The global Big Data as a Service market is expected to grow to $61.42 billion by 2026, driven by real-time analytics and predictive modeling tools.
Growth of big data across the globe, surge in demand for real-time data analytics, rise in adoption of predictive modeling tools, and government initiatives for big data infrastructures fuel the growth of the global big data as a service market. The market across North America region has dominated in 2019 and is expected to lead the trail throughout the forecast period.
According to the report published by Allied Market Research, the global big data as a service market was pegged at $6.81 billion in 2019, and is expected to hit $61.42 billion by 2026, manifesting a CAGR of 36.9% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Growth of big data across the globe, surge in demand for real-time data analytics, rise in adoption of predictive modeling tools, and government initiatives for big data infrastructures fuel the growth of the global big data as a service market. On the other hand, security and privacy threats and dearth of big data IT skills restrain the market growth. Moreover, huge investment in IT sectors is expected to pave the way for numerous opportunities in the near future.
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The market is segmented on the basis of deployment model, solution type, organization size, industry vertical, and region. Based on solution type, the data analytics-as-a-service segment dominated the market with the largest share in 2019, contributing to one-third of the total market. At the same time, the hadoop-as-a-service segment is projected to manifest the fastest CAGR of 38.9% during the forecast period.
Based on deployment model, the public cloud segment held the lion’s share in 2019, with more than half of the market. The segment is expected to lead the trail throughout the forecast period. However, the hybrid cloud segment is anticipated to grow at the fastest CAGR of 40.9% during the forecast period.
Based on region, the market is studied across regions including Asia-Pacific, Europe, North America, and LAMEA. The market across North America held the highest market share in 2019, with more than two-fifths of the market. On the other hand, the market across Asia-Pacific is projected to showcase the highest CAGR of 42.1% during the forecast period.
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The key market players profiled in the report include Amazon Web Services, Inc., Hewlett Packard Enterprise (HP), IBM Corporation, Google, Inc., Accenture, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., and Teradata Corporation.
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The article discusses the growth of the global Big Data as a Service market, projected to reach $61.42 billion by 2026.
Growth is driven by real-time data analytics, predictive modeling tools, and government initiatives for big data infrastructure.
North America dominated the Big Data as a Service market in 2019.
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