Hadoop Big Data Analytics Industry, by Solution (Managed Software, Application Software), by Service (Consulting and Development Service, Managed Services), by Application (Customer Analytics, Risk & Fraud Analytics) and Vertical (BFSI, Manufacturing, Healthcare, IT/ITES, Telecommunication) - Forecast to 2023
Market Research Future (MRFR), in its research report, highlights that the global demand 2020 is projected to rise rapidly over the forecast period, ensuring substantial market valuation of more than USD 52 billion and a healthy 36.37% CAGR over the review period.
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The major market players operating in the global market as identified by MRFR are Teradata Corporation, Cloudera, Inc, Microsoft Corporation, IBM Corporation, Tableau Software, Inc, Fair, Isaac and Company (FICO), Amazon Web Services, Datameer, Inc, Hitachi Ltd., and MapR Technologies.
Drivers and Restraints
Big data analytics is projected to be used by leading contenders in the market to accelerate growth, productivity and innovation. Those players' close organizational diligence to monitor routine activities reliably has improved big data. These efforts are among the most effective strategies that companies use to achieve a better position in the global marketplace. This is seen by data experts as a significant trend that can lead to significant expansion of the Hadoop Big Data Analytics Industry in the following years.
Market participants' investments in next-generation solutions have increased tremendously over the years, which are also expected to trigger growth in the industry. Increasingly , businesses are churning out technologically specialized, integrated solutions with superior features to extend their industry customer base. End users do their best to reduce the cost of hardware, which not only strengthens their market position but also boosts the demand for Hadoop Big Data Analytics.
Organizations are continuously exploring the emerging trend of visualization-backed data discovery tools to reap more benefits from Big Data. This trend is also picking up momentum in the market as mobile devices become more available. Organizations largely dependent on centralized report development usually conducted by highly skilled experts are now opting for the more expeditious and cost-effective business intelligence model that leverages the dynamic combination of mobile workforce and big data.
Component, application, and end-user are the primary segments according to which Hadoop Big Data Analytics Industry study was conducted in the MRFR report.
Market segmentation based on the component includes Software as well as Services (including Managed Services, Training & Support and Consulting & Development,). The software segment claimed the largest share of 71.05 per cent in 2017, which is presumed to advance at a rate of 35.69 per cent in the subsequent period.
Hadoop Big Data Analytics applications include the Internet of Things ( IoT), Risk & Fraud Analytics, Security Intelligence, Marketing & Supply Chain Analytics, Customer Analytics, Merchandising Coordination Service, Distributed Coordination Service, and others. Danger & fraud analytics emerged in 2017 as the leading market with a 27.75 percent share at a value of USD 2.40 trillion. Furthermore, the segmental progression was calculated at a rate of 37.30 percent due to the growing emphasis on the study of risk and fraud in companies around the world.
Healthcare, Transportation & Logistics, Government & Defence, IT & Telecommunication, BFSI, Manufacturing, and Others are the primary end-users on the market. BFSI stood ahead of other end-users with the largest share in the market in 2017. The segment also has the potential to deliver a growth rate of 35.25 per cent over the assumed period.
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
Studies revealed North America as the most profitable market in 2017, with a share of 54.44 per cent worth USD 4.71 billion. The North American market is all set to gain worldwide high traction at a rate of 34.90 per cent over the coming period. Countries like the U.S., along with Canada, are very advanced in terms of technology. This means faster adoption of state-of-the-art technologies, and a massive foothold from providers of Big Data analytics. Also justifying substantial market growth is the rapid expansion of business insights in the region.
Developing countries such as India and China are increasing rapidly in the APAC market, due to the increase in industrialization and urbanization. Government-backed initiatives such as the smart city concept are emerging quite quickly in the region, with the Hadoop Big Data Analytics Industry presuming to perform incredibly in the coming years.
LIST OF TABLES
TABLE 1 BIG DATA ANALYTICS MARKET, BY SOLUTION
TABLE 2 BIG DATA ANALYTICS MARKET, BY SERVICE
TABLE 3 BIG DATA ANALYTICS MARKET, BY APPLICATION
TABLE 4 BIG DATA ANALYTICS MARKET, BY VERTICAL
TABLE 5 BIG DATA ANALYTICS MARKET, BY REGIONS
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LIST OF FIGURES
FIGURE 1 BIG DATA ANALYTICS MARKET: BY SOLUTION (%)
FIGURE 2 BIG DATA ANALYTICS MARKET: BY SERVICE (%)
FIGURE 3 BIG DATA ANALYTICS MARKET: BY APPLICATION (%)
FIGURE 4 BIG DATA ANALYTICS MARKET: BY VERTICAL (%)
FIGURE 5 BIG DATA ANALYTICS MARKET: BY REGION
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