This market research report presents a detailed segmentation of the global big data as a service market by application (HaaS, analytics as a service, and data PaaS), by end-user (financial services, telecom, oil and gas, retail, and others), and by geography (Americas, APAC, and EMEA). The key vendors identified in the market are HP, IBM, SAP, SAS, and Teradata
Technavio’s market research analysts estimate the global big data as a service market to generate revenues of $29 billion between 2016 and 2020. Big data has been gaining popularity among enterprises that seek to move from on-premise to public or virtual private cloud service providers. . With the increasing use of cloud-based predictive analytics, the market for big data as a service has a positive outlook until the end of 2020. With an increasing number of industries such as retail, banking, insurance, and financial services adopting big data solutions, this market has immense growth opportunities in the coming years. The Americas account for more than 51% of the total market share, owing to increased adoption of big data to elevate the growth of the financial services spending market in the region.
The new market research report from Technavio provides a breakdown and analysis of the big data as a service segments by technology.
“One of the latest trends gaining traction in this market is the emergence of social media analytics. A rapid increase in the number of social media sites has created an augmented demand to track user interactions on these sites. Moreover, the increasing importance of sentiment analysis and advances in text analysis have prompted organizations to integrate social media into their business process. This has resulted in huge amount of data stored by an enterprise, which will, in turn, impel the growth prospects of the big data as a service market over the predicted period,” says Amit Sharma, Lead Analyst, ICT, Technavio Research
The financial services segment is the largest market segment and holds more than 36% of the market share. Over the last few years, financial firms are experiencing explosive data growth with the rise in financial transaction volumes. Moreover, advances in digital marketing and search engine optimization practices have changed the way customers look at products and services. This has resulted in the accumulation of a lot of actionable data to be analyzed which can be converted to sales. Furthermore, some of the big data technologies are integrated with existing customer relationship management systems that help the company understand new market opportunities, thereby driving this market segment’s growth until the end of 2020.
The key vendors in the global big data as a service market include HP, IBM, SAP, SAS, and Teradata. The market is highly fragmented and is characterized by the presence of many well=diversified vendors. Different vendors dominate the servers, storage, and networking segments of the market. The vendors are trying to increase their market presence by adopting aggressive marketing strategies like mergers and acquisitions. International vendors are continuously launching products and services in developing economies to take advantage of the economic growth in these regions.
A more detailed analysis is available in the Technavio report, Global Big Data as-a-service Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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