A new MarketsandMarkets report predicts the global market for big data-as-a-service to reach $7 billion in total value over the next five years, up from $1.8 billion in 2015.
The research firm said Monday the worldwide BDaaS market covers various big data services offered through cloud-based environments, such as Data Analytics-as-a-Service, Data-as-a-Service and Hadoop-as-a-Service.
According to the report, the market is poised to grow at a compound annual growth rate of 31.5 percent through 2020 and will be driven by the rising adoption of BDaaS across all sectors with Asia-Pacific, Europe and North America representing the largest markets during the forecast period.
MarketsandMarkets notes that security issues related to cloud-based data will likely to pose a challenge to the market’s growth.
The report cited the following key market players:
- Amazon Web Services
- EMC Corp.
- SAP SE
- SAS Institute
- Teradata Corp.