Hadoop Market Anticipated to Witness High Growth Owing to Rising Adoption of Big Data Analytics
The Hadoop market is a distributed processing technology that allows distributed data processing and storage of very large data sets across clusters of commodity servers. It is an open-source software framework that allows for the distributed processing of large data sets across clusters of computers using simple programming models. Hadoop streams inputs from various sources to process and help companies gain business insights and make more informed strategic decisions.
The global Hadoop market is estimated to be valued at US$ 173.4 Billion in 2024 and is expected to exhibit a CAGR of 37% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Hadoop market are Cisco Systems, Inc., Cloudera Inc., EMC – Greenplum, Horton Works, HStreaming LLC, IBM Corporation, Karmasphere Inc., MapR Technologies Inc., Pentaho, and Teradata Corp. Major players are focusing on product launch and innovation to stay competitive in the market. For instance, in 2023, IBM launched new data governance capabilities for IBM Cloud Pak for Data to help organizations better manage, govern and secure distributed data across hybrid cloud environments.
The growing demand for big data analytics across industries such as BFSI, government, retail, and healthcare is creating significant growth opportunities for Hadoop providers. Hadoop solutions help organizations harness insights from vast amounts of structured and unstructured data and gain a competitive advantage. The market is also witnessing opportunities due to increasing demand for cloud-based Hadoop services owing to benefits such as scalability, flexibility and low costs.
Global data generation is surging at an exponential rate driven by the growth of the internet of things and rise of technologies such as AI, ML and big data. This is creating the need for Hadoop providers to expand their geographic presence to leverage growth opportunities worldwide. Major players are investing in partnerships and mergers to strengthen their global foothold.
Market Drivers
The primary driver boosting the Hadoop Market Demand is the rising demand from enterprises for big data analytics to gain valuable insights from huge volumes of data. Hadoop helps companies achieve deeper customer understanding, enhance business processes and facilitate data-driven decision making. Another major factor is the increasing need to shorten project deployment time along with reducing costs associated with storage and managing large and complex datasets. Hadoop addresses this need through its distributed architecture and high scalability.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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