03-20-2017 10:49 PM CET - IT, New Media & Software
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Hadoop Market with its Capability of Processing Unstructured data in a Cost Effectiveness & a Rapid Manner

Press release from: TMR - Research Reports

The vast shortage of data analysts capable of analyzing big data and the rising popularity of data analytics for uncovering unknown data correlations, hidden consumption patterns, market trends, and consumer preferences have strengthened the position of Hadoop in business circles in the past few years, points TMR. Hadoop is now considered an excellent substitute to human resources for effective data analysis and continues to expand its array of end-use industries.

The rising penetration of the Internet globally, rising rate of digitization across industrial infrastructures, constantly expanding base of social media followers, and the mounting numbers of people using mobile devices have also intensified the need for excellent data management and analysis tools in the global market.

Hadoop, with its capability of processing unstructured data in a cost effectiveness and a rapid manner, has favored its adoption over conventional methods of data processing using RDBMS solutions in the past few years.

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Owing to these factors, the global Hadoop market will witness growth at an exponential pace over the next few years, states TMR. The market is expected to expand at a 26.3% CAGR from 2015 to 2023 and rise to a valuation of US$2,429.0 mn by 2023.

Of the key applications of Hadoop solutions across a number of industries, the global Hadoop market earned its major share in market valuation from the IT and ITES sector in 2014.

The market in this sector accounted for a share of 18.58% in the global Hadoop market and is expected to expand at an impressive 28.9% CAGR over the period between 2015 and 2023. The rising adoption of Hadoop solutions in outsourced services has been the primary driver of Hadoop market in the IT and ITES sectors in the past few years.

The sector will continue to account for a reasonable share in the global Hadoop market in the future as well, but it will be outpaced by the demand for Hadoop in the BFSI segment, which will rise at a CAGR of nearly 29% from 2015 to 2023.

The rising digitization of the banking, financial services and insurance sector across the world has not only increased the volumes of critical consumer-related data but has also made it vulnerable to frauds and thefts. Effectiveness of Hadoop solutions in effectively managing, analyzing, and detection frauds in critical data will lead to their increased adoption in the GFSI sector in the next few years.

Hadoop is a Java-based open source programming framework sponsored by Apache Software Foundation, which enables the processing of large data sets in a distributed computing environment. Hadoop has two main subprojects, namely – MapReduce and Hadoop Distributed File System (HDFS). MapReduce is a framework that assigns work to the clusters in a node, whereas HDFS is a file system used for data storage in a Hadoop cluster.

Since its inception in 2009, the global market for Hadoop is growing at a healthy rate as it has emerged as one of the best tools to manage big data. Growing unstructured as well as structured data volume across different end use sectors such as retail, BFSI, healthcare, media and entertainment, and telecommunication among others is augmenting the demand for Hadoop solutions.

As a result of technological advancement, huge volumes of data are being generated by different electronic devices used in various end use segments such as Banking, Financial services and Insurance (BFSI), retail, telecommunication, healthcare, and government and public utilities among others.

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The data generated in the above mentioned end use 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. Increased corporate spending to manage unstructured data has boosted the adaptation of Hadoop.

Furthermore, Hadoop is cost effective and has low maintenance charges compared to other data frameworks such as relational database management system (RDBMS). In addition, Hadoop has the ability to run on commodity hardware and the time taken to process the data is less.

Asia Pacific has the largest number of internet users followed by Europe. In the near future, cell phones with high end internet connectivity are likely to gain more popularity and a healthy percentage of cell phone users are expected to use it for both commercial and personal purposes. Moreover, billions of people conduct different types of online transactions daily contributing to the generation of huge volume of data.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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