Global hadoop market was valued at USD 4,120.0 million in 2014, growing at a CAGR of 28.4% from 2015 to 2023 to account for USD 37,759.0 million in 2023
Albany, NY -- (SBWIRE) -- 07/18/2016 -- According to Transparency Market Research (TMR), the global Hadoop market is dominated by Cloudera, Inc. and Hortonworks. These companies jointly accounted for a 41% of the global Hadoop market in 2014. Other major players operating in the global Hadoop market include IBM Corporation, Teradata Corporation, Cisco, EMC Corporation, MapR, and Pentaho.
"The primary driver for the global Hadoop market is the increasing volume of unstructured data. Due to the increasing popularity of social media and various photo sharing websites, the amount of unstructured data generated on the Internet is growing rapidly. This has overburdened the conventional data management systems, which were built to deal with the largely structured data being generated at the time," explained TMR's lead analyst.
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Increasing Online Retail Sector Drives Global Hadoop Market
The ability to deal with unstructured data is becoming crucial in today's competitive market. Big data analytics is vital for modern corporate entities, as it allows them to better understand consumer behavior and formulate market strategies based on these insights. With the online retail sector set to grow at a steady rate in the coming years, big data analytics is set to become increasingly important. This is a major driver for the global Hadoop market.
The steady development of Hadoop technology and its associated services has also been beneficial for the global Hadoop market, as the technology on offer in the market has kept pace with the changing dynamics of the data being generated. Major computing giants such as IBM and Intel have now also started to develop their own versions of Hadoop software, which has helped the global Hadoop market keep pace with the dynamic technological scenario.
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Hadoop Services Likely to Dominate Demand
By product type, the global Hadoop market is segmented into software, services, and hardware. Of these, the services segment is likely to dominate the global Hadoop market in the coming years, though the software segment is likely to exhibit the highest growth rate. The increasing research into improving Hadoop software and services is likely to come to fruition over the coming years. Hadoop products are also expected to exhibit a steady growth rate over the forecast period.
By application, the BFSI, retail, government, and telecommunications sectors are expected to take on an important role in the global Hadoop market in the coming years. These sectors are among the most voluminous processors of data and thus require a reliable data management solution. The government sector is becoming a major end user of Hadoop, with several governments around the world realizing its benefits and utilizing it for storing demographic data. The increasing demand for smart cities is another major factor driving the demand from the global Hadoop market.
Regionally, North America is expected to remain at the top of the global Hadoop market hierarchy due to the extensive financial support offered to research initiatives looking to improve data management technology. The dominant 50% share of the North America Hadoop market can also be credited to the increasing presence of digitalized urban infrastructure.
The overall opportunity in the global Hadoop market was worth US$4.1 bn in 2014, according to Transparency Market Research. Exhibiting a stellar 28.4% CAGR from 2015 to 2023, the market is expected to rise to a valuation of more than US$37.7 bn.
The data in this preview has been taken from TMR's study on the global Hadoop market, titled 'Hadoop Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.'
The global Hadoop market is segmented as follows:
Global Hadoop Market, By Type
Global Hadoop Market, By End use Industry
Banking, Financial services and Insurance (BFSI)
Trade and Transport
IT and ITES
Global Hadoop Market, By Geography
Rest of the World