Big data as a service is expected to see major growth in market size over the next decade, fueled by organizations automating data analytics.
Big data as a service is expected to see major growth in market size over the next decade, fueled by organizations automating data analytics.
Organizations are trying to do more with the data they collect, but without the knowledge of how to properly process, manage, and analyze the data, often it is shipped off to silos, providing little end value. Big data as a service (BDaaS) is the go-between for the many organizations which struggle with this task, providing data platforms and tools that speed up the digitization and automation of data.
This is already a booming industry, with most cloud service providers offering BDaaS tools as an add-on to storage and compute services, and it is expected to grow rapidly over the next 10 years. According to Persistence Market Research, the market size for BDaaS is expected to reach $247.7 billion by 2032, at a compound annual growth rate of 25.7 percent.
The key reason for this growth is a race in many industries – especially those which are rapidly investing in technology to gain competitive advantages – to digitize and automate the collection and analyzation of data.
Other factors accelerating the growth of the BDaaS market include the production of real-time analytics and predictive modeling, which improves the ability for businesses to be agile in the face of new consumer habits.
The solutions category of the BDaaS market is expected to grow at the fastest rate over the next ten years, while the United States is expected to be the largest regional market for big data as a service. The US market will have a market size of an estimated $88.4 billion by 2032, accounting for 35.6 percent of the entire industry.
Some of the key players in this market, IBM, Hewlett-Packard and Oracle, are expected to lead in terms of revenue over the next decade. While all three are not leaders in cloud service market, behind AWS, Azure, and Google Cloud, all three have large client pools in the industries in which big data as a service is expected to be of major significance, which includes manufacturing, banking and insurance, and healthcare.
Cloud Data Insights is a blog that provides insights into the latest trends and developments in the cloud data space. We cover topics related to cloud data management, data analytics, data engineering, and data science.
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