Big data have a wide range of applications such as the analysis of conversations in social networking websites, fraud management in the financial services sector, and disease diagnosis in the healthcare sector. One of the important benefits of Big Data as a Service solution is that it enables the company to focus on the business side of Big Data.
Global big data as a service market is estimated to grow with approximately 15.28% CAGR during the year 2019-2027 and is expected to gain $36.25 million till the year 2027.
The growing requirement for efficient management of the business, the rising adoption of cloud technology, support of big data to switch from analog to digital systems, strict financial regulations and government compliances and the rise in the penetration of the Internet are major driving the market growth. Big data when coupled with Business Intelligence can provide real-time information that is supposed to help organizations to avoid process delays and to improvise the market response and decision making.
The hybrid cloud is quickly becoming a leading cloud solution, as it allows balance. It also offers benefits, such as cost efficiency, mobility, agility, and elasticity. Data security concerns, lack of realization regarding the potential of big data solutions and services and issues related to data integration are hindering the expansion of the big data as a service market.
Geographically, the global big data as a service market has been segmented based on four major regions, namely, North America, Asia Pacific, Europe and the remaining countries collectively forming the Rest of World regional segment.
North America big data market is expected to be on surging trend owing to government funding to support big data projects, rising application of big data in the financial sector. Moreover, growth in e-commerce industry is also expected to boost the growth of the big data market in North America during the forecast period.
Guavus Inc. (acquired by Thales), Information Builders Inc., Accenture, Amazon Web Service, Inc., MAPR Technologies, Oracle Corporation, Alteryx Ltd., Opera Solutions, Hewlett Packard Enterprise Company, Microsoft Corporation, Google LLC, Wipro Ltd., SAS Institute, International Business Machines Corporation, and SAP SE are the major companies operating in the global market which have been thoroughly profiled in the report. These companies are found to use a variety of organic and inorganic strategies for their growth.