Market Research Report
Big Data as a Service Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||646739|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Big Data as a Service Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 100 Pages||
In 2018, the Big Data as a Service (BDaaS) market was valued at USD 8.90 billion, and is expected to reach a value of USD 31.75 billion by 2024, at a CAGR of 24.51%, over the forecast period. The evolution of technological tools has enabled solutions to be delivered as a service. Owing to this, Software as a Service (SaaS), Platform as a Service (PaaS), and Data as a Service (DaaS) have emerged as potential growth opportunities for Big Data vendors.
Owing to the benefits the technology offers, cloud computing is witnessing a rapid increase in its adoption. According to Forbes, cloud computing demand is anticipated to increase to USD 160 billion by 2020, attaining a growth rate of 19%.
Further, governments are supporting open data technology. For instance, Buenos Aires in Argentina, La Libertad in Peru, and Sao Paolo in Brazil have committed to government transparency and have welcomed new forms of social participation. Groups, such as ABRELATAM, the Inter-American Development Bank, and Latin America Open Data Initiative are working across Latin America to scale open data initiatives that reduce corruption, increase the resilience of cities, reduce violence against women, and improve health service delivery.
Big data as a service (BDaaS) is the delivery of statistical analysis tools or information by an outside provider that helps organizations understand and use insights gained from large information sets in order to gain a competitive advantage.
Private Cloud has Significant Share In the Market
Private cloud services are explicitly designed for the organization's needs. They are usually offered via a private network or corporate WAN, rather than an open Internet source.
Private cloud services allow organizations to set up IT architectures (e.g., by specifying their requirements for security and service-level agreements), and also allow applications hosted in the cloud to integrate with applications that are kept in-house.
In a private cloud, both infrastructure and services are always maintained on a private network, and software and hardware are dedicated solely to the client organization. They ensure that no data is misplaced or lost, and also provide the flexibility of control to modify resource configuration according to demand.
The United States Occupied the Largest Share In the Market
United States is expected to dominate the regional and global big data as a service market over the forecast period, as most of the major vendors in the market are US based and also the adoption of big data services are very high in the regional discrete manufacturing, banking, process manufacturing, professional services, and federal/central government sectors.
According to the Digital Change Survey done by IFS in 2017 to assess the maturity of digital transformation in a range of sectors such as manufacturing, oil and gas, aviation, construction and contracting, 46% of the companies in all industries are looking to invest in the big data and analytics in the country.
Adoption of big data services for enhancing internal efficiency is trending in the country. 43% of companies in the above survey also identified internal process efficiency as the primary driving force behind the digital transformation.
American multinational corporation, Intel is finding significant value in big data. The company uses big data to develop chips faster, identify manufacturing glitches and warn about security threats. By adopting Big Data, the company has been able to enable predictive analysis and save around USD 30 million on its Quality Assurance spend while still improving quality.
The manufacturing sector is also forecast to increase faster than the general economy. According to the MAPI (Manufacturers Alliance for Productivity and Innovation) foundation, production will grow by 2.8% from 2018 to 2021. Further, the rising adoption of SaaS among local SMEs is expected to expand the studied market scope over the forecast period.
Big Data services have the potential to shift rivalry, opening up numerous new avenues for differentiation and value-added services. The huge expansion of capabilities in the Big Data analytics technology (owing to the availability of open-source tools) may also push the companies to keep up with rivals and give away too much of the improved product performance, an environment that escalates costs and erodes industry profitability. The major Big Data solution providers are acquiring or investing in new startups and technologies that support their overall product offerings.
Some key players in the Big Data as a Service Market are IBM, Google, Oracle. Some key developments in the Big Data as a Service Market are IBM announced the decision to acquire Red Hat, Inc. for USD 34 billion. By this acquisition IBM is set to become 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. In line with these developments in the mid-October, IBM unveiled the world's first multi-cloud management technology to make it easier to manage, move and integrate apps across different cloud computing infrastructures with increased visibility of business processes, governance and security October 2018.
Oracle Corporation signed an agreement to acquire DataScience.com, whose platform centralizes data science tools, projects, and infrastructure in a fully-governed workspace. Oracle embeds AI and machine learning capabilities across its software as a service (SaaS) and platform as a service (PaaS) solutions, including big data, analytics, and security operations, to enable digital transformations May 2018.
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