By Component- Segment Analysis
During the forecast period the Data Analytics as a service is expected to grow at a CAGR of 41.25%. Data Analytics as a Service (DAaaS) is a business model that analyzes data using analytics tools and delivers it using web-based technologies. Moreover, Data Analytics as a service is often used as a low-cost option for small and medium-sized enterprises. The Data Analytics as a service segment is expected to expand as cloud-based services are more widely adopted in enterprises. Many companies are shifting towards cloud-based services to reduce the expense of creating, operating and maintaining software. Those factors are expected to fuel Data Analytics as a service market growth during the forecast.
By Deployment Type – Segment Analysis
The Hybrid Cloud Segment is expected to grow at a higher CAGR of 45.18% during the forecast period. Demand for hybrid cloud is growing in particular due to advantages such as cost efficiency, scalability, versatility and security. Hybrid cloud helps organizations transfer their workloads to the public cloud and retain necessary requirements for confidential data. Big data solutions based on the cloud are preferred by companies as they support their regional, cross-regional or cross-country data recovery strategies. It helps them to guarantee stability in the case of a disaster. Hybrid cloud helps companies to leverage both private and public cloud benefits because it provides cost-effectiveness and improved security and thus it is expected to boost the market growth.
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By Enterprise – Segment Analysis
During the forecast period the Large Enterprise segment is expected to grow at a CAGR of 33.26%. The adoption among large enterprises of Big Data Support Services is high as in today’s highly competitive world, large enterprises leave no stone unturned to capture a higher market share. These organizations have generally distributed the scattered data across different departments. To gain valuable insights from this clustered data, large corporations are deploying on-demand services to leverage the benefits of cloud-based big data analysis. Large companies use cloud-based analytics to merge their external and internal information and derive useful insights from it. Big data analytics allow organizations to access their data more quickly. They therefore spend substantial amount on becoming technologically competent, owing to which the adoption of Big Data Support Services among large enterprises is higher compared to small and medium-sized enterprises (SMEs).
By Geography – Segment Analysis
North America currently dominates the global Big Data Support Services market with a share of more than 39%. Due to the presence of large numbers of Big Data Support Services vendors, North America is projected to account for the largest market share during the forecast period. American businesses are increasingly inclined to exploit emerging technologies such as data analytics, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and cloud to improve Big Data Support Services. Increasing growth in e-commerce, coupled with increased government funding to support large-scale data projects in the U.S is a main factor in market growth. The region is experiencing major developments in the big data industry due to the growing adoption of IoT devices by various companies in the region. Organizations have started using big data solutions, especially in the US, to produce data insights to make strategic business decisions and stay competitive in the market.
Drivers – Big Data Support Services Market
- Increasing adoption of Data Driven Decision Making (DDDM)
The growing adoption of Data Driven Decision Making (DDDM) has provided organizations with transparency and accountability in taking informed decisions. Data driven decision taking provides various advantages over traditional techniques, such as association mining and clustering data sets. Data-Driven Decision Making (DDDM) helps solve the unstructured data processing issue and encourages companies to make more informed decisions with clarity and accountability. It also provides increased capacity for changes in size and versatility in, among other items, modeling change scenarios. Google has developed a People Analytics Team that provides the company with fact-based data when making decisions. Google has developed a community in this department called the Knowledge Lab which includes social scientists performing groundbreaking work that has changed the organizational practice within the business and that will help in the market growth of big data support services. Such developments are set to rise during the forecast period.
- Growing adoption of social media analytics
The growing adoption of social media analytics to track customer preferences and deliver personalized insights is anticipated to fuel market growth over the forecast period. In addition, the growing value of sentiment analysis has also caused businesses to incorporate social media into their business processes. It has resulted in large amounts of data being stored by companies, and it is anticipated to boost the market growth of big data support services.
Challenges – Big Data Support Services Market
- Data inconsistency and incompleteness, scalability, timeliness, and security
Big Data analytics challenges include data inconsistency and incompleteness, scalability, timeliness and security. Data needs to be well constructed before analyzing. Nonetheless, taking into account the variety of data sets in big data, the efficient representation, access and analysis of unstructured or semistructured data remains challenging. The protection of outsourced data is of significant concern. Recently, several scandals have exposed how some security agencies use person generated data without permission for their own benefit. This is anticipated to hinder the market growth of big data support services.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Big Data Support Services Market. Big Data Support Services Market is expected to be dominated by major companies such as Microsoft, Teradata, IBM, Oracle, SAS Institute, Google, Adobe, Talend, Qlik, TIBCO Software
- In November 2019, Google formed a partnership with Deloitte. Google Cloud and Deloitte have partnered together to deliver new technologies and tools to help consumers overcome challenging cloud-leveraging issues. Google Cloud and Deloitte understand how big data operates on a scale and the approaches required by consumers to get the best out of existing data.
- In Jan 2020, Intelligent Planning Software solution from SAS Institute incorporated Artificial Intelligence (AI) and cloud agility capabilities to improve the customer experience. The multi-cloud approach will help IT retailers predict consumer demand and improve customer experience.
- The rising need for structured analytical data that helps organizations achieve goals, combined with the increasing number of social media platforms and users consuming open multimedia content on the Web, is expected to drive market growth over the forecast period.
- Data Analytics as a service is mostly used by small and medium-sized organizations as a low-cost alternative which is set to drive the market.
- The hybrid cloud segment is expected to grow over the forecast period due to the cost-efficiency, scalability, flexibility and security benefits it provides.
- North America is projected to account for the largest market share during the forecast period due to the presence of large numbers of Big Data Support Services vendors.
- The adoption of Data Driven Decision Making (DDDM) has provided organizations with clarity and accountability in taking informed decisions, Data-Based Decision Making (DDDM) helps solve the unstructured data processing problem and allows businesses to make better and more accountable decisions.
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