The increase in demand for data analytics positively impacts the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, June 6, 2023/EINPresswire.com/ — According to the report published by Allied Market Research, the global Hadoop market was estimated at $26.74 billion in 2019, and is estimated to reach $340.35 billion by 2027, manifesting a CAGR of 37.5% from 2020 to 2027. The report offers an in depth study of the market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets.
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Increase in competition in the business environment, rise in adoption of Hadoop-as-a-Service by small and medium enterprises (SMEs), and flexibility and agility for businesses provided by Hadoop drive the growth of the global Hadoop market. On the other hand, low security for highly confidential data and lack of awareness regarding the advantages of Hadoop technology impede the market. Nevertheless, ongoing partnerships and funding taking place and growth in popularity of e-commerce are anticipated to present worthwhile opportunities to market players.
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Impact of Covid-19 Scenarios on Hadoop Market:
• The termination of the Mobile World Congress has enormously affected the market income, as such international shows offer biggest exposures to products and solutions and companies get a chance to meet new clients and seal new partnerships.
• At the same time, the unpredictable circumstances during the pandemic has led the organizations to decline their investments on new business models. Companies suspended hiring workforce and every addition expense apart from essentials.
• Nevertheless, as the situations are coming under control, government bodies all over the world are initiating to ease off the regulations. Also, the industry players are strategically recovering with the requirements of the situation.
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The Hadoop market is segmented on the basis of component, deployment model, organization size, end user, and region. Based on component, the services segment dominated the market with the largest share in 2019, contributing to more than two-fifths of the global Hadoop market. On the other hand, the software segment is anticipated to register the highest CAGR of 39.7% from 2020 to 2027. The report also includes hardware segment.
Based on end user, the market is divided on the basis of BFSI, retail & consumer goods, IT & telecommunication, healthcare, government & defense, media & entertainment, energy & utility, trade & transportation, and others. The IT and telecommunication segment held the largest share in 2019, accounting for around one-fifth of the global Hadoop market. However, the trade and transportation segment is projected to portray the fastest CAGR of 45.7% during the forecast period.
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Based on region, the global Hadoop market across North America held the lion’s share in 2019, with around two-fifths of the market. On the other hand, the market across Asia-Pacific is projected to register the highest CAGR of 42.2% during the forecast period. Other region studied in the report include LAMEA and Europe.
The major market players profiled in the Hadoop market include Amazon Web Services, Inc., Cisco Systems, Inc., Cloudera, Inc., Datameer, Inc., Dell EMC, Google LLC, International Business Machines Corporation, MapR Technologies, MarkLogic Corporation, and Teradata Corporation.
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