Big Data as a Service (BDaaS) Market to Reach $93.52 Bn by 2028, to Stimulate Growth

The global big data as a service (BDaaS) market size is expected to reach USD 93.52 Billion by 2028. This is attributable to the increasing adoption of 5G infrastructure and cloud-based analytics for complex processes such as multivariate statistics, cluster analysis, and machine learning that will propel the demand for advanced BDaaS systems worldwide. This information is published by Fortune Business Insights in its latest report, titled, “Big Data as a Service (BDaaS) Market Size, Share & COVID-19 Impact Analysis, By Solution (Hadoop-as-a-Service, Data-as-a-Service and Data Analytics-as-a-Service), By Deployment Model (Public Cloud, Private Cloud and Hybrid Cloud), By Industry (BFSI, Retail and E-Commerce, IT & Telecom, Healthcare, Government, Manufacturing and Others) and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 12.72 billion in 2020 and is likely to exhibit an astounding CAGR of 28.2% between 2021 and 2028.

Collaboration between Blue Data and Hewlett Packard to Merge Artificial Intelligence and Big Data Analytics

With the continuously increasing data expansion, companies are eagerly investing heavily in software, hardware, and services to gain more revenue. The American multinational enterprise for information technology called Hewlett Packard Enterprise signed a contract in collaboration with BlueData in January 2019. This collaboration aims to transform big data analytics and artificial intelligence and attracts significant revenue for both companies. There is an increasing demand for cost-efficient solutions that can be efficiently utilized for machine learning and artificial intelligence for big data analytics as most businesses can afford data literacy and AI skills.

Milan Shetti, General Manager, Hewlett Packard Enterprise (HPE), states, “We are aiming to offer a data-first strategy to our consumers for accessing and extracting information from data, irrespective of location, i.e., cloud, premises, or hybrid architecture. With combined talents of both the companies, we aim to offer fast, easy, and unified consumer experience in the field of big data analytics and AI.” Such initiatives taken by the companies are likely to augment the growth of the global market for BDaaS in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/big-data-as-a-service-bdaas-market-104738

Increasing Adoption of 5G Infrastructure to Bolster Growth

The advent of the internet for various commercial and industrial purposes is a significant factor propelling the big data as a service market growth. In addition to this, the increasing adoption of the 5G network infrastructure and the rapid adoption of big data as a service (BDaaS) by small and medium enterprises is expected to favor the market growth during the forecast period.  The adoption of cloud-based advanced analytics for applications such as machine learning, data or text mining, semantic analysis, and others will aid in expanding the market in the forthcoming years.

On the contrary, factors such as high-security breaches and operation issues may hinder the market growth. This, coupled with the lack of skilled technicians for designing, developing, and operating advanced BDaaS, may cause hindrance to the growth of the market during the forecast period.

Nevertheless, the increasing adoption of BDaaS by social media platforms and the growing popularity of e-commerce platforms are likely to create lucrative opportunities.

Hewlett Packard Enterprise (HPE) & IBM Corporation Engage in Partnerships to Amplify Their Market Positions

Most of the global market players for big data as a service (BDaaS) are engaging in offering various services such as global technology services, financing, business, cloud and servers, and others to stand ahead of the market competition. Companies such as IBM Corporation and Hewlett Packard Enterprise (HPE) hold a prominent market share. These companies are actively focusing on partnering with other companies to expand their product portfolio. Other key players engage in contract signing, merger and acquisition, joint venture, and other strategies to gain a competitive edge in the market.

Key Industry Developments:

• November 2019 - Google Cloud and Deloitte Touché Tohmatsu Limited entered into a joint venture to offer advanced cloud services and solutions to create better growth opportunities for various applications in big data as a service platform.

List of Prominent Players in the Global Market:

• Hewlett Packard Enterprise (HP) (US)
• Amazon Web Services, Inc. (US)
• CenturyLink, Inc. (US)
• IBM Corporation (US)
• Oracle Corporation (US)
• Microsoft Corporation (US)
• Accenture Plc. (Ireland)
• SAP SE (Germany)
• Wipro Limited (India)
• ZeroStack, Inc. (US)
• Other Players

Further Report Findings:

• North America stood at USD 6.33 billion in 2020 and is anticipated to remain dominant in the global market for BDaaS. This is attributable to the growing investment by significant players to develop advanced BDaaS solutions to adopt in their manufacturing and business units.
• Based on the solution, the Hadoop-as-a-service segment is expected to showcase exponential growth in the forthcoming years due to the increasing demand from the retail, government, and manufacturing sectors. In 2020, the segment held 31.6% big data as a service market share in terms of revenue.

Table of Segmentation: