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Global Big Data as a Service Market to Expand at a Stupendous CAGR of 60.9% from 2016 to 2020

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Published on : Apr 25, 2016

ALBANY, New York, April 25, 2016: According to the report, the global big data as a service market is expected to expand at an extremely high CAGR of 60.9% between 2016 and 2020. Technological evolution has resulted in the conception of a new platform for various financial applications to collect, consolidate, and process information, through websites and mobile applications.

The development of this useful platform came about owing to the rising IT consumerization. Big data as a service is used for various applications such as healthcare, manufacturing, government, media and entertainment, and retail, apart from financial applications. Big data is the huge amount of data that is generated from various sectors and needs advanced technology to manage, analyze, and process. Big data as a service is a tool that helps with data processing and intends to free up resources of organizations by taking advantage of predictive analysis to assess and manage large sets of data, eliminating the need to hire staff for the operation. 

The cost-effectiveness of big data as a service and rapid growth in the volume of data generated across the world are expected to boost the market. By providing huge amounts of useful data to make strategic decisions, big data as a service proves to be extremely valuable for various enterprises. Big data mainly uses Hadoop technology, as it offers several benefits in the managing and handling of big data. 

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With the rising expectations of consumers, many financial institutions are striving hard to attract, retain, and expand their customer base to include the next generation of IT-driven bankers. The financial services sector is currently focused on addressing the various issues faced in their traditional data infrastructure and improving them. The issues faced by traditional data infrastructure include risk, customer data management, and workforce mobility. These problems faced by the financial sector have led to the adoption of big data as a strategy for long-term use. 

The report covers the present scenario of the global big data service as a service market and analyzes the growth prospects of the market, along with all the challenges it may face along the way. The report analyzes the revenue generated from the following three segments – data platform as a service, Hadoop as a service, and analytics as a service. Geographically, the global big data as a service market is segmented into the Americas, Asia Pacific, and EMEA. 

Some of the companies studied in the report are: HP Co., IBM Corp., SAP SE, SAS Institute Inc., Teradata, ltiscale, Atos, Attivio, Chartio, Cirro, ClearStory Data, Cloudera, Continuum Analytics, Datameer, DataStax, Doopex, and EMC.

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