- Massive growth of big data across the globe, growing demand for real-time data analytics, surge in adoption of predictive modeling tools, and government initiatives supporting big data infrastructures drive the growth of the global big data as a service market
PORTLAND, Oregon, March 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Big data as a service Market by Solution Type (Hadoop-as-a-Service, Data-as-a-Service, and Data Analytics-as-a-Service), Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size (Small & Medium Enterprises and Large Enterprises), and Industry Vertical (BFSI, Retail and E-Commerce, IT & Telecom, Healthcare, Government, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global big data as a service market accounted for $6.81 billion in 2019, and is expected to garner $61.42 billion by 2026, growing at a CAGR of 36.9% from 2019 to 2026.
Major motivators for market growth
Massive growth of big data across the globe, growing demand for real-time data analytics, surge in adoption of predictive modeling tools, and government initiatives supporting big data infrastructures drive the growth of the global big data as a service market. However, security and privacy threats and lack of big data IT skills hinder the market growth. On the contrary, huge investment in IT sectors by the business is expected to create lucrative opportunities in the near future.
Hadoop-as-a-Service segment to manifest the highest CAGR through 2026
By solution type, the Hadoop-as-a-service segment is anticipated to portray the fastest CAGR of 38.9% during the forecast period, owing to rise in demand for HaaS among SMEs, increase in cloud-based big data services along with flexibility and agility provided by these services. However, the Data Analytics-as-a-Service segment held the largest share in 2019, contributing to one-third of the market. This is due to increase in adoption of social media applications along with continuous rise in demand for advanced technologies to process high workload through the cloud.
The public cloud segment dominated the market in 2019, accounting for more than half of the market, as the initial investment required for the deployment is very less, and there are no responsibilities involved in managing the infrastructure. However, the hybrid cloud segment is projected to portray the fastest CAGR of 40.9% during the forecast period, due to its numerous benefits such as scalability, flexibility, cost-efficiency, and security.
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