Published Date : Apr 25, 2016
Hadoop is a part of big data, that stores and processes data. The rising demand of people across the globe for the internet of things has led to an increase in the adoption of smartphones. This increased use of smartphones and rising demand for IoT has increased the amount of data that is generated, thus leading to the concept of cloud storage and big data. Hadoop is thus, used by various organizations to store, process, and analyze huge amounts of unstructured data.
According to a report published by a market intelligent company called Transparency Market Research, the global Hadoop market is expected to expand at a stupendous CAGR of 28.4% between 2015 and 2023, rising from US$4,120.0 mn in 2014 to US$37,759.0 mn by the end of 2023.
Intel and IBM developing their own Versions of Hadoop Boosts the Popularity of Hadoop
Big companies such as Intel and IBM are developing their own versions of Hadoop, thus increasing the popularity of Hadoop and propelling the market globally. The enhancements and constant developments in the Hadoop technology will further fuel the demand for Hadoop. The rising volume of unstructured data will ensure a healthy growth of the global Hadoop market in the coming years.
IT and ITES Segment Expected to Dominate the Global Hadoop market
The global Hadoop market is segmented on the basis of end use industry into retail, banking, financial services and insurance (BFSI), telecommunication, manufacturing, IT and ITES, natural resources, government, and trade and transport. Out of these, the IT and ITES segment is expected to dominate the global Hadoop market in the coming years. However, the BFSI segment is expected to witness the fastest growth in the global Hadoop market in the forthcoming years.
Based on geography, the global Hadoop market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Out of these, Asia Pacific will witness the fastest growth and Europe will maintain a steady growth. North America held a share of more than 50% in the global market in 2014.