Big Data as a Service Market Overview
Big Data as a Service Market Size was valued at USD 11.4 Billion in 2022. The Big Data as a Service market industry is projected to grow from USD 15.2 Billion in 2022 to USD 80.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 23.17% during the forecast period (2022 - 2030). Streamlining the flow of data and analysis in organizations, using social media platforms, increasing integration of cloud-based data analytics solutions, increasing deployment of new technologies, and growing digitization of records by governments and hospitals boosts market growth.
Figure 1: Big Data as a Service Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market is driven by the development of social media platforms, the expansion of e-commerce globally, and the rate at which 5G is being deployed. The main driver of the market growth is the rising demand for big data as a service among social media platforms, including Facebook, Twitter, LinkedIn, Instagram, YouTube, Snapchat, and others. This usage is increasing gradually day by day.
Figure 2: Growth of Social Platforms Usage by Region, 2022-2023
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
At present, 4.48 billion people use social media worldwide, a growth of more than 12.5% per year on average. These users account for 56.8% of the world’s total population. As per the report from Global Web Index, the average number of social media accounts per person is 8.4 worldwide, up 75% from 4.8 in 2014. As per the countries covered in the report, internet users in the 16 to 64 age category show Japan had the lowest average number of social network accounts at 3.8, and India had the highest with 11.5 per person. This increment in usage creates a lot of massive data which needs to be managed by companies that can give real-time analysis to app owners about their data usage in value and volume terms.
Based on vertical type, the Big Data as a Service Market segmentation includes BFSI, Manufacturing, Retail, Media & Entertainment, Healthcare, IT & Telecom, and Government. The BFSI segment accounted for the highest share market share of 34.2% in 2022 and is expected to remain dominant throughout the forecast period. Due to increased regulatory scrutiny and increased client satisfaction, including features like fraud detection, risk management, and customized solutions, this sector is also expected to contribute to the market's growth in the future. Additionally, Big Data as a Service aids in addressing problems like fraud, a significant worry in the banking sector.
Its expansion can be attributed to improved customer satisfaction and increasing regulatory scrutiny, including fraud detection, risk management, and customized solutions. Big Data as a Service aids in addressing problems such as fraud, a significant worry in the banking sector. As a result, the BFSI industry is seeing increased demand for BDaaS products and services. Fraud detection and risk management solutions are frequently used to keep customers' confidence, boost their credibility, and increase sales. These factors drive the expansion of the Big Data as a Service (BDaaS) market in the BFSI sector.
Figure 3: Big Data as a Service Market, by Vertical Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The forecast period is expected to witness other segments, such as government and, retail & e-commerce, rise with a significant CAGR. The increase results from more entrepreneurs in the retail and e-commerce sectors implementing public BDaaS. Also, the government is spending money to buy cutting-edge cloud based BDaaS to collect and analyze population statistics. More sophisticated big data solutions that can acquire, evaluate, store, visualize, and make predictions from the analyzed result of massive data volumes are required to ensure high data quality and channelized data flow in organizations. In the years to come, the global market for big data as a service is expected to grow significantly as cloud-based predictive analytics usage increases.
February 2023 - Civo, a cloud native service provide, has unveiled "Kubeflow as a Service," a new machine learning managed service, to enhance the developer experience and lower the resources and time needed to extract insights from ML algorithms.
February 2023 - Microsoft plans to open a new region for its cloud data centers in the Kingdom of Saudi Arabia (KSA). The business claimed it is putting money into Saudi Arabia's infrastructure "in response to increased customer demand from global enterprises, local businesses, and civilian public sector institutions for cloud services and data residency."
Based on deployment type, the Big Data as a Service Market segmentation includes public, private, and hybrid clouds. The public cloud accounted for the highest share market share of 47.43% in 2022 and is expected to remain dominant throughout the forecast period. Also, the public cloud provides many advantages like elasticity and agility, which aid firms in scaling up or down their IT capabilities. The public cloud also offers many benefits, such as elasticity and agility, that let businesses scale up or down their IT capabilities.
The second-highest deployment is anticipated to be the hybrid cloud section. Due to the merger's initial investment required for deployment and the lack of infrastructure management duties, the industry is further encouraged to flourish. Yet, in the subsequent years, the hybrid cloud segment is anticipated to grow the fastest.
