According to a new market research report “Hadoop Big Data Analytics Market by Component (Solutions and Service), Deployment Mode, Organization Size, Business Function, Vertical (BFSI, Healthcare and Life Sciences, Manufacturing), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the market size to grow from USD 12.8 billion in 2020 to USD 23.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period. Various factors such as the growing focus on digital transformation, rise in investments in analytics, increasing focus on remote monitoring in support of the COVID-19 pandemic, growing adoption of smart payment technologies, and business need to build a digital infrastructure for large-scale deployments are expected to drive the adoption of Hadoop big data analytics market.
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The Hadoop big data analytics market is expected to witness a slowdown in its growth in 2020 owing to lockdowns imposed worldwide due to COVID-19. These lockdowns have been impacting the global manufacturing, retail and eCommerce, government, and public sectors. They have also influenced supply chains and logistics owing to complete or partial halting of operations in various verticals. Manufacturing, transportation and logistics, and retail and eCommerce, etc. are the worst-hit sectors.
The availability of essential items has been impacted owing to the lack of manpower to manufacture these items and transport them, even though essential items have been exempted from lockdowns. The condition is expected to come under control by early 2021, while the demand for Hadoop big data analytics solutions and services is expected to increase owing to surging demand for remote health monitoring of individuals and assets, sales and customer management, predictive asset maintenance, energy management, and inventory management.
Businesses in various verticals are already planning to deploy a diverse array of Hadoop big data analytics solutions to carry out the digital transformation of mission-critical processes, which are expected to improve their operations and strengthen customer relationships. The reduction in infrastructure and operational costs, improvement in customer experiences, enhancement in data security and privacy, increase in operational visibility for various processes, and improvement in real-time business decision-making are the key business and operational priorities of enterprises that are expected to drive the adoption of Hadoop big data analytics solutions worldwide.
The marketing and sales business function to hold a larger market size during the forecast period
The Hadoop big data analytics market by business function has been segmented into marketing and sales, operations, finance, and human resources. The marketing and sales segment is expected to grow at a rapid pace in the coming years in the Hadoop big data analytics market. The growing use of structured and unstructured data across marketing and sales to understand and enhance customer experience is expected to fuel the adoption of Hadoop big data analytics solutions and services.
The BFSI vertical to hold the largest market size during the forecast period
The Hadoop big data analytics market is segmented based on vertical. The verticals include BFSI, transportation and logistics, retail and eCommerce, manufacturing, telecommunications and IT, healthcare and life sciences, government and public sector, media and entertainment, travel and hospitality, others (energy and utilities, education and research, and real estate). The BFSI segment is expected to hold the largest market size during the forecast period in the Hadoop big data analytics market. The growth of the BFSI vertical can be attributed to the dynamic and competitive nature of the BFSI market, characterized by changing consumer demands, evolving macroeconomic landscapes, and evolving regulatory frameworks. Hadoop big data analytics solutions can empower the vertical to navigate challenges by lowering infrastructure costs, automating non-core business applications such as CRM and ERP, and bringing innovative products in the market.
Among services, the managed services segment to grow at a higher CAGR during the forecast period
The Hadoop big data analytics market is segmented on services into two categories, namely, professional services and managed services. The growth of the managed services segment can be attributed to the rise in the adoption of the work from home strategy by various companies, which has spurred the demand for Hadoop big data analytics managed services in the market. This increase in demand is by companies that are looking forward to shifting their focus on business-critical tasks.
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North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global Hadoop big data analytics market. The region is witnessing significant developments in the Hadoop big data analytics market. Many Hadoop big data analytics solution providers in North America are experimenting in the Hadoop big data analytics market by integrating IoT, AI, and ML functionalities with their existing Hadoop big data analytics solutions. They are also adopting various growth strategies to strengthen their positions in the market.
The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. The government is focused on enhancing the quality of life of its citizens and has made investments toward the integration of big data analytics, AI, and IoT solutions and services across application sectors, driving the growth of the US.
APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of the IoT technology, giving rise to increased data generation, and the need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of Hadoop big data analytics solutions in the region.
Major vendors in the global Hadoop big data analytics market include Microsoft (US), AWS (US), Cloudera (US), HPE (US), IBM (US), Oracle (US), SAP (Germany), Google (US), SAS Institute (US), Salesforce (US), TIBCO Software (US), Alteryx (US), Micro Focus (UK), Hitachi Vantara (US), Qubole (US), Splunk (US), Dell Technologies (US), Huawei (China), Dremio (US), Imply (US), Starburst (US), Alluxio (US), TheMathCompany (US), Kyvos Insight (US), and Amlgo Labs (India).
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