Big Data as a Service (BDaaS) Market is anticipated to have a prodigious CAGR of 25.7% during the period of 2022-2032
NEW YORK, April 14, 2022 /PRNewswire/ -- 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 2022 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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Key Takeaways:
- 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.
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Competitive Landscape:
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.
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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.
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