Albany, NY -- (SBWire) -- 12/26/2018 --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. In addition, companies in the physical world across a host of industry verticals such as entertainment and energy are using Hadoop to analyze mountains of data they are generating and collecting.

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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.

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. This is mainly because of increasing investments for development of more effective software across a host of industry verticals is anticipated to contribute to the growth of software type segment. The software segment is further sub-segmented into application software and performance monitoring software.

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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. The rising adoption of Hadoop platform in outsourced services is mainly driving the IT and ITES application segment.

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.