Hadoop Market to Observe Highest Growth of USD 842.25 Billion with Growing CAGR of 37.4% by 2030
Increased security concerns regarding Hadoop architecture, distributed computing, and access to data and fragmented data hamper the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, April 24, 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, opportunities, analysis, and future estimations to determine the imminent investment pockets.
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An increase in competition in the business environment, a 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 and growth in the popularity of e-commerce are anticipated to present worthwhile opportunities to market players.
Impact of Covid-19 Scenarios on the Hadoop Market:
• The termination of the Mobile World Congress has enormously affected the market income, as such international shows offer the 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 organizations to decline their investments on new business models. Companies suspended hiring the workforce and every additional expense apart from essentials.
• Nevertheless, as the situations are coming under control, government bodies worldwide 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.
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.
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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.
Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the global Hadoop market forecast along with current & future trends to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on global Hadoop market trend is provided in the report.
• The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2030 is provided to determine the hadoop market potential.
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