In its research report on the growth patterns of the Hadoop Market Analysis, Allied Market Research forecasts that the global Hadoop market will grow at a CAGR of 58.2% between 2013 and 2020. The global market revenue, which was estimated at $2.0 billion in 2013, is rapidly expanding and may grow up to a staggering $50.2 billion by 2020.
The sudden spurt in demand for big data analytics is the major driver for the expansion of the Hadoop market.
In the recent years, businesses have experienced a massive explosion of raw, structured and unstructured data, which has necessitated the utilization of big data analytics. This marked trendalong with the need for agile, cost-friendly processing of business data has established big data as the chosen platform for data analytics over conventional, data analysis platforms like relational database management systems or data warehouses.
At present, the major concerns related to Hadoop adoption are distributed computing and security issues, which may have slowed down adoption of this technology to some degree. However, industry leaders are addressing these concerns on a priority basis. Also, the lowering costs of data-management solutions may have fueled the growth of this market.
The market research report divides the market into three distinct segments: hardware, software, and services.
Hadoop hardware market
- The Hadoop hardware market is broadly divided into the following segments: servers, storage, and network equipment.
- The storage market remained the leader in Hadoop hardware market in 2013. Social media sites Facebook and Twitter contributed to this growth by adding terabytes of data every day!
- The Hadoop server market is expected to grow at a CAGR of 60.1% during 2013-2020 as the demand for more volume and more velocity are ever increasing.
- Hadoop hardware-based, solution providers have been the highest receivers of venture capital funding. The recent times have witnessed a steep demand for real-time, operational analytics.
Hadoop services market
- At present, the services market is dominating with a market share of about 50% of the global Hadoop market due to growing necessity of big data analytics in worldwide organizations.
- The Hadoop services market comprises the following segments: consulting, training and outsourcing, integration and deployment, and middleware & support services.
- The Consulting and training segment, along with the outsourcing segment, accounted for highest revenue generation in 2013.
- The integration and deployment segment is projected to be the fastest growing services market largely because of huge investments in big data analytics and due to the need for operational analytics.
Adoption of Hadoop
Hadoop has been most rapidly adopted by the government, banking, finance, IT and ITES, and insurance sectors. The government sector happens to be the largest revenue generator in Hadoop application market. The report claims that by 2020, BFSI would supersede the government sector and become the highest revenue-generating segment in the overall Hadoop application market.
- Geographical analysis of the market seems to suggest that North America is the leading revenue generating market and will continue to remain so till 2020. This geographical control of the Hadoop market growth is specifically due to the presence of many prominent Hadoop distribution companies in the N American region.
- Next, Asia Pacific is projected to be the fastest growing regional market at a CAGR at 59.2% during 2013-2020.
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