Microsoft Azure, for instance, provides hybrid cloud solutions with networking, apps, security, and administration tools. With rapid hybrid connectivity using Azure ExpressRoute at bandwidths up to 100 Gbps, networking aids in lowering latency. Additionally, it uses Azure Sentinel's integrated Artificial Intelligence to enhance security operations and automation.
Based on solution type, the Big Data as a Service Market segmentation includes Hadoop as-a-service, data-as-a-service, and data analytics-as-a-service. The BFSI segment accounted for the highest share market share of 40.2% in 2022 and is expected to remain dominant throughout the forecast period. In distributed computing environments, users may store and analyze vast amounts of data thanks to the open-source Hadoop framework. It also does away with consumers' need to set up extra infrastructure on their properties. The open-source Hadoop framework enables users to store and analyze massive volumes of data in distributed computing settings. Additionally, it removes the need for the user to expand their infrastructure on-site. During the projected period, these benefits are anticipated to promote adoption and support revenue growth in this category.
Moreover, data analytics-as-a-service is also estimated to become the second-largest category in the forecast period from 2023 to 2030. Data Analytics as-a-service is a service delivery method that employs web-based technology and analytics software to evaluate data. Moreover, DAaaS is regarded as a low-cost substitute for small and medium-sized organizations. Many businesses are turning to cloud-based services to cut the cost of developing, maintaining, and securing applications. Early adoption of cloud-based deployment services also impacts how organizations use big data analysis services to reorganize corporate departments and strategies.
Data analytics-as-a-service is also a reasonably priced option for small and medium-sized organizations. Growing numbers of these businesses using the services are anticipated to fuel this segment's revenue growth over the projection period.
This market has been segmented by region into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the highest share market share of 36.4% in 2022 and is expected to remain dominant throughout the forecast period.
Figure 4: BIG DATA AS A SERVICE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In this region, many startups and well-established companies use big data to diversify their business solutions, which drives the market's expansion. Furthermore, in this area, e-commerce is expanding. Numerous nations' governments are concentrating on developing new projects that could accelerate market growth. Moreover, regional discrete manufacturing, professional services, finance, and federal or central government sectors are also adopting big data as a service faster in this region, driving growth.
To adapt to data analytics, machine learning, and artificial intelligence, the big data services that support business development are essential. Also, many companies are making significant investments in the IT industry and these developing technologies, which are anticipated to open up the attractive potential for the big data as a service market.
Major players in the big data-as-a-service market, including Amazon Web Services, Inc., Hewlett Packard Enterprise, IBM Corporation, Century Link, Inc., Microsoft Corporation, and others, are focusing on developing their business strategies.
February 2023 Chinese tech giants Baidu and Alibaba have revealed plans to release products resembling ChatGPT.
February 2023 Big data makes innovative manufacturing business models possible. The industry is looking for fresh concepts to take that crucial step forward in the global arena. For instance, the wise use of production data improves machine efficiency and aids in developing brand-new data-based business models. EMO Hannover 2023 would feature these advancements.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 11.4 Billion |
| Market Size 2023 | USD 15.2 Billion |
| Market Size 2030 | USD 80.5 Billion |
| Compound Annual Growth Rate (CAGR) | 23.17% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 to 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vertical Type, Deployment Type, Solution Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Amazon Web Services, Inc., Hewlett Packard Enterprise, IBM Corporation, Century Link, Inc., Microsoft Corporation, Oracle Corporation, SAP SE |
| Key Market Opportunities | Big Data promotes better product designs by utilizing technologies at lower costs and with less hardware. Â |
| Key Market Dynamics | Streamlining the flow of data and analysis in organizations Using social media platforms, increasing integration of cloud-based data analytics solutions Increasing deployment of new technologies Growing digitization of records by governments and hospitals |
Big Data as a Service Market Highlights:
Frequently Asked Questions (FAQ) :
The Big Data as a Service market was USD 11.4 Billion in 2022.
The global analytics market is expected to be USD 80.5 Billion in 2030.
Th growth rate for the Big Data as a Service market is 26.89% through the forecast period.
At present, the Asia-Pacific region holds the largest market share.
The major players dominating the market are Amazon Web Services, Inc., Hewlett Packard Enterprise, IBM Corporation, Century Link, Inc., Microsoft Corporation, Oracle Corporation, SAP SE, and others.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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