Data-driven insights and decisions are critical factors in business success. Processing large amounts of data requires a robust infrastructure that is not affordable for every company. Big Data as a Service (BDaaS) can help.
There is no end to the flood of data in the corporate environment. The efficient evaluation of the available information is increasingly becoming a competitive advantage or even leading to entirely new business models. The pitfalls are diverse and widespread: According to current studies, more than half of the managers responsible do not even know what kind of data their own company collects.
There are also several obstacles to be overcome on the technical side. Legacy environments were often completely geared towards structured data and are now overwhelmed with the deluge of unstructured data. Existing information treasures are usually stored in data silos and can only be lifted with great effort or not at all. A modern extensive data infrastructure requires scalable computing, storage and network capacities, powerful analysis tools and the appropriately qualified specialist staff to ensure the smooth interaction of all factors. All of this generates considerable costs, which medium-sized companies, in particular, cannot always bear.
BDaaS Provides The Way Out
Cloud-based Big Data as a Service platform (BDaaS) can help. They not only provide the necessary storage space for large amounts of data but also offer the necessary analytics solutions at the same time. This has several advantages for the user: It can be set up quickly compared to setting up a corresponding infrastructure on-premises. In addition, both implementation and ongoing operation are significantly cheaper than providing and maintaining the necessary technology yourself. Usage-based fees have been established.
Customers only pay for their resources, such as storage space or computing power. Last but not least, this ensures planning security and prevents unnecessary expenses that would be incurred, for example, by providing additional storage space or additional servers in your own data centre. In addition, the costs can be calculated, which ensures planning security. In this context, there is another advantage: The architecture of the BDaaS offers are usually designed to be highly scalable – they grow with the respective company’s requirements.
In addition to maintaining their environments, the BDaaS providers usually also ensure that compliance and data protection regulations are observed. This is an important point, especially for small and medium-sized companies. You can quickly start analyzing large amounts of structured and unstructured data without taking incalculable risks.
The constantly increasing demand for powerful analysis platforms also drives the BDaaS market. According to market researchers from Mordor Intelligence, the market volume last year was 13.21 billion US dollars. By 2026, the experts expect a magnitude of 52.75 billion US dollars. This would correspond to a compound annual growth rate (CAGR) of 26.2 per cent.
The USA is still the most important market since most BDaaS providers are there. In addition, the regional acceptance of extensive data services and analytics is very pronounced there. On the other hand, Europe, Asia, and Oceania are particularly well represented in potential growth markets.