Big Data as a Service Market to Witness Steady Growth Based on Rising Need For Data Storage, Handling, Processing & Analysis For Business Expansion Till 2025 | Million Insights
FELTON, Calif., Sept. 16, 2020 /PRNewswire/ -- The global big data as a service market size is anticipated to value USD 51.9 billion until 2025. It is also expected to register a CAGR of 38.7% over the forecasted years, 2019 to 2025. The increasing need for data storage, handling, processing and analysis for business expansion is expected to drive the market growth.
The large enterprise segment dominated the global market in 2018 due to their need for data handling data warehousing, a data hub and transformation. While the small & medium business segment is expected to register the highest CAGR from 2019 to 2025 owing to its features like ease of accessibility and requirement of low cost to set up data centers.
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The BFSI end-use segment accounted for the largest share across the global market in 2018 due to the increasing need for regulatory scrutiny. The manufacturing segment is expected to register the highest CAGR from 2019 to 2025 owing to benefits of BDaaS like mass customization, enhanced supply and quality planning & defect detection.
In 2018, North America dominated the global market with a 35.0% share on account of the increasing number of e-commerce portals and their usage across this region. On the other hand, the Asia Pacific is expected to witness the significant growth from 2019 to 2025 owing to surging usage of internet and smartphones that generates a large amount of data.
The Big data as a service (BDaaS) market includes key players such as Amazon.com, Inc., Microsoft Corporation, SAP SE, Google LLC, and Oracle Corporation. They are constantly implementing strategies like collaborations, mergers, partnerships and acquisitions to gain a competitive advantage over other players.
Further key findings from the report suggest:
Million Insights has segmented the global big data as a service market on the basis of deployment, solution, enterprise size, end use and region:
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