According to a recent report published by Allied Market Research, titled, “Hadoop market by Component, Deployment Model, Organization Size, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the Hadoop market size was valued at $26.74 billion in 2019, and is projected to reach $340.35 billion by 2027, growing at a CAGR of 37.5% from 2020 to 2027.
The market is experiencing growth, as it provides cost effective and fast data processing of Big Data analytics over conventional data analysis tools. It has been observed that the Hadoop market has better future prospects in trade & transportation, BFSI, retail, and other sectors, with the maximum growth potential in the European market. Huge expansion in raw structured and unstructured data and increase in demand for Big Data analytics drive the growth of the global Hadoop market. Different technological advancements are projected to help overcome the issues pertaining to distributed computing associated with Hadoop.
Factors such as increase in penetration of Internet of Things (IoT) across the globe, rise in demand for cost-effective solutions for the management of big data, and wide acceptance of Hadoop across different industry verticals such as IT, banking, manufacturing, and telecommunication, decline in prices of cloud-based services, and surge in demand for Hadoop as a Services (HaaS) from small & medium enterprises (SMEs) are expected to fuel the market growth. In addition, dependency on situational awareness systems (SASs) for cybersecurity is expected to drive the growth of the market.
Currently, the services segment dominates the global market with a highest market share, due to increase in need for data analysis in various organizations. The Hadoop services market is further sub-segmented into consulting, training & outsourcing, integration & deployment, and middleware & support services. Increase in investment in big data analytics, and necessity of real-time operation are anticipated to witness the highest CAGR of integration and deployment services
In the current business scenario, there is a continuous increase in the penetration of Big Data, which is generating the need to analyze and process the data quickly and economically. Considering the present state of big data, tremendous amount of information is generated every day in the form of heterogeneous databases. Almost 90% of data generated across the globe was created over the last couple of years. As this huge volume of data is unstructured and stored in community servers, it is very difficult to manage this data and derive insightful information out of it. Therefore, the technology is developed for unique data structures and can be integrated into its existing servers & storage devices to conduct massively parallel computing.
Key Findings Of The Study
By component, the services segment dominated the Hadoop market. However, the software segment is expected to exhibit significant growth during the forecast period in the Hadoop industry.
By deployment model, the on-premise segment dominated the Hadoop market share in 2019. However, the cloud segment is expected to exhibit significant growth during the forecast period.
By organization size, the large enterprises segment dominated the Hadoop industry in 2019. However, the small and medium enterprises segment is expected to exhibit significant growth during the forecast period
By end user, the IT & telecommunication sector generated the highest revenue in 2019. However, the others sector is expected to witness a considerable growth in the near future.
By region, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.
Some of the key market players profiled in the Hadoop market analysis include Amazon Web Services, Cisco Systems, Inc., Cloudera, Inc., Datameer, Inc., Dell EMC, Google LLC, International Business Machines Corporation, MapR Technologies, MarkLogic Corporation, and Teradata Corporation. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in big data initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes Hadoop market analysis, trends, and future estimations to determine the imminent investment pockets.