The global big data as a service (BDaaS) market accounted for $11.3 billion in 2019 and is expected to reach $101 billion by 2028, growing at a CAGR of 27.4% from 2021 to 2028, according to Zion Market Research.
Big data as a service (BDaaS) is an information or statistical tool which through the analysis of extensive data provides insights to the organization in order for it to gain competitive advantage. This is provided by an outside provider to the organization. This helps the organization to ease up its resources as it handles unstructured data which is mostly generated on a regular basis. It often works upon a cloud storage service so that both the organization as well as the outside provider may have access to the information.
COVID-19 impact analysis
Covid-19 as it had impacted other industries, has had a fair share of effect on big data as a service (BDaaS) market as well. Since the pandemic induced lockdowns everywhere, many industries were shut or not operational for a significant period of time. Thus, the demand for big data as a service (BDaaS) went down globally.
The sectors which were opened up as essential services did not bring in the growth for the market which was required. Though, as the operations of industries were remote, its requirement for big data as a service (BDaaS) market was witnessed.
BDaaS market growth factors
As big data continues to expand in various organizations, big data as a service (BDaaS) market will witness a significant growth. Also, the need for structured data in various organizations is driving the growth of big data as a service (BDaaS) market. Due to the pandemic the need for the adoption of cloud services and elements related to it have also grown. Thus, facilitating the boost of big data as a service (BDaaS) market.
To obtain a competitive advantage, the organizations must understand and use insights that have been gained from the large information sets. All these advantages offered by the BDaaS are adding up to its surge in the demand across several sectors and are boosting the growth of the global market.
Presence of big players in the region support North American dominance
With the largest share, North America was a leading regional market for big data as a service (BDaaS) in 2020 followed by Asia Pacific. North America is expected to be the fastest growing region for the big data as a service (BDaaS) market. The presence of a large number of big data vendors in the region is expected to boost the market. The openness of the organizations to adopt new technologies such as advanced analytics, artificial intelligence, machine learning, internet of things, and cloud services acts as a catalyst for the growth.
The Asia pacific region is also expected to grow over a period of time. Countries such as India, Japan, China, among others are driving the growth of the market in the region. The growth of SMEs and the retail sector which have adopted big data as a service (BDaaS) will grow even more in the coming years.