Albany, NY -- (SBWIRE) -- 03/07/2017 -- The vast shortage of data analysts capable of analyzing big data and the rising popularity of data analytics for uncovering unknown data correlations, hidden consumption patterns, market trends, and consumer preferences have strengthened the position of Hadoop in business circles in the past few years, points TMR. Hadoop is now considered an excellent substitute to human resources for effective data analysis and continues to expand its array of end-use industries.

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The rising penetration of the Internet globally, rising rate of digitization across industrial infrastructures, constantly expanding base of social media followers, and the mounting numbers of people using mobile devices have also intensified the need for excellent data management and analysis tools in the global market. Hadoop, with its capability of processing unstructured data in a cost effectiveness and a rapid manner, has favored its adoption over conventional methods of data processing using RDBMS solutions in the past few years.

Owing to these factors, the global Hadoop market will witness growth at an exponential pace over the next few years, states TMR. The market is expected to expand at a 26.3% CAGR from 2015 to 2023 and rise to a valuation of US$2,429.0 mn by 2023.

BFSI to Emerge as Key Contributor to Growth

Of the key applications of Hadoop solutions across a number of industries, the global Hadoop market earned its major share in market valuation from the IT and ITES sector in 2014. The market in this sector accounted for a share of 18.58% in the global Hadoop market and is expected to expand at an impressive 28.9% CAGR over the period between 2015 and 2023. The rising adoption of Hadoop solutions in outsourced services has been the primary driver of Hadoop market in the IT and ITES sectors in the past few years.

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The sector will continue to account for a reasonable share in the global Hadoop market in the future as well, but it will be outpaced by the demand for Hadoop in the BFSI segment, which will rise at a CAGR of nearly 29% from 2015 to 2023. The rising digitization of the banking, financial services and insurance sector across the world has not only increased the volumes of critical consumer-related data but has also made it vulnerable to frauds and thefts. Effectiveness of Hadoop solutions in effectively managing, analyzing, and detection frauds in critical data will lead to their increased adoption in the GFSI sector in the next few years.

Asia Pacific to Lead Global Hadoop Market

North America is a mature market for Hadoop and is presently the largest contributor to the overall growth of the global Hadoop market. The high rate of receptiveness for Hadoop in the region can be attributed to the digitally and technologically advanced infrastructures across industries such as BFSI, manufacturing, and retail. The region accounted for a dominant share of 53.3% in the global Hadoop market in 2014.

However, Europe and Asia Pacific are expected to lead to the most profitable returns for Hadoop solutions in the next few years. Rising consumer base on social media networks, rising digitization of industrial infrastructures, and an increased number of mobile users in Asia Pacific are leading to the increased need for Hadoop tools for managing the mounting volumes of digital data. In Europe, demand for Hadoop has increased across sectors such as retail, manufacturing, BFSI, and government. The Asia Pacific market is expected to emerge as the leading regional market for Hadoop, expanding at the fastest CAGR of 30.2 % from 2015 to 2023.

The competitive landscape of the global Hadoop market is moderately consolidated, with the top three companies, Cloudera, Inc., Hortonworks, Inc., and MapR Technologies, Inc., accounting for a cumulative share of nearly 50% in 2014. Other major companies in the market are IBM Corporation and EMC Corporation.