Big Data as a Service Market by 2028 Worth USD 93.52 Billion, 28.2% CAGR
As per the report by Fortune Business Insights, the global Big Data as a Service Market Size is projected to reach USD 93.2 Billion in 2028, at a CAGR of 28.2% during the forecast period, 2021-2028
Pune, India , Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global Big Data as a Service Market size is expected to showcase significant growth by reaching USD 93.52 Billion by 2028. This is attributable to the rapid adoption of big data as a service by social media platforms, coupled with the growing e-commerce industry worldwide. According to a recent report by Fortune Business Insights, titled, “Big Data as a Service (BDaaS) Market, Forecast, 2022-2028”, the market stood at USD 12.72 billion in 2020 and is projected to exhibit an astounding CAGR of 28.2% between 2021 to 2028.
Industry Developments:
IBM Corporation launched the first advanced analytics solution for the social media platform – Twitter. This solution will help create and manage an estimated 500 billion tweets daily and data of 280 billion for monthly active users per day.
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Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 28.2% |
2028 Value Projection | USD 93.52 Billion |
Base Year | 2020 |
Big Data as a Service Market Size in 2020 | USD 12.72 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 160 |
DRIVING FACTORS
Rapid Utilization of BDaaS on Social Media Platforms to Promote Growth
The increasing penetration of digitalization and automation into various businesses is the key factor driving the global big data as a service (BDaaS) market growth. In addition to this, the 5G infrastructure deployment and the growing demand for BDaaS from social media platforms such as Snapchat, YouTube, LinkedIn, Instagram, Twitter, Facebook, and others are likely to aid in the expansion of the market. For instance, the Data Never Sleeps 5.0 by Domo Inc. report states that around 456,000 tweets are shared on Twitter, 527,700 photos are shared on Snapchat, 4,146,600
YouTube videos are viewed, 46,740 photos posted on Instagram, and 100-120 experts join LinkedIn every minute of the day. Thus, social media platforms play a significant role in adding impetus to the global market.
On the contrary, the high risk of security breaches may pose a significant challenge to the market. Moreover, the lack of skilled technicians for big data as a service propelled only 15% of businesses to adopt this service. The rest are still relying on pilot projects, thereby hampering the market growth.
Nevertheless, the adoption of BDaaS with cloud-based analytics for use in the applications such as data or text mining, semantic analysis, machine learning, and others would help create better product performance and market-related insights. This, in turn, is likely to aid in the expansion of the market in the forthcoming years.
REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Investment in BDaaS by Manufacturing Units to Aid Growth
Geographically, North America stood at USD 6.33 billion in 2020. Further, it is expected to hold the largest share in the global big data as a service market in terms of revenue during the forecast period. This is attributed to the substantial investment by significant players such as Intel Corporation for producing chips at a faster rate, thereby expanding their existing storage system and identifying cyber vulnerabilities and manufacturing defaults. With the adoption of big data as a service, Intel Corporation secured an estimated USD 30 billion in its overall production quality in 2018.
Asia Pacific will register the highest CAGR during the forecast period due to the significant support from India, Japan, South Korea, China, and others. The booming e-commerce businesses, along with the adoption of big data as a service by small and medium enterprises in these countries, is expected to favor regional growth.
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COMPETITIVE LANDSCAPE
Players Focus on Joint Ventures to Strengthen Their Market Positions
The major companies operating in the global market are adopting strategies such as merger and acquisition, joint venture, partnership, and contract and agreement to stay ahead in the competition. Among all the players, IBM Corporation is holding a significant big data as a service market share.
SEGMENTATION
Hadoop-as-a-service Segment Held 31.6% Market Share in 2020
Based on the solution, the Hadoop-as-a-service segment held a market share of about 31.6% in 2020. The segment is expected to showcase exponential growth by registering the highest CAGR in the forthcoming years. This is attributable to the increasing adoption of Hadoop-as-a-service solutions across several small and medium enterprises (SMEs) globally.
List of Key Players Mentioned in the Report:
Wipro Limited (India)
ZeroStack, Inc. (US)
Accenture Plc. (Ireland)
SAP SE (Germany)
Oracle Corporation (US)
Microsoft Corporation (US)
CenturyLink, Inc. (US)
IBM Corporation (US)
Hewlett Packard Enterprise (HP) (US)
Amazon Web Services, Inc. (US)
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Major Points of Table:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Force Analysis
Global Market Share Analysis and Matrix, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled
Overview
Key Management
Headquarters etc.
Offerings/Business Segments
Key Details
Employee Size
Key Financials
Past and Current Revenue
Gross Margin
Geographical Share
Business Segment Share
Recent Developments
Primary Interview Responses
Annexure / Appendix
Global Big Data as a Service (BDaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Solution (Value)
Hadoop-as-a-Service
Data-as-a-Service
Data Analytics-as-a-Service
By Deployment Model (Value)
Public Cloud
Private Cloud
Hybrid Cloud
By Industry (Value)
BFSI
Retail and E-Commerce
IT & Telecom
Healthcare
Government
Manufacturing
Others (Media & Entertainment, Education, etc.,)
By Region (Value)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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