Big Data as a Service (BDaaS) Market is expected to reach US$ 124.02 billion by 2028

The big data as a service (BDaaS) market size expected to reach US$ 124.02 billion by 2028; registering at a CAGR of 31.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Increasing Adoption of Big Data Analytics in Supply Chain Management Catalyzes Big Data as a Service (BDaaS) Market Growth

Source: The Insight Partners Analysis

Several firms, such as IT firms, can access, store, and process huge amounts of data due to technological advancements. Organizations analyze data sets and generate significant insights to apply to their operations using big data. Due to the broad adoption of digital technology, big data analytics (BDA) has emerged as a vital business competency for firms seeking to extract value from an ever-increasing volume of data to achieve a competitive advantage in the big data as a service (BDaaS) market. The use of BDA in logistics and supply chain management (LSCM) has improved the overall business performance. LSCM experienced significant challenges, such as delayed shipments, rising fuel costs, inconsistent suppliers, and ever-increasing customer expectations, resulting in inefficiency and wastage in supply chains. Thus, the increasing adoption of BDA in supply chain management are driving the big data as a service (BDaaS) market growth.

The adoption of big data by several companies to deliver enhanced and faster decision-making solutions and provide a competitive advantage by analyzing and timely acting on the information is driving the big data as a service (BDaaS) market. Further, the big data as a service (BDaaS) market growth is attributed to a surge in demand for cloud-based big data solutions among small and medium businesses. However, the big data as a service (BDaaS) market growth is hampered by high implementation costs and a lack of skilled labor. The rising demand for better insights into corporate planning and emerging trends, including social media analytics, are expected to provide significant prospects for the big data as a service (BDaaS) market players during the forecast period. These factors are expected to influence the growth of the big data as a service (BDaaS) market.

The rising number of digital solutions has increased the volume of data across several industries, such as education, BFSI, retail, agriculture, healthcare, IT, and telecommunications. For example, artificial intelligence (AI) has revolutionized precision farming, risk management, and pest control in the agricultural sector. BDA is used in the agriculture industry to examine large amounts of structured and unstructured data sets such as natural trends, advanced supply tracks, optimal crops, and risk assessment collected through sensors, smart machinery, GPS-equipped tractors, and soil sensors. Moreover, many medical companies fail to meet the information requirements of patients, physicians, administrators, and policymakers. Hence, BDA is used by such companies as it can enable personalized and precise treatment and treatment response predictions based on unique data supplied in real-time and adapted to particular patients. Thus, the need to manage the growing database across these industries is driving the growth of the big data as a service (BDaaS) market.

Amazon Web Services, Dell Technologies, Google, Hewlett Packard Enterprise, IBM, Microsoft, Oracle, SAP, SAS, and Teradata are a few of the key players profiled during the big data as a service (BDaaS) market study. Several other major companies were studied and analyzed during this research study to get a holistic view of the big data as a service (BDaaS) market and its ecosystem.

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