Big Data as a Service (BDaaS) is the term utilized for the delivery of statistical data, tools, and information by a third party provider to an organization so it can understand and apply the insights gained from all these to gain competitive advantage over others.
While it is a new term, one that many people are not familiar with yet, but it is an apt description for a new, rapidly growing market. Over the last few years, many businesses have come up that offer Big Data as a Service (BDaaS) solutions to companies looking to solve their big data issues.
An immense amount of data is generated daily – big data refers to the use and analysis of this data. In the business sense, it refers to applying the insights gained from the analysis of this data to shape and drive business growth.
The main aim of this type of service is freeing up organizational resources by utilizing the predictive analytics skills of an outside provider to manage and assess huge sets of data. These organizations save on the costs of hiring in-house staff to manage such functions. Along with removing this upfront hiring expense, they can also eliminate the costs related to the storage and management of large quantities of information. The provider takes care of all these issues and leaves the client free to concentrate on core business issues. The provider also takes on the costs related to compliance issues and data protection. The client pays either for the time spent on using their services or the amount of data crunched.