The global Big Data as a Service (BDaaS) Market size is expected to grow from USD 11.3 billion in 2019 to USD 42.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. Factors driving the market growth include the growing demand in industries to gain actionable insights from big data and growth in data due to digitization and automation of business processes.
Large enterprises segment to hold a larger market size during the forecast period
The adoption of BDaaS solutions is high among large enterprises, as they spend a significant amount to make themselves technologically proficient. Large enterprises have distributed data scattered over various departments. In order to gain valuable insights out of this clustered data, large enterprises are deploying on-demand services to leverage the benefits of cloud-based analysis of big data. They are making significant use of cloud-based analytics to combine their external and internal information and to extract valuable insights out of it. Big data analytics provide enterprises with faster access to their data. Large enterprises also spend a significant amount on training workshops and education to enable their employees to effectively leverage the benefits of BDaaS solutions.
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eCommerce and retail segment to grow at the highest CAGR during the forecast period
The data volume of the eCommerce and retail industry has increased significantly in the recent years. Through various omni-channels, vast unstructured data, and social communication, the industry has realized the need to recognize the benefits of big data. BDaaS technologies offer centralized processing of a large chunk of this data. Hence, companies with a strong global presence can access the data of their centralized located offices from anywhere at any time. This industry uses advanced analytical solutions to enhance its customer experience by analyzing the data stored in the form of customer feedbacks. A high social media presence of these companies to increase their market presence increases the amount of big data. eCommerce and retail organizations utilize the benefits of cloud-based storage to store a huge amount of unstructured data due to its cost-effectiveness and deployment capabilities to gain actionable insights.
The major BDaaS solution providers include IBM (US), Oracle (US), Microsoft (US), Google (US), AWS (US), SAP (Germany), Teradata (US), SAS (US), Dell Technologies (US), HPE (US), CenturyLink (US), Splunk (US), Cloudera (US), Salesforce (US), Qubole (US), GoodData (US), Hitachi Vantara (US), IRI (US), 1010data (US), and Guavus (US). The study includes an in-depth competitive analysis of key players in the BDaaS market with their company profiles, recent developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most dominating strategies adopted by the major players in the last three years, which helped them strengthen their offerings and broaden their customer base.
Google (US) is among the leaders in the BDaaS market with a prominent geographic presence. The company has alliances with many leading companies and adopted various organic and inorganic growth strategies to maintain a strong foothold in the BDaaS market. For instance, in November 2019, Google partnered with Deloitte. Google Cloud and Deloitte collaborated to offer new solutions and services to help customers solve difficult problems encountered while leveraging the cloud. Google Cloud and Deloitte understand how big data works at scale and customer’s need for solutions to get the most out of their existing data.
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Microsoft (US) has a strong foothold in the BDaaS market with its robust offerings. The company adopted various organic and inorganic growth strategies and continues to enhance its expertise in the market. For instance, in June 2019, Microsoft partnered with Oracle. The partnership would enable customers to migrate and run mission-critical enterprise workloads across Microsoft Azure and Oracle Cloud. The partnership would also empower enterprises to seamlessly connect Azure services, such as Analytics and Artificial Intelligence (AI), with Oracle Cloud services, including Autonomous Database.
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