Hadoop Market: Growing at a CAGR of 51.0% between 2016 and 2021
Zion Research has published a new report titled “Hadoop Market by Type (Software, Hardware and Services) for BFSI, Government Sector, IT & ITES, Healthcare, Telecommunication, Retails and Others End-Uses: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global demand for hadoop was valued at USD 5.0 billion in 2015, and is expected to reach USD 59.0 billion in 2021, growing at a CAGR of 51.0% between 2016 and 2021.
Hadoop is software framework for distributed storage and distributed processing of very large data sets on computer clusters built from commodity hardware. It basically handles the big data analytics for enterprises. It is fastest and efficient software to meet real-time analytics from data such as audio, video, email, machine-generated data from internet.
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Growing rapid demand for big data utilization and growing volume for structured and unstructured data across large enterprise is a major driving factor of global hadoop market. Healthcare, banking & finance, manufacturing, biotechnology & defense need effective and fastest solution to monitor the data. This factor also expected to accelerate the demand for hadoop solution over the verticals across the globe. However, distributed computing and security issues may limit the utilization of hadoop software. Moreover, ongoing development and upgradation may open new opportunities for hadoop market.
Software, hardware and services are three major segment of the hadoop market. Among these three services segment has dominance over the market for 2015 year. It generates around 40% shares of the total revenue of hadoop market. It is also further expected to continue its dominance in the market for the coming five years. In addition, software segment is also projected to witness lucrative growth owing to growing adoption of hadoop solution in large enterprises for handling big data.
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IT & ITES was the foremost end-use industry for global hadoop market. It accounted around 32% share of the entire revenue generated in 2015. IT & ITES was followed by telecommunication industry in the same year. In addition, end-industries such as government sector, retails and BFSI are important outlets that are likely to have splendid growth over the future years due to rapidly increasing penetration of hadoop solutions.
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