Global Big Data as a Service Market to Witness 22.14% CAGR until 2027

NEW YORK - May 5, 2022 - PRLog -- The global big data as a service market size reached US$ 30.63 Billion in 2021. Looking forward, the market expects to reach US$ 103.31 Billion by 2027, exhibiting at a CAGR of 22.14% during 2022-2027.

Big data as a service, also known as BDaaS, refers to the software solutions used by organizations to process, manage and analyze large data sets and improve business operations while gaining a competitive advantage. It is generally operated by a team of data scientists and relies on the internet or cloud storage to provide uninterrupted data access. Over the years, BDaaS has gained immense traction across the globe as it aids in real-time monitoring for easy retrieval of data to improve workflows and operational efficiencies.

Competitive landscape

The competitive landscape of the market has also been examined, with some of the key players being Amazon Web Services Inc., Oracle Corporation, Google LLC, Hewlett-Packard Enterprise Company (HPE), SAP SE, Accenture Plc, International Business Machines (IBM) Corporation, SAS Institute, Inc., Dell Inc., Teradata Corporation, Alteryx, Inc., Opera Solutions, LLC, Wipro Group, Information Builders, and MicroStrategy Inc.

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Global Big Data as a Service Market Trends:

The market is primarily driven by the increasing adoption of data analytics solutions and the Internet of Things (IoT) across multiple industries. For instance, the banking, financial services, and insurance industry (BFSI) has been employing big data to boost organizational success and ensure risk management, performance and profitable growth with the help of data analytics and management.

Moreover, professionals are using BDaaS solutions in the healthcare sector to get patient data as and when required to facilitate immediate action and preventive measures during an emergency. Besides this, numerous organizations are utilizing BDaaS solutions as they assist in making data-driven decisions and forecasting event outcomes. It also helps organizations reduce their management, upfront data storage, and infrastructure costs. Furthermore, there has been an increasing emphasis on research and development (R&D) activities to introduce services with enhanced security and improved data quality.

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