DUBLIN--(BUSINESS WIRE)--The "Hadoop Big Data Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Hadoop Big Data Analytics Market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 16.10% over the forecast period.
Hadoop, an efficient open-source big data analytics platform, empowers businesses to store and process vast amounts of structured and unstructured data quickly and efficiently using a cluster of commodity hardware.
Key Highlights
- Automation and Big Data Growth: The increasing automation for Big Data collection, storage, and processing is expected to revolutionize and propel the growth of the Big Data analytics market. Enterprises across various industries are undergoing digital transformation and adopting more self-service solutions, leading to a surge in unstructured data from various sources such as text, files, images, and pictures. As data volumes escalate from gigabytes to terabytes and petabytes, traditional tools like RDBMS fall short in delivering desired results. Hadoop, with its ability to handle terabytes of data, is gaining traction as enterprises harness the potential of extensive data generated daily.
- Industrial 4.0 and Smart Manufacturing: The growth of Industry 4.0 practices across industries creates further opportunities for the adoption of Big Data analytics during the forecast period. With revenues from smart manufacturing projected to reach USD 216.63 billion by 2023, Big Data analytics is poised to become an integral part of smart manufacturing strategies, offering improved process efficiency and product performance.
- Challenges in Market Growth: The market faces challenges stemming from lack of awareness and security concerns. Safeguarding personal data securely has become a paramount task, even for Small and Medium Enterprises (SMEs). The rising threat of cyber-attacks not only costs organizations significantly but also jeopardizes their brand identity. Consequently, enterprises may exhibit hesitancy in deploying Big Data environments due to the vulnerabilities associated with databases and visual dashboards.
- Impact of COVID-19: Like many sectors, the Hadoop Big Data Analytics Market experienced disruptions during the COVID-19 pandemic. The crisis impacted the IT infrastructure, causing slowdowns in hardware supply chains and reduced manufacturing activities.
Hadoop Big Data Analytics Market Trends
- Retail Sector Growth: The retail industry is undergoing a significant transformation through advanced analytics and Big Data technologies. With the rise of e-commerce, online shopping, and fierce competition for customer loyalty, retailers are leveraging Big Data analytics to stay competitive. Applications in retail span across various stages, including understanding customer behavior, predicting demand, optimizing pricing, and improving online and in-store customer experiences. Key vendors like MapR Technologies offer platforms to store, integrate, and analyze a wide variety of online and offline customer data, e-commerce transactions, clickstream data, social media, and more in one central repository.
- North America's Prominence: North America is expected to witness substantial growth in the Hadoop Big Data Analytics Market. Major players like IBM Corporation, Microsoft Corporation, SAS Institute, Inc., Alteryx, Inc., Fair Isaac Corporation, and Microstrategy Incorporated are actively expanding their product offerings and partnerships. The region's increasing adoption of Big Data solutions is empowering companies to enhance customer experiences, improve marketing strategies, identify fraud and waste, and achieve other business-enhancing results.
Hadoop Big Data Analytics Industry Overview
The Hadoop Big Data Analytics Market presents a moderately competitive landscape, with a few key players currently controlling the market share. However, emerging markets are witnessing the rise of new competitors expanding their market presence and commercial footprint through managed service analytics.
Alteryx recently announced significant developments on the Alteryx Analytics Cloud platform, providing unified and approachable end-to-end analytics in the Cloud. The latest advancements, encompassing cloud, machine learning, and security, are accelerating enterprise-wide analytics to deliver game-changing insights.
As businesses continue to embrace data-driven decision-making, the Hadoop Big Data Analytics Market is poised for significant growth, offering innovative solutions to harness the potential of Big Data and drive industry advancements.
A selection of companies mentioned in this report includes
- Alteryx Inc.
- Fair, Isaac, and Company(FICO)
- IBM Corporation
- Microsoft Corporation
- Micro Strategy Incorporated
- SAS Institute Inc.
- Tibco Software
- Amazon Inc. (AWS)
- Salesforce.com Inc. (Tableau Software Inc.)
- QLIK Tech International
- SISENSE Inc.
- Dell Technologies Inc.
- Hitachi Consulting
- Hewlett Packard Company
- Splunk Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ol50wz
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