According to the data published by Transparency Market Research, the global hadoop market is like to witness significant growth, as the market is expected to rise at excellent CAGR of 29% over the projected period between 2017 and 2023. The marker is also anticipated to achieve US$37.75 bn by the end of 2023. In 2017, the global hadoop market earned US$8.16 bn.
The demand for hadoop software is likely to increase significantly in the coming years. This growth is attributed to the rising investment in developing advanced hadoop software to cater growing need from various industry verticals. Geographically, Asia Pacific is projected to lead the global hadoop market in the coming years. Increasing deployment of hadoop big data solutions in various enterprises is the key reason behind the significant rise for hadoop in Asia Pacific region.
Rapid growth in data collection has simultaneously increased demand for hadoop big data solutions. This is the prime factors for increasing demand in the global hadoop market. Various organizations are deploying hadoop software to analyses this data collected from different organic and inorganic sources. Increasing investment for expanding capabilities of hadoop software has also fueled growth in this market.
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Moreover, key players are focusing on launching next-generation services and solutions through technologically advancing hadoop big data analytics. These developments will enhance real-time analytics and improve hadoop security integrations. Additionally, increasing demand for cost-effective and faster data process techniques is likely to further accelerate demand in the global hadoop market.
Wide Application of Hadoop Big Data Analytics to Accelerate Market Growth
However, rising data security issues along with immature technology framework are expected to deter demand in the global hadoop market. Shortage of qualified and experienced professionals is another factor hampering growth in this market. Moreover, high cost of training and services and other primary stage complexities are also expected to challenge growth in the global hadoop market.