Global Hadoop Market Propelled by Increasing Demand from BFSI, Retail, Government Sectors
BFSI to Emerge as Key Contributor to Growth
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. The rising digitization of the banking, financial services and insurance sector across the world has not only increased the volumes of critical consumer-related data but has also made it vulnerable to frauds and thefts. Effectiveness of Hadoop solutions in effectively managing, analyzing, and detection frauds in critical data will lead to their increased adoption in the GFSI sector in the next few years.
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Asia Pacific to Lead Global Hadoop Market
North America is a mature market for Hadoop and is presently the largest contributor to the overall growth of the global Hadoop market. The high rate of receptiveness for Hadoop in the region can be attributed to the digitally and technologically advanced infrastructures across industries such as BFSI, manufacturing, and retail. The region accounted for a dominant share of 53.3% in the global Hadoop market in 2014.
However, 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.
Hadoop is a Java-based open source programming framework sponsored by Apache Software Foundation, which enables the processing of large data sets in a distributed computing environment. Hadoop has two main subprojects, namely – MapReduce and Hadoop Distributed File System (HDFS). MapReduce is a framework that assigns work to the clusters in a node, whereas HDFS is a file system used for data storage in a Hadoop cluster. Since its inception in 2009, the global market for Hadoop is growing at a healthy rate as it has emerged as one of the best tools to manage big data. Growing unstructured as well as structured data volume across different end use sectors such as retail, BFSI, healthcare, media and entertainment, and telecommunication among others is augmenting the demand for Hadoop solutions.
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