According to a new report by Allied Market Research, the Hadoop market is set to breach the $50 billion mark by 2020 – a 58.2 percent increase from 2013.
The services segment of the market is dominating, with a share of about 50 percent of the global Hadoop market. This is primarily due to the growing need for data analysis in various organizations.
Indeed, big data is getting bigger, more unstructured and more difficult to handle; Hadoop’s ability to empower users to integrate, analyze and visualize this big data with a single tool has made it one of the most popular big data management solutions currently available.
The need for big data analytics is thus seen as the major driver for the Hadoop market. Moreover, because of greater investment in analytics, integration and deployment, the services segment is set for rapid growth, particularly the consulting, training and outsourcing sub-segments.
It follows then that there will be a rise in the use of application software amongst developers to build apps for data analysis. The Hadoop packaged software market is expected to grow at a CAGR of 62.9 percent during the next seven years.
In 2013, application software had generated the highest revenue of the overall global Hadoop software market, and, seeing as large organizations like MapR Technologies, Hortonworks and Cloudera majorly work with Hadoop packaged software solutions, there’s no reason why the trend shouldn’t continue.
The forecast for the Hadoop hardware market, especially the server and storage segment, is equally bright. In 2013, the storage market was the leading segment in Hadoop hardware market in terms of revenue, largely due to social media websites, which adding terabytes of data every day. With raw data exploding on all fronts, the Hadoop servers market is estimated to have a CAGR of 60.1 percent between 2013 and 2020.
Even the user market for Hadoop technology, currently in vogue in IT and most government sectors, is set to increase. With increased venture capital funding and rising demand for real time operations, the Hadoop market is, again, only set to get bigger and bigger.