According to a new market report published by Transparency Market Research, global hadoop market was valued at USD 4,120.0 million in 2014, growing at a CAGR of 28.4% from 2015 to 2023 to account for USD 37,759.0 million in 2023.
The report named "Hadoop Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" shows the growing demand for effective and faster accessibility of data among various industries is the major driver for the global Hadoop market. Increasing demand for big data analytics and growing volumes of unstructured data worldwide also provide substantial boost to the growth of the Hadoop market. Continuous development of technologies and increase in investments for further enhancements are simultaneously fuelling the demand for Hadoop globally. With the growing popularity of big data, the demand for big data analytics is likely to increase in the near future. Companies such as IBM and Intel among others are developing their own version of Hadoop, raising the popularity of Hadoop globally.
The global Hadoop market has been categorised into software, hardware and services. Increasing emphasis on enhancement of software and services is currently serving as a major boost to the growth of the global Hadoop market. The services segment is estimated to account for the largest share in the global Hadoop market throughout the forecast period. Market share of the software segment is estimated to improve significantly over 2015 to 2023. The software segment is analysed to be the fastest growing segment, due to the increase in Hadoop software solutions across different industry verticals. The hardware segment is expected to maintain a steady growth rate in the market over the forecast period.
Based on end use industry segmentation, the market is categorized into Banking, Financial services and Insurance (BFSI), retail, telecommunication, media entertainment, manufacturing, natural resources, trade and transport, government, IT & ITES and others. The market is estimated to be dominated by the IT & ITES segment throughout the forecast period, followed by the telecommunication segment. However, the demand for software, hardware and services of Hadoop from the government, BFSI, and retail among others is also expected to boost the growth of the market during the forecast period. The fastest growing end use industry in the global Hadoop market is estimated to be the BFSI segment, followed by IT & ITES over 2015 and 2023.
Based on geographical segmentation, North America is estimated to be leading the global Hadoop market with revenue share more than 50% in 2014 and is expected to continue its dominance throughout the forecast period. Growing emphasis for storage and analysis of unstructured data is the major factor driving the growth of the Hadoop market in North America.
Additionally, in North America, continually increasing investments for the enhancement of Hadoop technologies to meet growing industrial requirements, is currently contributing to the growth of Hadoop market. Following these investments and rapid penetration of Hadoop in the end use sectors, the requirement of enhanced softwares and services are growing rapidly in the region.
The market for Hadoop in Europe is estimated to maintain a steady growth and adoption of the Hadoop technologies is expected to rise in the U.K., Germany and France significantly over the forecast period. As of 2014,Asia Pacific is the fastest growing region in the global Hadoop market, registering a rapid growth from 2015 onwards. China and India are analyzed to be the leading markets for Hadoop in the Asia Pacific. Rest of the World (RoW), especially countries in the Middle East such as Saudi Arabia, UAE and others are adopting Hadoop for addressing business issues. Moreover, considering growth of investments in latest technologies and development of various industrial sectors, Asia Pacific and Rest of the World are expected to offer lucrative opportunities for key vendors in the Hadoop market during the forecast period.