ID: MRFR/ICT/1901-CR | January 2019 | Region: Global | 126 pages
Hadoop Big Data Analytics Market will touch USD 52 Billion at a whopping 36.37% CAGR between 2018- 2023, reveals the current Market Research Future’s (MRFR) hadoop big data analytics market forecast report. The strong hadoop big data analytics market growth is due to the growing focus on digital transformation.
The COVID-19 outbreak has cast its shadow in different industries, which also includes the hadoop big data analytics industry. This is chiefly on account of government imposed lockdowns, which had a direct impact on public and government sectors, retail and e-Commerce, and global manufacturing. It has also influenced logistics and supply chains due to halt in operations in different verticals.
The demand for hadoop big data analytics services and solutions is likely to increase owing to the growing need for remote health monitoring and customer, sales, and assets management, inventory management, energy management, and predictive asset maintenance. In fact, businesses in different verticals are planning to deploy various Hadoop big data analytics solutions for carrying out the digital transformation of mission critical processes that may have a positive impact on market growth. Besides, the improvements in real-time business decision making, growth in operational visibility for different processes, improvement of privacy and data security, enhancement in customer experiences, and reduction in operational costs and infrastructure are adding to the global hadoop big data analytics market demand.
Convergence of IoT and Big Data to Bolster Market Growth
The convergence of big data as well as the internet of things is likely to bolster the hadoop big data analytics market size over the forecast period. The rising proliferation of the internet of things in different devices like sensors is generating an ample amount of data that will have a positive impact on the market.
Additional factors adding to the global hadoop big data analytics market share include the growing focus on digital transformation, rising investments in analytics, increasing focus on remote monitoring in support of the outbreak, rising adoption of smart payment technologies & business that need to build a digital infrastructure for large-scale deployments, growing need for analytics on customer-generated data and enterprise by different business organizations, availability of huge databases in different industrial sectors, number of data repositories with current and historical data, the capability of big data analytics to handle huge volumes of unstructured and structured data, and growing technological innovations
Increasing Digitalization to Offer Robust Opportunities
The increasing digitalization is likely to offer robust opportunities to market players in the future.
Scarcity of Skilled Professionals to Act as Market Restraint
The scarcity of skilled professionals, non-uniformity of data, and immaturity of hadoop platform, may deter the global hadoop big data analytics market revenue over the forecast period.
Deficiency in Safety to Act as Market Challenge
The deficiency in safety, lack of big data regulatory framework, and uncertainty related to security issues may act as key challenges for industry players in the future.
The market for hadoop big data analytics has been bifurcated based on end user, application, and component.
Software Segment to Lead Hadoop Big Data Analytics Market
By component, the global hadoop big data analytics market is segmented into services and software. The services segment is again segmented into training and support, managed services, and consulting and development. Among these, the software segment will lead the hadoop big data analytics market over the forecast period. It will grow at a 35.69% CAGR by 2023. Hadoop big data analytics software is used in businesses for managing, scaling, and distributing customer and enterprise data. This also helps in facilitating the collection of metrics from the data cluster of individual machines & generates reports.
Risk and Fraud Analytics Segment to Dominate Hadoop Big Data Analytics Market
By application, the global hadoop big data analytics market is segmented into merchandising and supply chain analytics, distributed coordination service, security intelligence, customer analytics, internet of things (IoT), and risk and fraud analytics. Of these, the risk and fraud analytics segment will dominate the market over the forecast period for the growing focus towards risk & fraud assessment in current day businesses. Risk and fraud analytics provides end-to-end assessment to identify potential and current issues. It will grow at 37.30% CAGR by 2023.
BFSI Segment to Spearhead Hadoop Big Data Analytics Market
By end user, the global hadoop big data analytics market is segmented into healthcare, transportation and logistics, manufacturing, government and defense, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will spearhead the market over the forecast period. It will grow at 35.25% CAGR by 2023. BFSI includes a huge amount of data generation. As this sector is highly regulated, it needs dynamic solutions. The legacy platforms utilized by enterprises in the sector are supplanted by advanced software frameworks like Hadoop big data analytics.
North America to Sway Hadoop Big Data Analytics Market
The global hadoop big data analytics market geographically has been segmented into Europe, the North America,Asia Pacific (APAC), & Rest of the World (RoW). Of these, North America will sway the market over the forecast period. The presence of robust IT infrastructure, easy adoption of emerging technologies and integration in top-tier organizations, the presence of leading IT companies, a massive foothold of big data analytics providers, and rapid expansion of business insights are adding to the global hadoop bog data analytics market growth in the region.
APAC to Have Notable Growth in Hadoop Big Data Analytics Market
In the Asia Pacific region, the global hadoop big data analytics market is predicted to have notable growth over the forecast period. The rising volume of data, advances in big data technologies and AI, rising concern about data integrity, growing demand for useful insights, Japan, India, and China focusing on improving data management to improve business processes and data-based business decisions, rapid urbanization and industrialization, initiatives by the government to develop smart cities, increasing deployment of Hadoop big data solutions by enterprises to update their business operations and improve efficiency, rising investments by tech companies in Japan and China, and growing government regulations are adding to the global hadoop big data analytics market growth in the region.
The hadoop big data analytics market is highly fragmented and competitive in nature with the presence of several key players. These key players have encompassed specific strategies to stay ahead in the competition, such as mergers and acquisitions, partnerships, joint ventures, product launches, and more.
Prominent players profiled in the global hadoop big data analytics market report include Amazon Web Services (U.S.), IBM Corporation (U.S.), Datameer, Inc. (U.S.), Pentaho Corporation (U.S.), Teradata Corporation (U.S.), Cloudera, Inc. (U.S.), Microsoft Corporation (U.S.), Karmasphere, Inc. (U.S.), Tableau Software, Inc. (U.S.), and MapR Technologies (U.S.).
The hadoop big data analytics market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
Frequently Asked Questions (FAQ) :
The Hadoop big data analytics market is assessed to expand at 36.37% over the review period.
The Hadoop big data analytics market is presumed to value at around USD 52 Bn by 2023.
The Hadoop big data analytics market in North America is expected to expand at 34.90%.
The key payers profiled in the report are - Teradata Corporation, Microsoft Corporation, Cloudera, Inc, IBM Corporation, Fair, Isaac, and Company (FICO), Tableau Software, Inc, Amazon Web Services, Hitachi Ltd., Datameer, Inc, and MapR Technologies.
The end-user segments of the Hadoop big data analytics market are BFSI, government & defense, healthcare, manufacturing, IT & telecommunication, transportation & logistics, and others.
The applications of Hadoop big data analytics are merchandising & supply chain analytics, risk & fraud analytics, customer analytics, Internet of Things (IoT), security intelligence, merchandising coordination service, distributed coordination service, and others.
The regional segments studied for the analysis of the Hadoop big data analytics market are North America, Asia-Pacific (APAC), Europe, and the Rest of the World.