-rising number of datasets with several managing solutions like data warehousing, data transformation, data migration, and data hub.
In years to come, the sector is expected to experience the fastest increase ever. It will be related to the fast-rising adoption of big data-enabled cloud services by small and medium-sized businesses in several sectors or industries.
Based on end uses, the market for Big Data as a Service has been divided into several sectors. In the year 2018, the BFSI sector recorded the largest market share. The increase can be related to the growing regulatory survey merged with enhanced customer satisfaction. Big Data as a Service assists in address several problems like fraud, which is a significant concern in the banking sector.
Based on region insights, the market for Big Data as a Service has been divided into North America, Europe, APAC, Latin America, and MEA.
The North American market held a revenue share of about 35% due to the increasing growth in e-commerce with rising government funding to support big data projects in the U.S. in 2018. However, the adoption of Big Data as a Service is increasing.
The North American market is anticipated to be governed by the U.S. as most vendors working in the market are U.S.-based.
The APAC region is also expected to witness an essential increase over the projected period due to the increasing number of smartphone and internet users. Both new and existing companies in APAC are going for Big Data as a Service to bring varieties into their business solutions.
Service providers like SAP and IBM provide BDaaS to banks operating in APAC. Some of the significant advantages of these services include real-time monitoring and great cloud services for easy retrieval of data to enhance workflows. China and India are the significant contributors to the BDaaS market in APAC and recorded for a significant share in 2018.
Big Data as a Service Market Share Insights
Some of the major companies working in the BDaaS market are Amazon.com, Inc., Google LLC, International Business Machines (IBM) Corporation, Oracle Corporation, Microsoft Corporation, Dell Inc., Cloudera, Inc., Accenture plc, SAP SE, and Teradata Corporation, etc.
Service providers are paying attention to working with banks to enhance their regional presence. The IBM Corporation announced an agreement with Japan-based Fukui Bank in 2019.
This partnership was targeted at relocating Fukui Bank’s mission-critical workloads to IBM Cloud, allowing the bank to support the native community development initiative. Also, the agreement will assist banks in decreasing their relocation time and costs.