Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in digitization and increase in data generated by IoT devices.
PORTLAND, PORTLAND, OR, UNITED STATE, August 2, 2024 /
EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “
Hadoop Market by Component, Deployment Model, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global Hadoop market was valued at $35.74 billion in 2020, and is projected to reach $842.25 billion by 2030, registering a CAGR of 37.4% from 2021 to 2030.
Hadoop is an Apache Software Foundation-managed open-source project. It is a distributed processing technique that may be utilized for big data analysis in a variety of industries. In addition, when compared to standard data analysis tools, such as RDBMS (Relational Database Management System), it is less expensive. Hadoop began as a simple, powerful, efficient, and distributed platform. Its implementation, on the other hand, includes advantages such as scalability, which helps to lower operational costs, and the utilization of commodity hardware for dependable distribution. Compared to a sophisticated algorithm and raw data, Hadoop architecture offers a lot simpler algorithm and more data availability.
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Cost-effective and fast data processing and large volumes of unstructured data boost the growth of the global Hadoop market. In addition, increase in demand for data analytics positively impacts the growth of the market. However, increase in security concerns regarding Hadoop architecture, distributed computing, and access to data and fragmented data hamper the market growth. On the contrary, partnerships and funding’s taking place in Hadoop market and data fusion is expected to offer remunerative opportunities for expansion of the market during the forecast period.
Depending on industry vertical, the IT & telecommunication segment holds the largest market share in the Hadoop market due to huge amount of data generated in the telecom sector through call records, text messages, and data transfer. However, the trade & transportation segment is expected to grow at the highest rate during the forecast period, owing to increasing data generation in the logistics department and Hadoop deployment for handling this generated data.
Region-wise, the Hadoop market size was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to strong economic growth along with the ongoing development in the services sector, which drives business enterprises to invest heavily in business analytics software to sustain growth and improve productivity. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to shift toward digital transformation, rise in cloud deployment among small & medium businesses, and ongoing modernization of manufacturing drive heavy investment in emerging economies is expected to boost the Hadoop market size.
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The outbreak of COVID-19 is anticipated to have a positive impact on growth of Hadoop market. Increase in volume of data generated by different industries and the need to manage this data are the key factors driving the growth of the market. In addition, governments of numerous countries are adopting Hadoop to update real-time data of coronavirus and to make actionable insights from the data. Furthermore, Hadoop is helping various researchers, healthcare workers, and scientists to aggregate and synthesize incident data on a regular and global scale is expected to drive the growth of Hadoop industry during the COVID-19 pandemic.
Key Findings Of The Study:
By component, the services segment accounted for the largest Hadoop market share in 2020.
Region-wise, North America generated the highest revenue in 2020.
Based on the deployment model, the on-premise segment generated the highest revenue in 2020.
The key players profiled in the Hadoop market analysis are Amazon Web Services, Inc., Cisco Systems, Inc., Cloudera, Inc., Datameer, Inc., Hitachi Vantara Corporation, Fair Isaac Corporation, MapR Technologies, MarkLogic, Microsoft Corporation, and Teradata Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the Hadoop industry.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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