Albany, NY -- (SBWIRE) -- 04/29/2016 -- A new market research report, titled "Global Big Data as a Service Market 2016-2020," has been recently added to its huge database of research studies by MarketResearchReports.biz. The report provides an in-depth analysis of the market, focusing on the key driving factors, restraints, product portfolio, major geographical segments, and competitive scenario of the market. As per the research study, the global market for big data as a service is projected to exhibit an exponential 60.90% CAGR between 2016 and 2020.

Technological advancements in the IT industry and growing IT consumerization have provided a new platform for several financial applications, such as helping banks collect and consolidate information in order to change their engagement model with users and customers through mobile applications and websites. The growing consumer expectations and increasing prevalence of mobile workforces have forced financial institutions to modify their efforts in order to maintain and improve their next-generation IT-driven models.

Nevertheless, several industry verticals are taking constant efforts to act at a fast pace in order to meet the growing expectations of online customers, owing to the presence of legacy infrastructure, fragmented processes, and ingrained businesses. Presently, many financial services are emphasizing on enhancing their traditional data infrastructure and looking after several issues including workforce mobility, risk, multichannel effectiveness, and customer data management. These issues have forced financial institutions to deploy big data as a long-term plan.

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Increased use of cloud-based predictive analytics is considered as one of the major factors fuelling the growth of the global market for big data as a service. In addition, the increased spending on customer engagements is estimated to augment the growth of the market throughout the forecast period. On the other hand, issues related to data integration are projected to curb the growth of the market in the near future.
The global market for big data as a service has been segmented on the basis of application into data platform as a service, analytics as a service, and Hadoop as a service. The analytics as a service segment is further sub-segmented into advisory services and consulting services. Furthermore, on the basis of geography, the market has been divided into EMEA, APAC, and the Americas. The market size, share, and estimated statistics of each segment have been presented in the research study.

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The research study further covers the competitive landscape of the global market for big data as a service, analyzing the major players operating in the market. Detailed profiles, business strategies, SWOT analysis, financial overview, and recent developments of the major players in the market are discussed in the scope of the study. The prominent players in the global market for big data as a service include HP Co., Teradata, SAP SE, SAS Institute Inc., and IBM Corp. Some of the other key vendors mentioned in the research study are Atos, Predixion Software, Hortonworks, Enthought, EMC, Accenture, DataStax, Chartio, Alteryx, Mu Sigma, and MongoDB.

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