Big Data As A Service Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Big Data As A Service Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Big Data as a Service Market size is expected to grow from USD 25.44 billion in 2023 to USD 86.76 billion by 2028, at a CAGR of 27.81% during the forecast period (2023-2028).

Key Highlights

• Advancements in technology have led to the rise of service-based solutions, which have given birth to Software as a Service (SaaS), Platform as a Service (PaaS), and Data as a Service (DaaS). Big data vendors have identified these as potential growth opportunities due to the benefits these services offer. As businesses increasingly adopt data-driven marketing strategies, mobile and hybrid working environments, and worldwide supply networks, cloud computing is becoming more ubiquitous.
• Cloud computing continues to evolve, providing businesses of all sizes and industries with new ways to purchase, utilize, and benefit from their cloud investments. With the support of governments, open data technology is gaining traction, and cities like Buenos Aires in Argentina, La Libertad in Peru, and Sao Paolo in Brazil are welcoming initiatives such as government transparency.
• Organizations such as Abrelatam, the Inter-American Development Bank (IADB), and Latin America Open Data Initiative (ODI) are working together to scale open data initiatives across Latin America, helping to reduce corruption, increase the resilience of cities, decrease violence against women, and improve the delivery of healthcare services.

Big Data as a Service Market Trends

Growing Adoption of Private Cloud is Driving the Market

• Private cloud services are specifically designed to cater to an organization's needs and are generally accessed through a private network or corporate WAN rather than an open Internet source. These services allow organizations to establish their IT architectures by specifying their requirements for security and service-level agreements and enable seamless integration between cloud-hosted applications and in-house applications.
• In a private cloud, both infrastructure and services are maintained on a private network, and software and hardware are exclusively dedicated to the client organization. This ensures that data is not misplaced or lost and provides the flexibility to modify resource configuration in response to demand.
• Because a private cloud environment is accessed using private and protected network lines rather than the public internet, cloud access is more secure. Furthermore, private clouds offer a set pricing model, as opposed to a pay-as-you-go method, enabling organizations to plan expansion and budget more efficiently in the long run.
• These advantages are particularly appealing to enterprises that can predict their workloads, require specialized customization, operate in regulated sectors, and must comply with governance and security standards. Since the dedicated infrastructure provides complete control over data and applications, industries such as finance and government are more likely to adopt a private cloud solution.

United States Occupied the Largest Share In the Market

• The United States is poised to dominate the regional and global big data as a service market over the forecast period. This is largely because most major vendors in the market are based in the United States, and the adoption of big data services is widespread in regional sectors such as discrete manufacturing, banking, process manufacturing, professional services, and federal/central government.
• Although big data has recently gained attention in the US, it is still not fully understood by many businesses across different sectors. However, there is a growing trend in adopting big data services to enhance internal efficiency. In fact, 43% of companies in a recent survey identified internal process efficiency as the primary driving force behind their digital transformation.
• One notable example of a US-based company that has found significant value in big data is Intel, a multinational corporation. The company uses big data to speed up chip development, identify manufacturing glitches, and warn about security threats. By adopting big data, Intel has enabled predictive analysis and saved approximately USD 30 million on its quality assurance spend, while still improving quality.
• The manufacturing sector is also expected to grow faster than the general economy. According to the Manufacturers Alliance for Productivity and Innovation (MAPI), production is projected to increase by around 3.5% until 2022. Additionally, the rising adoption of SaaS among local SMEs is anticipated to expand the studied market scope over the forecast period.

Big Data as a Service Industry Overview

Big data services have the potential to disrupt competition by providing new opportunities for differentiation and value-added services. However, the availability of open-source tools has led to a significant expansion of capabilities in Big Data analytics technology, making it challenging for companies to keep up with rivals without giving away too much product performance. This environment can escalate costs and erode industry profitability. To stay competitive, major Big Data solution providers are acquiring or investing in startups and new technologies that support their overall product offerings. The market is also witnessing multiple partnerships and mergers as technological advancements bring sustainable competitive advantages to companies.

In November 2022, Wipro Ltd. launched the Wipro Data Intelligence Suite, a one-stop shop for accelerating cloud modernization and data monetization. The suite is designed to upgrade data estates, including data stores, pipelines, and visualizations, that run on Amazon Web Services (AWS).

In August 2022, Cloudera, a hybrid data startup, announced the release of Cloudera Data Platform (CDP) One. CDP One is a software-as-a-service (SaaS) product that provides quick and simple self-service analytics and exploratory data science on any type of data.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support