The Global Hadoop Market, by Hardware, Software, and Services By Software (Performance Monitoring and Application (Analytics, Machine Learning, SQL layer, Search and Index)), By Services (Consulting, Outsourcing, Deployment and Support), By Application (Banking & Financial Services (BFSI), Manufacturing, Retail, Telecommunication, Healthcare & Life Sciences, Media & Entertainment, Natural Resources, Trade and Transportation, Government, IT and ITES, and Other) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2028, is expected to be valued at US$ US$ 404.4 Bn by 2028, exhibiting a CAGR of 37.9% during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
Hadoop is an open-source software framework for running applications as well as storing data on a variety of commodity hardware. It offers massive storage for any type of data, massive processing power, and also the capability to handle concurrent tasks. It also provides a software framework for distributed storage and processing of big data with the help of the MapReduce programming model. Hadoop is typically used in manufacturing, BFSI, consumer goods, IT& Telecommunications, government & defense, healthcare, retail, energy, transportation, and retail sectors.
The global hadoop market is estimated to account for US$ 404.4 Bn in terms of value by the end of 2028, exhibiting a CAGR of 37.9% during the forecast period (2021-2028).
Exponential growth of unstructured data is expected to boost the global Hadoop market growth over the forecast period
A vast volume of data is generated by various electronic devices due to technological advancements in various application verticals such as retail, BFSI, healthcare, telecommunication, and public utilities. The data generated by organizations of the above-mentioned application segments include office productivity documents, e-mail, and web content along with social media data. Most of this data generated is unstructured and thus organizations are looking for a tool that could handle this unstructured data appropriately. Among regions, Asia Pacific hosts the largest number of internet users, followed by Europe. Moreover, billions of people conduct different types of online transactions daily contributing to the generation of huge volumes of data. Thus, organizations are looking for a tool to keep track of this unstructured data and to utilize this data present on the servers. Therefore, these factors are expected to drive growth of the global Hadoop market during the forecast period.
Ability to fill the gap between managers and database management can offer significant business opportunities in the global Hadoop market
Industry experts opine that there is a shortage of people with deep analytical skills, who could extensively handle a huge amount of data generated every day by different sources such as mobiles, PCs, and other machines. There is a shortage of analysts and managers with the know-how to analyze big data for decision making. The shortage of people with deep analytical skills paves the way for a tool like Hadoop that would be able to store and handle big data.
Reduced industrial and manufacturing operations due to the COVID-19 pandemic is expected to hamper the global Hadoop market growth over the forecast period
Since the outbreak of the COVID-19 pandemic, various industrial and manufacturing operations have been stalled. Majority of working professionals are working remotely with the Work from Home policy. As a result of this, the data generated in offices and organizations have reduced significantly. Hence, these factors are expected to hamper the global Hadoop market growth over the forecast period.
On the basis of application, Retail segment is expected to witness significant growth in the global hadoop market. This is owing to generation of huge amount of data of organized retail industries
Among regions, North America is expected to witness significant growth in the global Hadoop market during the forecast period. This is owing to the large presence of key market players such as IBM Corporation, Cisco Systems, Inc., and Microsoft Corporation. Furthermore, growing adoption of big data technologies is expected to propel the North America Hadoop market growth over the forecast period.
Asia Pacific is expected to register a robust growth rate in the global Hadoop market over the forecast period. This is owing to increasing investments by tech companies in emerging economies such as China, India, and Japan. Moreover, increasing government regulations and initiatives are expected to propel the global Hadoop market growth over the forecast period.
Global Hadoop Market - Impact of Coronavirus (Covid-19) Pandemic
Coronavirus (COVID-19) Pandemic has significantly disrupted almost all the industries including manufacturing, retail and eCommerce, telecommunications and IT, and others. To combat COVID-19 pandemic, most of the countries had implemented lockdown and are now easing it phase-wise and industry wise.
Furthermore, most of the companies are offering work from home policy to their employees. As a result, the data generated in offices and organizations have reduced significantly. Hence, these factors are expected to impact the global Hadoop market growth.
Major companies operating in the global Hadoop market are Cisco Systems, Inc., Cloudera Inc., EMC – Greenplum, Horton Works, HStreaming LLC, IBM Corporation, Karmasphere Inc., MapR Technologies Inc., Pentaho, Teradata Corp.