Rise in competition in the business environment, increase in adoption of Hadoop-as-a-Service by small and medium enterprises (SMEs), and flexibility & agility for businesses provided by Hadoop drive the growth of the global Hadoop market.
PORTLAND, Ore., Nov. 24, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Hadoop Market by Component (Hardware, Software, and Services), Deployment Model (On-premise, Cloud, and Hybrid), Organization Size (Large Enterprises and Small and medium enterprises), and End User (Manufacturing, BFSI, Retail & Consumer Goods, IT & Telecommunication, Healthcare, Government & Defense, Media & Entertainment, Energy & Utility, Trade & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global Hadoop market was pegged at $26.74 billion in 2019, and is projected to reach $340.35 billion by 2027, growing at a CAGR of 37.5% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in competition in the business environment, increase in adoption of Hadoop-as-a-Service by small and medium enterprises (SMEs), and flexibility and agility for businesses provided by Hadoop have boosted the growth of the global Hadoop market. However, low security for highly confidential data and lack of awareness regarding the benefits of Hadoop technology hamper the market. On the contrary, ongoing partnerships and funding taking place and rise in popularity of e-commerce are expected to create lucrative opportunities for the market players in the coming future.
Impact of Covid-19 on Global Hadoop Market:
The advent of Covid-19 has significantly impacted the global Hadoop industry.
- The cancellation of the Mobile World Congress has hugely affected the market revenue as products and solutions get the biggest exposure and companies get a chance to meet new clients and seal new partnerships at such international shows.
- During this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, and every addition expense apart from essentials.
Services segment dominated the market
By component, the services segment held the largest share in 2019, accounting for more than two-fifths of the global Hadoop market, owing to rise in big data initiatives in developing regions and its cost-efficient benefit as it manages large data sets across clusters of computers using simple programming models. However, the software segment is expected to register the highest CAGR of 39.7% from 2020 to 2027. This is due to the high adoption of consulting & outsourcing services and increase in adoption of the Hadoop framework for big data analytics in decision making, and enterprise analytics.
Trade and transportation segment to manifest fastest CAGR through 2027
By end user, the trade and transportation segment is projected to portray the fastest CAGR of 45.7% during the forecast period. However, the IT and telecommunication segment held the largest share in 2019, accounting for around one-fifth of the global Hadoop market, as a number of leading telecommunication organizations have opted to deploy Big data systems to enable large scale data analysis and processing.
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North America held the largest share
By region, the global Hadoop market across North America held the largest share in 2019, accounting for around two-fifths of the market, due to the presence of a key market players and rise in adoption of big data technologies among the organization to improve consumer target marketing and risk management abilities. However, the market across Asia-Pacific is expected to register the highest CAGR of 42.2% during the forecast period, owing to increase in the penetration of the internet in the region, along with technological and digital improvements in the industrial infrastructures.
Major market players
- Amazon Web Services
- Cloudera, Inc.
- Cisco Systems, Inc.
- Datameer, Inc.
- Google LLC
- Dell EMC
- International Business Machines Corporation
- MarkLogic Corporation
- MapR Technologies
- Teradata Corporation
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