According to a research report "Big Data as a Service (BDaaS) Market by Component (Solutions and Services), Organization Size, Deployment Type, Industry Vertical (BFSI, IT and Telecom, Healthcare and Life Sciences, eCommerce and Retail, and Manufacturing), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Big Data as a Service (BDaaS) market size is expected to grow from USD 11.3 billion in 2019 to USD 42.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. Key factors driving the BDaaS market include the growing demand in industries to gain actionable insights from big data and enormous amount of data generated due to digitization and automation of enterprises across industries.
Browse 108 market data Tables and 32 Figures spread through 137 Pages and in-depth TOC on "Big Data as a Service (BDaaS) Market - Global Forecast to 2024"
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North America to account for a high market share during the forecast period
The adoption of BDaaS solutions is expected to be the highest in North America as compared to other regions. North America is considered to be the most advanced region in terms of technological adoption. This is due to the presence of various developed economies, including the US and Canada, and their focus on innovations obtained from Research and Development (R&D) and innovative technologies. Organizations and customers in the region have adopted cutting-edge technological solutions. Due to rapid technological developments, customers’ demands in this region are changing swiftly. This is because of the early adoption of advanced technologies, such as advanced analytics, cloud, big data, Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT). The high adoption rate of cloud and related services, and far-reaching cloud network across the region due to the presence of strong cloud service providers further fuels the growth of the market in the region. A direct presence of many major BDaaS vendors in North America, has further added to the high adoption of BDaaS solutions in North America.
Market Players
The global Big Data as a Service (BDaaS) Market comprises major solution providers, such as IBM (US), Oracle (US), Microsoft (US), Google (US), AWS (US), SAP (Germany), Teradata (US), SAS (US), Dell Technologies (US), HPE (US), CenturyLink (US), Splunk (US), Cloudera (US), Salesforce (US), Qubole (US), GoodData (US), Hitachi Vantara (US), IRI (US), 1010data (US), and Guavus (US). The study includes an in-depth competitive analysis of key players in the BDaaS market with their company profiles, recent developments, and key market strategies.
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Google (US) is among the leaders in the BDaaS market with a prominent geographic presence. The company has alliances with many leading companies and adopted various organic and inorganic growth strategies to maintain a strong foothold in the BDaaS market. For instance, in November 2019, Google partnered with Deloitte. Google Cloud and Deloitte collaborated to offer new solutions and services to help customers solve difficult problems encountered while leveraging the cloud. Google Cloud and Deloitte understand how big data works at scale and customer’s need for solutions to get the most out of their existing data.
Microsoft (US) has a strong foothold in the BDaaS market with its robust offerings. The company adopted various organic and inorganic growth strategies and continues to enhance its expertise in the market. For instance, in June 2019, Microsoft partnered with Oracle. The partnership would enable customers to migrate and run mission-critical enterprise workloads across Microsoft Azure and Oracle Cloud. The partnership would also empower enterprises to seamlessly connect Azure services, such as Analytics and Artificial Intelligence (AI), with Oracle Cloud services, including Autonomous Database.
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