Hadoop Big Data Analytics Market Scope
The Hadoop Big Data Analytics Market 2020 can
possibly achieve a striking CAGR of 36.37% between 2018 and 2023 (review
period), confirms Market Research Future (MRFR). The market can stand at a
valuation of over USD 52 billion by 2023-end, reveals MRFR.
Primary Drivers and Main Barriers
MRFR anticipates a brisk
growth of the hadoop big data analytics market in the near future, thanks to
the tsunami of data being generated across various industry verticals, which is
only expected to surge further in the coming years. Big data analytics are
projected to be used by leading market contenders to facilitate growth, productivity
as well as innovation.
The investments being made
by market participants in next generation solutions has increased tremendously
over the years, which are also anticipated to induce industry growth. Companies
are increasingly churning out highly advanced integrated solutions with
superior features to expand their customer base in the market. End-users are
doing everything in their capacity to bring down the hardware costs, which not
only strengthens their market position but also boosts the demand for Hadoop
big data analytics.
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Careful operational
scrutiny by these players to precisely track everyday operations has boosted
big data. These efforts are some of the most effective strategies that are used
by companies to achieve a better position in the global market. Data experts
view this as a significant trend that can lead considerable expansion of the
Hadoop big data analytics market in the following years.
The emerging trend of
visualization-backed data discovery tools is being continuously explored by
organizations to reap more benefits from Big Data. This trend is also picking
up speed in the market on the back of increasing availability of mobile
devices. Organizations largely dependent on centralized development of reports
usually conducted by highly skilled experts are now opting for the quicker and
more cost-effective business intelligence model that leverages the dynamic
combination of mobile workforce and Big Data.
Market Segmentation
Component, application and
end-user are the primary segments depending on which the study of the market
has been carried out in the MRFR report.
Component-dependent market
segmentation comprises Software as well as Services (which include Managed
Services, Training & Support and Consulting & Development,). In the
year 2017, the largest share of 71.05% was claimed by the software segment,
which is presumed to advance at a pace of 35.69% in the ensuing period.
Applications of Hadoop big
data analytics are Internet of Things (IoT), Risk & Fraud Analytics,
Security Intelligence, Merchandising & Supply Chain Analytics, Customer
Analytics, Merchandising Coordination Service, Distributed Coordination
Service, and others. In 2017, risk & fraud analytics emerged as the leading
segment with a share of 27.75% at a value of USD 2.40 Billion. In addition, the
segmental progression has been estimated to be at a rate of 37.30%, because of
the rising focus on risk and fraud analysis in businesses across the world.
The primary end-users in
the market are Healthcare, Transportation & Logistics, Government &
Defense, IT & Telecommunication, BFSI, Manufacturing, and Others. In 2017,
BFSI was ahead of other end-users in the market with the biggest share. The
segment also exhibits the potential to procure a growth rate of 35.25% during
the conjectured period.
Regional Study
The regional study of the
market for Hadoop big data analytics comprises North America, Europe Asia
Pacific or APAC and the Rest of the World or RoW.
In 2017, studies revealed
North America as the most profitable market with a share of 54.44% at a value
of USD 4.71 billion. The North American market is all set to gain high traction
globally, at a rate of 34.90% over the forthcoming period. Countries like the
United States (U.S.) along with Canada, is quite advanced, with respect to
technology. This means faster adoption of state of the art technologies and a
massive foothold of Big Data analytics providers. The rapid expansion of
business insights in the region also warrants substantial market growth.
Developing countries like
India and China in the APAC market are growing rapidly on account of the surge
in industrialization as well as urbanization. The government-backed initiatives
like smart city concept are emerging quite swiftly in the region, because of
which the Hadoop big data analytics market is presumed to perform incredibly in
the next few years.
Significant Competitors
Significant competitors in
the Hadoop big data analytics industry are MapR Technologies (U.S.), Tableau
Software, Inc. (U.S.), Karmasphere, Inc. (U.S.), Microsoft Corporation (U.S.),
Cloudera, Inc. (U.S.), Teradata Corporation (U.S.), Pentaho Corporation (U.S.),
Datameer, Inc. (U.S.), IBM Corporation (U.S.), Amazon Web Services (U.S.), to
list a few.
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