Affordable and rapid data processing and rise in demand for data analytics with generation of large volumes of unstructured data drive the growth of the global Hadoop market.
Allied Market Research published a report, titled, “Hadoop Market by Component (Hardware, Software, and Services), Deployment Model (On-premise, Cloud, and Hybrid), Enterprise Size (Large Enterprises and SMEs), and Industry Vertical (Manufacturing, BFSI, Retail & Consumer Goods, IT & Telecommunication, Healthcare, Government & Defense, Media & Entertainment, Energy & Utility, Trade & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global Hadoop industry generated $35.74 billion in 2020, and is expected to reach $842.25 billion by 2030, witnessing a CAGR of 37.4% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Affordable and rapid data processing and rise in demand for data analytics with generation of large volumes of unstructured data drive the growth of the global Hadoop market. However, rise in security concerns regarding distributed computing, Hadoop architecture, and access to fragmented data restrain the market growth. On the other hand, adoption of partnership strategies by market players and investments in Hadoop technologies present new opportunities in the coming years.
- During the Covid-19 pandemic, the adoption of Hadoop increased considerably with digital transformation taking place across different industries.
- The implementation of “work from home” culture led to rise in demand for cloud-based Hadoop analytics for managing crucial information. This led to surge in overall revenue of the market.
- Moreover, there has been a significant surge in demand for Hadoop software among small & medium and large enterprises to analyze the large chunks of unstructured data.
The service segment to continue its lead position in terms of revenue throughout the forecast period
Based on component, the service segment accounted for the highest market share in 2020, accounting for more than two-fifths of the global Hadoop market, and is estimated to continue its lead position in terms of revenue throughout the forecast period. This is due to fast, easy, and cost-effective management of large-scale data and hiring of outsourcing services such as Noah Data and IBM to meet Hadoop requirements. However, the software segment is expected to witness the highest CAGR of 38.4% from 2021 to 2030, owing to rise in number of data sets and surge in use by developers for coding real-time applications.
The IT & telecommunication segment to maintain its leadership status during the forecast period
Based on industry vertical, the IT & telecommunication segment contributed to the highest market share in 2020, holding nearly one-fifth of the global Hadoop market, and is projected to maintain its leadership status during the forecast period. This is attributed to adoption by large organizations for large-scale data analysis and processing, handling customer issues, and enhancing customer satisfaction through prompt response. However, the trade & transportation segment is expected to manifest the fastest CAGR of 42.6% from 2021 to 2030, owing to crucial role of Hadoop monitoring systems in ensuring passenger safety by analyzing the large amount of data generated by every part of a vehicle.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, contributing to more than two-fifths of the global Hadoop industry, and is expected to maintain its dominance by 2030. This is attributed to surge in volume of raw, structured, and unstructured data and rise in demand for big data analytics. Furthermore, the need to avail flexibility and agility for businesses fuels adoption of Hadoop in the region. However, Asia-Pacific is estimated to register the fastest CAGR of 39.3% during the forecast period, owing to lower cost of Hadoop systems as compared to traditional systems and ability to store and process large chunks of data that is critical for applications built for populous countries.
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Leading Market Players
- Amazon Web Services
- Cisco Systems, Inc.
- Cloudera, Inc.
- Datameer, Inc.
- Hitachi Data Systems
- Fair Isaac Corporation
- MapR Technologies
- Microsoft Corporation
- Teradata Corporation
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