Big Data As A Service Market To Reach $112.07 Billion By 2030

December 2024 | Report Format: Electronic (PDF)

Big Data As A Service Market Growth & Trends

The global big data as a service market size is estimated to reach USD 112.07 billion by 2030, expanding at a CAGR of 19.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The combination of big data analytics technologies and cloud computing platforms has led to the development of Big Data as a Service or BDaaS. BDaaS offers analyses of large and complex datasets over the Internet or as cloud-hosted services. The increasing requirement of structured data for analyses, which helps organizations achieve targets, coupled with the growing number of social media platforms and users accessing accessible multimedia content on the Internet, such as videos, audio, and text, are anticipated to drive the market growth over the forecast period.

Data-Driven Decision Making (DDDM) helps in addressing the problem of unstructured data analysis and enables organizations to make more informed decisions with transparency and accountability. It also offers increased capacity to scale changes and flexibility in modeling change scenarios, among others. For instance, Google has created a People Analytics Department that supports the organization in making decisions with fact-based data. In this department, Google has created a group called Information Lab, which includes social scientists who conduct innovative research that has changed the organizational practice within the company.

The growing adoption of social media analytics in BDaaS to monitor consumer preferences and offer personalization insights is anticipated to propel market growth over the forecast period. Moreover, the increasing importance of sentiment analysis has also encouraged enterprises to integrate social media into their business processes. This has resulted in a large amount of data being stored by organizations, which in turn, is expected to propel market growth over the forecast period.

Key market players are focusing on mergers & acquisitions to enhance their regional presence and target new customers across the globe. However, increasing privacy concerns coupled with the rapidly rising purchase costs and costs for installation, deployment, and maintenance may hamper the market over the forecast period.

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Big Data As A Service Market Report Highlights

The global market is anticipated to witness substantial growth owing to the increasing requirement of structured data for analysis and long-term data retention over the forecast period
The hybrid cloud segment is expected to register the fastest CAGR over the forecast period owing to benefits it provides in terms of cost efficiency, scalability, flexibility, and security
Hadoop-as-a-Service emerged as the dominant segment in 2023 owing to the large number of companies frequently accessing virtual storage and analysis of data on the cloud across the globe
North America captured a significant share in the global BDaaS market owing to the increasing government funding to support big data projects in the U.S. and high penetration of e-commerce in the region
The APAC market is estimated to showcase significant growth over the forecast period owing to the high rate of penetration of smartphones and internet users in Brazil and Mexico
Key market players operating in the Big Data as a Service market, including Amazon Inc., Accenture, and Kyndryl Inc., are focused on expanding their market presence and targeting new customers through mergers and acquisitions.