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(I-SoftwareNews.Com, January 29, 2020 ) According ro market research report "Hadoop Big Data Analytics Market by Component (Solution, Service), Application (Risk & Fraud Analytics, IoT, Merchandizing & SCM, Customer Analytics, Offloading Mainframe, Security Intelligence), Vertical, and Region - Global Forecast to 2021", projected to grow from USD 6.71 Billion in 2016 to USD 40.69 Billion by 2021, at a CAGR of 43.4% between 2016 and 2021.
The market is primarily driven by increasing demand for deployment of Hadoop big data analytics solutions for analyzing exponentially growing structured and unstructured data to obtain actionable insights from it. Moreover, the increased need for conversion of information gathered by big data and Internet of Things (IoT) for decision-making by organizations has fueled the demand for Hadoop big data analytics solutions, thereby leading towards the growth of the market during the forecast period.
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Among components, the solution segment is projected to lead the market during the forecast period.
Based on component, the market has been segmented into solution and service. The solution segment is projected to lead the market between 2016 and 2021. Increasing demand for cost-effective and highly scalable solutions provided by Hadoop to handle extremely large data sets on distributed computing environment is fueling the growth of the solution segment of the Hadoop big data analytics market. The performance monitoring software solution subsegment of the component segment of the market is projected to grow at the highest CAGR during the forecast period due to increasing demand for data management on distributed computing platforms.
The security intelligence application segment of the market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.
The security intelligence application segment of the market is projected to grow at the highest CAGR during the forecast period due to growing need for enhanced visibility and protection of data through advanced analytics.
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Based on vertical, the BFSI segment is projected to lead the market during the forecast period.
Based on vertical, the BFSI segment is projected to lead the market during the forecast period due to early adoption of Hadoop big data analytics solutions and services by varied organizations to acquire improved understanding of the requirements of their customers and update their services and solutions accordingly to cater these requirements.
The North American region is projected to lead the Hadoop big data analytics market during the forecast period.
The market has been studied for North America, Asia-Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America. The North American region is projected to lead the market between 2016 and 2021. In the North American region, amount of data generated by various organizations is increasing tremendously on daily basis. This growth of data has led to increased adoption of Hadoop big data analytics solutions in the BFSI and retail & consumer goods verticals of the North American region, thereby fueling the growth of the market in the region.
Microsoft Corporation (U.S.), Amazon Web Services (U.S.), IBM Corporation (U.S.), Teradata Corporation (U.S.), Tableau Software, Inc. (U.S.), Cloudera Inc. (U.S.), Pentaho Corporation (USA), Marklogic Corporation (U.S.), SAP SE (Germany), and Pivotal Software, Inc. (U.S.) among others are the key players operating in the Hadoop big data analytics market.
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