By Nisha Sharma - October 11, 2022 3 Mins Read
The surge in the adoption of Big Data and analytics tools have made the market flourish at an exponential rate. Big-data-as-a-service could be the next big thing in the MSP market
A recent report by Research and Markets suggests that the global market size of Big- Data- As- A- Service (BDaaS) was valued at USD 30.63 billion in 2021. The research also predicts that the market size is expected to reach USD 103.31 billion by 2027, with a 22.14% CAGR during the forecasted period from 2022-2027. Many enterprises lack resources, talent, or funding to develop data centers that are able to gather, process, and analyze the huge amount of data generated through various channels. Big -data -as -a -service vendor enable enterprises to optimize their capabilities to process structured and unstructured data. Every organization has different data, volume, veracity, volume, variety, and velocity of structured and unstructured data gathered. CDOs need to have effective strategies to explore, evaluate and choose the best big data as a service provider. The following ways can help businesses to implement the best vendor in the BDaaS market:
The one-size-fits-all approach does not work because of the intricate and ever-evolving Big Data management needs. Organizations with restricted budgets and legacy IT infrastructure tools might find it difficult to seamlessly integrate big data into their work processes. BDaaS vendors need to help businesses to keep their clients on track by generating valuable insights from the data gathered from various sources. CDOs should consider determining the business goals that they need to accomplish by integrating big data into their tech stack. Moreover, the business leaders need to evaluate the vendors’ capabilities to adapt to the business needs and scale with it to streamline the data management processes throughout the enterprise.
With the current fast-paced world, businesses today need to have capabilities to gather, process, and evaluate big data in real-time to get actionable insights.
Businesses need to evaluate big data as a service provider based on its ability to offer accurate insights in real time.
Vendors that seamlessly integrate with other Artificial Intelligence (AI) and Machine Learning (ML) tools will enable businesses to develop an algorithm for statistical analysis.
Partnering with big data as a service provider will expose sensitive business data to a third-party vendor. These vendors need ownership of the data to ensure consistency in enterprise architecture and device selection. Their goal is to make the most of the resources and ingrain accuracy throughout the organization. However, business owners also need the ownership of data to align their business goals and comply with customer rights to privacy.
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Many businesses find it challenging to strike a perfect balance between streamlining information flow and setting effective data governance policies to adhere to compliance needs. Enterprises should select big data as a service provider that offers flexibility in data ownership strategies. BDaaS provider needs to have effective strategies to ingrain transparency in their workflows while gathering customer consent, enforcing data storage guidelines, and the type of data they gather from end customers. Process transparency should be an essential evaluation criterion while exploring, evaluating, and selecting the best big data as a service provider.
Nisha Sharma is working with OnDot Media as a Tech Journalist. She has done Post graduation in Journalism & Mass Communication. Her prior experience was in B2B as a Content Writer. This is her first stint with a technology publication and she is on the high curve of learning about the IT sector, it's challenges, and the trends that move it forward.
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