Hadoop Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2023
Albany, NY -- (SBWIRE) -- 04/09/2018 -- Characterized by a consolidated vendor landscape, leading players in the global Hadoop market are vying to acquire smaller ones to strengthen their competitive position. Mergers and acquisition and partnerships are key growth strategies adopted by leading players to buoy growth. This is to penetrate into regional markets that hold immense potential for hadoop. Apart from this, leading players are focused on developing their own version of Hadoop to up their market share.
Top names currently in the global hadoop market to name are Cloudera Inc., Hortonworks Inc., MapR Technologies Inc., EMC Corp., and IBM Corp. With mounting volumes of digital data, the market is likely to witness the entry of new players.
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As per a recent business intelligence study by Transparency Market Research (TMR), the global Hadoop market is likely to clock a phenomenal CAGR of 29% between 2017 and 2023. Rising at this rate, the market which stood at US$8,166.0 mn in 2017 is likely to reach US$37,759.0 mn by 2023. By end use, IT and ITES segment holds dominance in the global hadoop market. The segment is anticipated to hold 19.2% market share by the end of 2023. Geography-wise, North America is currently the leading market for Hadoop and is likely to hold on to its leading position.
Majorly fuelling the global Hadoop market cost effectiveness and faster processing of data. Hadoop than its predecessor relational database management system (RDBMS) technology. The difference in maintenance cost gives Hadoop an advantage over RDBMS. In addition, ability of Hadoop to run on commodity hardware accounts for its preference among all industrial sectors where large volume of data is generated on a daily basis. Advantages of low cost data storage and capability to manage and access massive amount of data is stoking the adoption of Hadoop.
The exponential growth of unstructured data due to technological advancements and incessant use of electronic devices is favoring the Hadoop market. Massive volume of unstructured data such as office productivity documents, e-mail, and web content from a host of end use industries is boosting the popularity of Hadoop for appropriate structuring of this data.
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Furthermore, in developing countries, cell phones equipped with high end internet connectivity are likely to gain popularity for both commercial and personal use. Consumers are increasingly using electronic devices for online shopping, bill payment, and information exchange leading to generation of avalanche of data. Organizations are thus seeking a reliable tool to manage this data to be utilizable for business gains.
The rising demand for big data analytics is a key factor propelling the Hadoop market. Businesses across industry sectors are increasingly seeking a reliable tool to structure and manage big data for business advantage. Large companies such as IBM and Intel are also developing their own version of Hadoop to suit their business needs. In addition to usability and application features, cost effectiveness of Hadoop is adding to its popularity in the big data market.
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Lastly, dearth of analysts and managers with a know-how to utilize unstructured data paves way for the adoption of Hadoop.
On the flip side, unavailability of experienced and qualified personnel adept with Hadoop framework is inhibiting the growth of Hadoop market. The nascent stage of this technology and complexities involved in handling the associated architecture are slowing the adoption of Hadoop. Furthermore, manual coding requirements and high cost of training and services associated with Hadoop are holding back the Hadoop market.
The information presented here is based on the findings of a TMR report, titled "Hadoop Market (Type ?€" Software, Hardware, and Services; End use ?€" Banking, Financial Services, and Insurance, Retail, Manufacturing, Telecommunication, Media Entertainment, Natural Resource