The global Hadoop market is primarily driven due to increasing volumes of unstructured data. Additionally, the growing popularity of big data analytics is also expected to favorably impact market growth over the forecast period. The Hadoop market is also expected to witness considerable growth owing to cost effectiveness and its ability to process data faster. This software framework enables organizations to deal with huge amount of unstructured data at low-cost. However, unavailability of qualified and experience work professionals who can handle Hadoop architecture may pose a challenge to market growth. The architecture is used across several application areas including BFSI, healthcare, retail, media & entertainment, government, telecommunication and life science, which is also expected to drive market growth. Further, Hadoop architecture offers several benefits over traditional solutions such as RDBMS, and can effectively manage structured as well as unstructured data. The need to analyze consumer behavior, target marketing offers on the basis of consumer preferences, maintain inventory and space, attract and retain consumers, are some of the key factors driving Hadoop market growth.
As the technology is still in its nascent stage, there prevails a subsequent lack of awareness among small and medium sized organizations, resulting in low adoption rates, which may hinder market growth. The Hadoop market comprises hardware, software and services; software is as a high growth segment. The complexities associated with handling Hadoop architecture are expected to contribute considerably towards growth of the services segment over the forecast period.
Key market players include Cloudera Inc., Horton Works, IBM Corp. and Cisco Systems, Inc. Mergers and acquisition are expected to remain the key growth strategy. Furthermore, emerging markets of Asia Pacific and Europe provide avenues for market growth.
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