According to the latest report by IMARC Group, titled “Hadoop Big Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global Hadoop big data analytics market reached a value of US$ 14.21 Billion in 2021. Hadoop big data analytics is an open-source, java-based framework utilized for storing and processing large volumes of data on clusters of commodity hardware. It is widely used for business and sales development, scientific analytics, security, law enforcement, automation, financial trading, forecasting, and performance optimization. Hadoop big data analytics stores structured, semi-structured, and unstructured data and allows the clustering of multiple computers instead of using one large computer to analyze massive datasets. As compared to traditional database systems, it offers enhanced data storage, scalability, flexibility, high speed, fault tolerance, minimum network traffic, and high throughput at cost-effective prices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hadoop Big Data Analytics Market Trends-
Significant growth in the banking, financial services, and insurance (BFSI) industry across the globe is one of the key factors driving the market growth. Hadoop big data analytics assists financial firms in detecting fraudulent activities, facilitating smart payment methods, analyzing the choices of consumers, and retaining them by identifying behavioral patterns. Furthermore, the solution enables the information technology (IT) sector to gain real-time insights on potential risk factors, thus helping them in enhancing business revenues and mitigating fraudulent risks while maintaining customer satisfaction. This, in turn, is acting as another growth-inducing factor. Additionally, the large-scale integration of the Internet of Things (IoT) to provide a cost-effective and scalable computing solution for analyzing, processing, and storing unstructured data from sensor connected devices is providing an impetus to the market growth. Moreover, the rising software demand from the healthcare industry for efficiently storing and handling large volumes of patient data is creating a positive outlook for the market. Other factors, including rapid digitization and the widespread utilization of Hadoop big data analytics across the globe to update real-time information on the COVID-19 disease for gaining actionable insights and making data-driven decisions are supporting the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 36.26 Billion by 2027, exhibiting a CAGR of 16.10% during 2022-2027.
- Based on the component, the market has been divided into solutions [data discovery and visualization (DDV) and advanced analytics (AA)] and services.
- On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud-based.
- Based on the business function, the market has been categorized into marketing and sales, operations, finance, and human resources.
- On the basis of the organization size, the market has been classified into large, and small and medium-sized enterprises.
- Based on the end user, the market has been divided into BFSI, retail, IT and telecom, healthcare and life sciences, manufacturing, media and entertainment, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Alteryx Inc., Amazon Web Services Inc. (Amazon.com Inc.), Dell Technologies Inc., Fair Isaac Corporation, Google LLC, Hewlett Packard Enterprise Company, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Salesforce.com Inc., SAS Institute Inc., Splunk Inc. and TIBCO Software Inc.
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