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.
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.
Obtain Report Details @
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.
Make an Enquiry @
Europe and Asia Pacific are expected to lead to the most profitable returns for Hadoop solutions in the next few years. Rising consumer base on social media networks, rising digitization of industrial infrastructures, and an increased number of mobile users in Asia Pacific are leading to the increased need for Hadoop tools for managing the mounting volumes of digital data. In Europe, demand for Hadoop has increased across sectors such as retail, manufacturing, BFSI, and government. The Asia Pacific market is expected to emerge as the leading regional market for Hadoop, expanding at the fastest CAGR of 30.2 % from 2015 to 2023.
The competitive landscape of the global Hadoop market is moderately consolidated, with the top three companies, Cloudera, Inc., Hortonworks, Inc., and MapR Technologies, Inc., accounting for a cumulative share of nearly 50% in 2014. Other major companies in the market are IBM Corporation and EMC Corporation.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453