Hadoop was first introduced in 2009 and since then, the global Hadoop market has expanded at a buoyant rate. Owing to a glaring shortage of human resources capable of effectively analyzing big data and the much improved potential of data analytics for uncovering hidden consumption patterns, market trends, unknown data correlations, and consumer preferences have made Hadoop an excellent and one of the most sought-after substitutes to data analysts for effective analysis of big data. The Java-based programming framework continues to expand at an exponential rate.
Due to the exponential increase in generated data from sectors such as financial services and insurance (BFSI), banking, life sciences, media and entertainment, government and telecommunication, retail, and healthcare, and the proven prowess of Hadoop in effectively managing structured as well as non-structured data, the market is projected to have a healthy run in the near future.
In a recent market research report, Transparency Market Research (TMR) states that the global Hadoop market will reach a valuation of US$2,429.0 mn by 2023. The market is expected to exhibit an exponential 26.3% CAGR from 2015 to 2023.
In this piece, TMR analysts highlight some of the key trends in the global Hadoop market:
What factors are compelling companies to adopt Hadoop?
Massive amounts of data are being generated each day and top companies across a number of industries are resorting to the use of Hadoop to gain better insights from the vast volumes of business data generated during every-day business activities. Industries that work mostly on the basis of online interaction with clients and customers, such as e-commerce and social media, generate huge amounts of data that cannot be controlled with conventional relational database management systems. Moreover, activities such as finding useful patterns regarding customer behavior, purchasing trends, or the level of popularity of certain products or services are done better with computerized analytical tools such as Hadoop.
Hadoop has the capability of accessing data rapidly at lower costs than RDBMS. This, allied to the high rate of data generation increase, is propelling the market for Hadoop. Hadoop is a highly scalable and cost-efficient storage platform that can process gigantic volumes of data across numerous servers that can operate simultaneously. Businesses can generate value from data derived from different sources through the highly flexible Hadoop. Factors such as low adaptation rate and unavailability of qualified and experienced professionals to efficiently work with the Hadoop data storage system are restraining the market for Hadoop, especially in developing countries in the Asia Pacific region.
Which application sector is expected to provide most promising returns to the market?
Applications of Hadoop in the telecommunication and e-commerce sectors are foreseen to witness the fastest expansion in the next few years. The government sector is also among the largest application-based segments of the Hadoop market, due to the need for handling vast amounts of data generated from a number of public-domain service sectors. The retail sector is also anticipated to grow in demand from the Hadoop market, due to immense data generation and storage needs. Walmart, for instance, has completely relied on Hadoop to handle its retail-related data, including e-commerce, marketing analytics, and inventory systems.
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Which regional market provides the most promising growth opportunities to the market?
North America is presently the largest market for Hadoop solutions among the geographical segments of the global Hadoop market. Since its inception, Hadoop has enjoyed a steep growth curve in this region due to heavy online activity and increased demand from the retail sector. Top government agencies such as the U.S. Department of Defense, U.S. Civilian Departments and Agencies, and U.S. Intelligence Agencies, are using Hadoop to analyze their data.