Number of startups & well established companies in Asia-Pacific region are opting for big data as a service to bring diversification, fuels the market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, March 16, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Big Data as a Service Market Size Reach USD 61.42 Billion by 2026, Key Factors behind Market’s Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global big data as a service market was valued at USD 4.99 billion in 2018, and is projected to reach USD 61.42 billion by 2026, registering a CAGR of 36.9% from 2019 to 2026.

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Massive growth of big data across the globe, growing demand for real-time data analytics, surge in adoption of predictive modeling tools, and government initiatives supporting big data infrastructures drive the growth of the global big data as a service market. Huge investment in IT sectors by the business is expected to create lucrative opportunities in the near future.

The global Big Data as a Service (BDaaS) market is segmented on the basis of solution type, deployment model, organization size, industry vertical, and region. Based on solution type, the market is bifurcated into Hadoop-as-a-Service (HaaS), Data-as-a-Service (DaaS), and Data Analytics-as-a-Service (DAaaS). Based on deployment model, the market is divided into public cloud, private cloud, and hybrid cloud. Based on organization size, the market is classified into small and medium-sized enterprise, and large enterprise. Depending on industry vertical, the market is segmented into BFSI, retail and e-commerce, IT & telecom, healthcare, government, manufacturing, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The public cloud segment dominated the market in 2019, accounting for more than half of the market, as the initial investment required for the deployment is very less, and there are no responsibilities involved in managing the infrastructure. However, the hybrid cloud segment is projected to portray the fastest CAGR of 40.9% during the forecast period, due to its numerous benefits such as scalability, flexibility, cost-efficiency, and security.

By solution type, the Hadoop-as-a-service segment is anticipated to portray the fastest CAGR of 38.9% during the forecast period, owing to rise in demand for HaaS among SMEs, increase in cloud-based big data services along with flexibility and agility provided by these services. However, the Data Analytics-as-a-Service segment held the largest share in 2019, contributing to one-third of the market. This is due to increase in adoption of social media applications along with continuous rise in demand for advanced technologies to process high workload through the cloud.

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The market across North America held the largest revenue in 2019, contributing to more than two-fifths of the market, due to presence of developed economies in the region. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 42.1% during the forecast period. This is owing to rise in number of smartphones as well as internet users and increased number of startups and well-established companies in the Asia-Pacific region.

Some of the key Big data as a service industry players profiled in the report include Amazon Web Services, Inc., Hewlett Packard Enterprise (HP), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata Corporation, Google, Inc., and Accenture.

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Key Findings of the Study:

● Based on solution type, the data analytics-as-a-service segment dominated the global big data as a service market in 2018 and is expected to generate highest revenue during the forecast period. However, the Hadoop-as-a-service segment is expected to witness highest growth rate in the upcoming years.
● Based on deployment model, the public cloud segment dominated the market in 2018 and is expected to generate highest revenue during the forecast period. However, the hybrid cloud segment is expected to witness highest growth rate in the upcoming years.
● On the basis of organization size, the large enterprises dominated the global big data as a service market in 2018 and it is expected to remain dominant throughout the forecast period.
● In terms of industry vertical, the BFSI segment dominated the global big data as a service market in 2018 and is expected to generate highest revenue during the forecast period.

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