Increasing volume of unstructured data is expected to be a key factor driving the global hadoop market. The growing popularity of big data analytics is also expected fuel market growth over the forecast period. The technology allows organizations manage huge amount of unstructured data at a low-cost. In addition to the cost effectiveness, the ability to process data rapidly is also expected to favorably impact the market growth over the coming years.
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However, dearth of experienced and qualified professionals capable of handling hadoop architecture may pose a challenge to market growth. Increasing adoption across several application areas including healthcare, BFSI, media & entertainment, retail, government, telecommunication and life science is also expected to drive the hadoop market growth substantially. Further, several benefits offered by hadoop architecture over traditional solutions such as RDBMS helps manage structured as well as unstructured data effectively. The hadoop market is poised for growth owing to the need to target marketing offers and analyze consumer behavior based on consumer preferences. Additionally, the technology also helps maintain inventory & space and attract and retain consumers.
The technology is still in its nascent stage, and there exists a considerable lack of awareness among small and medium sized organization resulting into low adoption rates, and may pose a challenge to market growth. The market mainly encompasses software, hardware and services. Software is expected to emerge as a high growth segment followed by hardware segment over the forecast period. Services segment may witness growth owing to the complexities associated with handling hadoop.
Key market players include Horton Works, Cloudera Inc., Cisco Systems, Inc and IBM Corp. Mergers and acquisition remain to be key growth strategy. Emerging markets in Asia Pacific and Europe provide opportunities for market growth.
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