The global hadoop big data analytics market are expected to experience brisk growth due to substantial information generation across different industry verticals over the forecast period. Big data analytics will help industry participants move towards innovation, growth, and productivity.
Hadoop is an open source framework that permits big data storage & analytics and uses simple programming models across distributed computer clusters. Big data is a massive volume of information which can be unstructured as well as structured. Due to the sheer volume of such information, it cannot be stored and processed by conventional systems. Moreover, it supports organizations to understand the trend and aid in real-time corporate level decision making. With this solution, information can be stored, analyzed and mined to fulfill the bottom line objective. It helps in modernizing the business models and maximizing the revenue for the service providers.
The information accumulates at a tremendously high pace considering volume, variety and velocity due to the day-to-day operations of the industries. In such a situation, organizations face many technical difficulties during collection, storage, analysis, and reporting through interlinked and shared dashboards. Managing such information requires high-quality data management systems and appropriately channelized information flow. The companies need state-of-the-art for big data resolutions to gather, store, examine, picture and make future forecasts from the evidence obtained from massive information volumes.
Close operational scrutiny by the industry participants with an aim to critically observe their daily operations has given rise to big data. Such a step is taken majorly to gain a competitive advantage over the rival companies and gain a better insight into their strategies. Such a strategic market trend is presumed to expand further the Hadoop big data analytics market. Industry players are supposed to invest in the next generation solutions which are forecasted as new opportunities for the industry growth and development. This solution is intended to be implemented by different companies to remain competitive in the market and gain better industry insights. Demand for a common unified platform for information storage will further complement the Hadoop big data analytics market growth.
Deficiency in safety and lack of proper big data regulatory framework is presumed to hamper the industry growth. Skilled personnel shortage that can convert machine language to operational solutions for data warehousing and advanced analytics will further reduce the rate of increase over the eight years. Big data safety and security intelligence solutions are areas that are presumed to offer ample growth opportunities for the industry participants over the forecast period.
Companies are spending heavily on R&D initiatives for the developing integrated solutions that provide superior advantages. End-use industries are taking extra efforts to minimize hardware costs to hold market position and gain a competitive edge in the Hadoop big data analytics market.
Network optimization, churn prevention, location-based initiatives and social media & sentiment analysis, and weather forecasting are the key applications for this market. Network optimization helps in the real-time study and can be used for destruction control applications. Information services related to accurate location and exact information needs are made possible by big data analytics. Information collection from the social media and are subjecting this information to detailed emotion analysis is expected to offer ample growth opportunities for the related companies.
Product wise market is classified as Hadoop packaged software, Hadoop application software, Hadoop management software, and Hadoop performance monitoring software. Major end-use industries include banking, telecommunication, healthcare, transportation, information technology, gaming and public organizations, and weather forecasters.
Major markets include North America, Europe, Asia Pacific, Middle East & Africa and Central & South America. North America and Europe dominated this market in the recent past and are expected to show a similar trend over the forecast period. Developing regions such as Asia Pacific is projected to observe rapid growth over the forecast period owing to rapid industrialization and urbanization. Government initiatives such as creating smart cities are presumed to open up ample growth opportunities over the next eight years.
Hadoop big data analytics industry is highly cost intensive and requires substantial initial investment. Industry participants are taking active measures and investing heavily in R&D initiatives to develop superior and efficient systems & control hubs. The industry is also expected to witness numerous new entrants across several end-use verticals owing to robust market demand. Mergers & acquisitions are anticipated to be key strategic initiatives to be adopted by the companies to increase their capabilities and penetrate the market deeper. Prominent industry participants include Cloudera Inc., Hortonworks, Inc., Hadapt, Inc., Amazon Web Services LLC, Outerthought, MapR Technologies, Inc., Platform Computing, Karmasphere, Inc., Greenplum, Inc., Hstreaming LLC, Pentaho Corporation and Zettaset, Inc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.