Albany, NY -- (SBWire) -- 06/28/2018 --The global Hadoop market is poised for staggering growth in the upcoming years. From over a decade of its birth, Hadoop has evolved into a robust platform for Big Data storage and analysis. Initially developed to support the distribution of open source Nutch search engine project, today, Hadoop is the foundation of next generation data-based applications. Almost all applications on the Internet such as Facebook and Twitter uses Hadoop in some capacity to manage the deluge of data.

At present, the explosion of data due to incessant use of electronic devices has necessitated the adoption of a reliable tool to manage and utilize this data. Large companies such as Intel and IBM are developing their own version of Hadoop to suit their business needs.

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On the flip side, however, the dearth of personnel adept with Hadoop framework and complexities involved in handling the associated architecture are bottlenecks to the growth of Hadoop market.

As per estimates of a market intelligence study by Transparency Market Research, the global Hadoop market is likely to expand at a phenomenal 29% CAGR between 2017 and 2023.

Vis-à-vis Growth Rate Banking, Financial Services and Insurance Application Segment to Lead

The global Hadoop market is segmented on the basis of type, application, and region. Depending upon type, the key segments of the market are software, hardware, and services. Of them, services is presently the leading segment. However, vis-à-vis growth rate, software segment is anticipated to surpass all segments in the near future.

The worldwide Hadoop market on the basis of application can be segregated into banking, financial service and insurance (BFSI), manufacturing, retail, telecommunications, healthcare and Lifesciences, media and entertainment, natural resources, trade and transportation, government, IT and ITES, and others. Of them, IT and ITES held the leading 18.58% market share in 2014.

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However, the demand for Hadoop in BFSI is likely to outpace other application segments. Digitization of banking, financial services, and insurance sector leading to mounting volumes of critical consumer-related data has necessitated the adoption of a reliable tool to manage the data.

Incessant Use of Electronic Devices to Make Asia Pacific Key Market

Geography-wise, the key segments into which the Hadoop market is divided are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America currently contributes the leading revenue to the Hadoop market. The supremacy of the region is attributed to digitally and technologically advanced infrastructure across industries.

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While Europe is predicted to display stable growth, Asia Pacific is estimated to witness to emerge as a key market for Hadoop in the years ahead. Increasing adoption of Hadoop across several end use segments and incessant adoption of electronic devices leading to the generation of massive amount of data.

Key companies operating in the global Hadoop market include Cloudera Inc., MapR Technologies Inc., IBM Corp., Hortonworks, and EMC Corp.