Big Data-as-a-service Size Worth $73.9 billion By 2030: IndustryARC

Global Big Data-as-a-service Market size is predicted to reach $73.9 billion by 2030, growing at a CAGR of 19.1 % during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growing Embrace of Data-Driven Decision-Making and Increasing Importance of Flexibility and Scalability in Business Operations propel the market growth, finds IndustryARC in its recent report, titled “Big Data-as-a-service market – By Component (Hardware, Software, Services), By Type (Open Source, Commercial), By Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Applications (Natural Language Processing, Machine Learning, Computer Vision, Robotic Process Automation (RPA), and Others), By Industry Vertical (IT & Telecom, BFSI, Retail and E-commerce, Healthcare & Life Sciences, Energy and Utility, Manufacturing, Government, and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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Asia-Pacific to Register Highest Growth:

The Asia Pacific region is anticipated to witness the highest compound annual growth rate (CAGR) during the forecast period. This growth is expected to be driven by key markets such as China, India, Japan, South Korea, and others. The surge in market expansion is attributed to the increasing adoption of big data services by retailers and emerging SMEs utilizing public cloud solutions. Furthermore, domestic companies providing Big Data-as-a-Service (BDaaS) are actively pursuing mergers, acquisitions, and partnerships to initiate various big data projects. For example, SMEs in India and Bangladesh have recently partnered with National Research Systems (NRS) to launch the Big Data2 CSA project in Southeast Asia.

Big Data-as-a-service 2024-2030: Scope of the Report

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Big Data-as-a-service Report – Key Takeaways:

• The solutions segment held the largest share in the Big Data-as-a-service

In 2023, solutions led the Big Data-as-a-Service (BDaaS) market with a commanding 69.1% share. This dominance is largely driven by the increasing demand for data insights to support business decision-making. Companies are increasingly relying on professional analytics services to manage the growing complexity and volume of data. Additionally, the scalability and cost-effectiveness of BDaaS solutions make them attractive to businesses looking to optimize resource allocation. Regulatory compliance also fuels the adoption of secure and reliable data analytics solutions. The growth of artificial intelligence and machine learning technologies further boosts BDaaS acceptance across various industries. Meanwhile, the High-Definition-as-a-Service (HDaaS) and Data-as-a-Service (DaaS) segments are gaining traction due to the rising importance of real-time data analytics. According to Infomineo 2023, big data users see an average revenue increase of 8%, with significant benefits including flexibility in data processing and storage that help companies reduce costs.

• BFSI segment held the largest share in the Big Data-as-a-service

In 2023, the BFSI sector led the BDaaS market with a 22.4% share and is expected to drive future growth. This is due to heightened regulatory scrutiny, improved client satisfaction, and features such as fraud detection and risk management. The BFSI sector’s reliance on BDaaS is growing as it addresses critical issues like fraud, a major concern in banking. The demand for BDaaS solutions is rising as these services help manage fraud, enhance customer trust, improve reputation, and increase revenue. The expansion of BDaaS in the BFSI industry is a direct result of these factors.

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Key Opportunity Analysis:

Growing Demand for Real-Time Data Analytics

The need for real-time data analytics is escalating across various industries, including finance, healthcare, retail, and manufacturing. BDaaS providers have the opportunity to cater to this demand by offering solutions that deliver real-time insights and enable faster decision-making. The ability to process and analyze data in real-time can significantly benefit businesses in areas such as customer experience management, fraud detection, and operational efficiency.

Enhanced Data Security and Compliance

With increasing concerns about data privacy and regulatory compliance (e.g., GDPR, CCPA), there is a growing opportunity for BDaaS providers to offer advanced security features and compliance tools. Solutions that ensure data protection, secure data storage, and meet regulatory requirements can attract businesses looking to mitigate risks and adhere to legal standards, thereby expanding their customer base.

Customized Industry Solutions

There is an opportunity for BDaaS providers to develop specialized solutions tailored to specific industries or verticals, such as healthcare, finance, retail, or logistics. By offering industry-specific analytics and data management tools, providers can address unique challenges and requirements, delivering more value to clients and differentiating themselves in a competitive market. Customization can also help in building strong client relationships and driving long-term growth.

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The report also covers the following areas:

• Big Data-as-a-service Size and Forecast
• Big Data-as-a-service Trends
• Big Data-as-a-service Analysis by Product Type

Big Data-as-a-service 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Big Data-as-a-service size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Big Data-as-a-service

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly accelerated the adoption of Big Data-as-a-Service (BDaaS) by catalyzing digital transformation and increasing reliance on data-driven decision-making. As businesses transitioned to remote work and online operations, the volume of data generated surged, driving demand for BDaaS solutions to manage and analyze this data. The pandemic highlighted the importance of advanced analytics for navigating uncertainties, optimizing operations, and enhancing supply chain resilience.
• The Ukrainian crisis, on the other hand, has introduced geopolitical instability that has impacted global trade and economic conditions. This instability has heightened concerns over data security and privacy, leading to increased demand for secure BDaaS solutions. Additionally, the crisis has disrupted supply chains and markets, intensifying the need for real-time analytics to manage risks and adjust strategies swiftly in response to the evolving situation.

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List of Key Market Players in the Big Data-as-a-service:

The Global Big Data-as-a-service is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Microsoft
• SAP
• Oracle
• IBM
• Google Incorporation
• SAP SE
• Hewlett-Packard
• AWS Inc
• Teradata Corporation
• Cloudera Inc.

Related Reports:

Big Data Consulting market – size is forecast to reach USD 36,751.2 million by 2030, after growing at a CAGR of 13.9% during the forecast period 2024-2030.

Big Data Enterprise Market – growth is mainly attributed to the adoption of advanced technologies such as IoT, data silos, relational database management solutions and edge computing in enterprises which has been pushing the big data enterprise industry.

About IndustryARC:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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Mr. Venkat Reddy

IndustryARC

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