Demand for big data-as-a-service growing at 25% annually
For those businesses that want to take advantage of the benefits of big data/analytics but don’t have sufficient infrastructure and other resources to do so, there’s big data-as-a-service. And recent research shows that demand for these offerings is on the rise.
With big data-as-a-service, tools such as analytics software and storage are delivered via the cloud by a service provider.
The market for big data-as-a-service will reach an estimated value of $17.1 billion by 2024, expanding at a compound annual growth rate (CAGR) of 25 percent between 2019 and 2024, according to Research and Markets.
These services decrease the efforts needed to manually process data through a platform or an analytics program, the report noted. Banking, financial services, and insurance are among the sectors helping to drive growth of the market. The increasing rate of Internet penetration, more use of cloud services, and the rise of the Internet of Things (IoT) across various sectors are also contributing to the rise in demand.
The implementation of big data-as-a-service has enabled organizations to efficiently make data-driven decisions, the report said, because it helps in the forecast of event outcomes.
“This consequently helps organizations to reduce their upfront data storage, management, and infrastructure costs,” the report said.