Press release
Hadoop Market is projected to grow at a CAGR of 33.5% and to reach USD 84.6 Billion by 2024
Hadoop is an open source software solution based distributed processing technology for the storage and distribution of texts, images, videos, and several running applications. The software has huge processing power and fault tolerance capabilities to protect data and applications against potential hardware failures. Hadoop uses simple programming models to store big data. The global Hadoop market has witnessed dynamic growth in the recent years, as the state of art software is more cost effective and efficient as compared traditional data analysis tools such as Relational Database Management Systems (RDBMS)
The demand of Hadoop is due to rise in volume and amplified need for the conversion of information used big firms for decision making. The factors responsible for the growth of the Hadoop market are fast processing of structured and non structured data, efficient data processing, fault tolerance and lower server cost. The data is created from various web based searches, social networks and cloud based applications. However, data security concerns, and distributed computing are the impeding factors for the Hadoop market. According to the Reserve Bank of India (RBI), during 2015-2016, 16,468 cyber terrorism associated with ATM, debit card, credit card, and net banking frauds were reported.
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The Hadoop market is projected to grow at a CAGR of 33.5% from 2017 - 2024, to reach USD 84.6 Billion by 2024.
Global HadoopMarket: Segmentation
By Solution
Packaged Software
Management Software
Application Software
Performance Monitoring Software
By Service
Consulting & Development Services
Training and Support Services
Administration and Managed Services
By End User
Banking , Financial Services and Insurance (BFSI)
Government and Defense
Healthcare and Life Sciences
Retail and Consumer Goods
Media and Entertainment
Energy and Utility
Transportation and Supply Chain Management
IT and Telecommunication
Others (Academic, Research and Manufacturing)
The demand of Hadoop in BFSI is expected to outpace other applications in the offering. The digitization of banking, financial services and insurance sector would be the top impacting factors.
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Geographic Analysis
North America holds a dominant position in the market and expected to maintain its position over the forecast period. The dominance of the North America is attributed to rampant innovation in the IT infrastructure, skilled man power and high presence of IT behemoths such as Microsoft, Google, Oracle and IBM.
Asia Pacific is projected to exhibit rapid growth over the forecast period due to rapid industrialization and urbanization. For instance, the Government of India has introduced smart city mission to rejuvenate 100 cities across the country to make more eco-friendly and maintainable. Such initiatives are expected to create opportunities for growth of the market over the forecast period.
Competitive Scenario
The companies operating in the Hadoop market are Amazon Web Services, Cloudera Inc, HortonWorks Inc., Teradata Corporation, Cisco Systems, MapR Technologies, MarkLogic Corporation, Tableau Software, Pentaho Corporation, Pivotal Software, Fair Isaac Corporation and DataMeer Inc. Industry giants such as Hortonworks, Cloudera, MapR and others introduced innovative Apache Hadoop based data analytics solutions for the business enterprises to gain competitive edge in the market.
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