LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global Hadoop market predicts a CAGR of more than 39% during the period 2017-2021.
The report has further categorized the global Hadoop market into different segments by end-user (banking, financial services, and insurance sector, government sector, communications sector, healthcare sector, and others) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global Hadoop market, according to Technavio ICT researchers:
- Growing structured and unstructured data: a major market driver
- The BFSI sector was the largest end-user of Hadoop in 2016
- In 2016, the Americas dominated the global Hadoop market with a share of more than 55%
- The major players in the market include Amazon, Cloudera, Hortonworks, IBM, MapR Technologies, Microsoft, Pivotal Software and Teradata
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Growing structured and unstructured data: a major market driver
Growing structured and unstructured data is one of the key factors driving the global Hadoop market. Enterprise data, including structured data and unstructured data, is generated from various sources such as enterprise applications, web-based search, social networks, and cloud-based applications. The data coming from embedded systems and metadata are some of the fastest-growing data segments. Hadoop is necessary for organizations to process the huge volumes of big data generated and to use the data effectively. Hadoop and big data analytics assist enterprises to optimize their business decisions and innovate new business models, products, and services offerings.
According to Amrita Choudhury, a lead analyst at Technavio for research on enterprise application, “Accessibility to Hadoop, as a part of or as an extension to the corporate information framework, is necessary. It should be made available for analysis and decision-making. Companies use Hadoop and Spark for real-time analytics. They are also used for fraud detection, product design and development, and process automation. Therefore, the growth of structured and unstructured data is expected to fuel the demand for Hadoop during the forecast period.”
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BFSI sector: largest end-user segment
Hadoop is utilized across the BFSI sector for various applications such as fraud detection, data security, customer intelligence, data modeling, neural network scoring, social media management, and customer analysis. Big data on Hadoop assists to pick up odd patterns and alerts the bank of the same. Sigorta Bilgi ve Gözetim Merkezi (SBM), also known as Insurance Information and Monitoring Center, is a non-commercial legal entity in the body of the Union of Insurance and Reinsurance Companies of Turkey. SBM uses SAS Fraud Framework and analytics to improve the fraud detection rates and to focus more on organized fraud cases.
Competitive vendor landscape
The global Hadoop market is not intensely fragmented. The dominating players in the market are Hortonworks, Cloudera, MapR Technologies, and Microsoft. There is intense competition among these vendors. Owing to the increased competition, consolidation is being observed in the industry wherein smaller players are being acquired by or merged with the major players. Moreover, the changing technological environment is a major challenge for the global vendors. To survive and succeed in this intensely competitive environment, it is essential that the vendors differentiate their products and services through clear and unique value propositions.
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