Global Hadoop Market Grows by Catering to Demand for Efficiency and Accuracy - Ankit Jain - ContactCenterWorld.com Blog
The rising concept of internet of things (IoT) is creating a world connected through the internet. The rising demand for IoT is driving the market for smart phones and tablets and other smart consumer devices. With the rising demand of smart electronics, a lot of data is required to be stored which can be accessible from anywhere across the globe. This led to the concept of cloud storage and big data. Apache Hadoop is a part of big data which focuses on storing the files and processing the data. Most of this data generated in different industry processes is unstructured and thus organizations are looking for a tool that could handle this unstructured data appropriately. Increased corporate spending to manage unstructured data has boosted the popularity of Hadoop.
The Hadoop market has been segmented by types and end use industries. By type, the global market has been categorized into software, hardware and services. 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 & IT-Enabled Services (ITES) and others.
In terms of type of Hadoop, the services sector is expected to witness the largest growth. The rising concept of business outsourcing to reduce the operational cost is driving the global Hadoop Market. In addition, the IT and ITES sector held the largest market share globally in 2014. The dominance of segment is attributed to the fact that this sector generates huge amounts of unstructured as well as structured data. Most IT companies are developing their own Hadoop solutions to manage their data and provide solutions to consumers. Furthermore, ITES sector such as research and development and Business Process Outsourcing (BPO) among others are also contributing in generating massive amounts of data. Thus, Hadoop is providing solutions in both the IT and ITES sector to manage the large volume of data generated.
The other sectors that are contributing to growth of Hadoop market include the Banking, Financial services and Insurance (BFSI), retail, telecommunication and Government sectors among others. The government is utilizing the technology of Hadoop to process the large data related to demography. In addition, the rising concept of smart cities is also creating a need to integrate Hadoop. There is growing demand for Hadoop-based big data analytics tool to manage massive amount of data generated. Thus, the tremendous increase in the amount of data generated through different sources is fuelling the growth of Hadoop. Furthermore, Hadoop cloud services is the most attractive market as it is a cost effective solution compared to installing hardware systems in existing data centers. Current development in cloud based services such as Hadoop-as-a-Service (HaaS) represents a remarkable growth opportunity for vendors to cater requirements of small and medium-sized enterprises (SMEs), which are looking for an affordable and efficient tool to effectively handle huge amount of data generated during processes.
Most organizations including the BFSI sector are concerned about safety issues related to data generated during transactions and business processes. During the forecast period, Hadoop is likely to provide a more secure platform to BFSI sector. Moreover, Hadoop is being developed by most of the major IT players and the project is at maturity stage. Once the project is ready for application, the enterprises are expected to adopt Hadoop gradually as it is cost effective and offers faster data processing. Furthermore, the price of Hadoop storage systems is falling rapidly which is helping the small and medium enterprises to adopt the services easily. The storage segment has been categorized into 1 to 100 terabytes, 1 to 10 petabytes and above 10 petabytes. As of 2014, the 1 to 10 petabytes segment was the largest market segment and expected to dominate the market through the forecast period.
The leading players in the Hadoop Market include Cloudera, Inc., Hortonworks, Inc., MapR Technologies, Inc., IBM Corporation, EMC Corporation, Cisco Systems, Inc., Karmasphere, Inc., Pentaho, Zettaset, Inc. and Teradata Corporation among others.
Publish Date: June 23, 2016 8:37 AM