According to Industry forecast, the Global Hadoop Marketplace is poised to grow at a CAGR (Compounded Annual Growth Rate) of around 42.7 percent over the next decade and is expected to reach nearly $54.2 billion by 2025. Better cost efficiency and faster processing of large quantities of data compared to conventional data processing solutions such as RDBMS are two of the most encouraging factors boosting the global adoption of Hadoop. Other major drivers of the market include the exponential rise of unstructured data volumes, the increased demand for big data analytics, and major collaboration and investment taking place in Hadoop industry. Below is the list of some of those critical factors which will contribute in the up-surging of Hadoop market in the near future & also the concern related to the future growth of Hadoop.
Growing Demand for Big data analytics Tools:
The market for data analytics is growing significantly, owing to the increasing adoption of Hadoop big data and BI solutions by the organizations to manage exponentially generated data each day. Increasing demand for cost-effective and faster analytics solutions to convert mammoth information collected by big data and IoT (Internet of Things) into actionable decisions is one of the most substantial factors driving the evolution of this big data analytics market.
Big data analytics tools have the potential to derive meaningful insights and hidden patterns, which could help an organization in better decision making in terms of marketing, investment, disinvestment, partnership, merger & acquisition among many others. Better decisions, based on past scientific data are attracting companies to invest in big data analytics.
Big Collaborations in Big Data Industry
There are numerous technology giants which are dealing with Hadoop solutions like IBM, Intel & Microsoft. In the last couple of years, much eminent collaboration has been taking place in Hadoop industry, which can also be seen as one of the primary reasons for an upsurge in market. Few major partnerships in the Hadoop business, which has taken place in the last couple of years, are enlisted below.
- AtScale Partners with Cloudera and Tableau to speed up the deployment of Big Data analytics applications
- TERADATA partners with HORTONWORKS to accelerate business value from big data technologies.
- MapR and DataScience.com join forces to speed data science and machine learning in the Enterprise.
Mammoth Data Generation:
The amount of data being generated is growing exponentially with each passing day. The magnitude of data being generated by humans, machines and their interactions on social media itself is gigantic. There are more than 2 billion monthly Facebook users present on Mobile as of now, which is many times more as compared to the number of Facebook users in 2012. This shows how fast the number of users is growing on social media and how fast the data is getting generated daily.
Not only the social media but almost all organizations are also contributing towards the mammoth data generation with each passing year. A wide variety of data is getting generated from varied channels such as structured, semi-structured and unstructured. Previously, the data from excel and databases used to get stored in back-end but now the data is coming in the form of images, audios & videos as well. To store, retrieve and process this gigantic heterogeneous data in an efficient and faster way is a huge challenge for many organizations across the globe.
Hadoop is known for storing, processing and analyzing colossal heterogeneous data in a much faster and efficient way as compared to other contemporaries. This facet of Hadoop technology is pulling companies to invest in Hadoop technology and thus driving Hadoop business in an upward direction.
Researchers have forecasted that 40 Zettabytes (40,000 Exabytes) will be generated by 2020, which is an increase of 300 times from 2005. All these data contain very useful business insight, which if carefully processed, can help companies to gauge eminent consumer behavior.
Emerging Markets to Deliver Most Profitable Returns
North America has been a dominant region in the Hadoop business for a long time and will continue to retain that status; as industry forecasted a steady growth of Hadoop in North America over the next couple of years. However, the Hadoop marketplace in Asia Pacific is projected to expand at the fastest pace of 30.2 percent CAGR. Europe is also projected to grow upwards in the next few years due to the expanding big data management capabilities across sectors such as government, retail, and BFSI in the region.
Amid Growth prospect; there is a genuine Security concern
Big data is not new to large organizations; however, it’s also becoming popular among smaller and medium sized organizations due to cost reduction and provides easy to manage data. Cloud-based storage has assisted data mining and collection. However, this big data and cloud storage integration has triggered a challenge to privacy and security threats. Therefore, just a normal security check cannot discover security patches for a continuous streaming data. For this purpose, organization needs full-time privacy while data streaming and big data analysis. Hadoop developers need to fix the security concern with big data usage & only then will the exponential positive growth of Hadoop in near future will become inevitable.
Apart from various factors mentioned in this article, lucrative growth opportunities, developing economies, increasing penetration of the Internet & availability of affordable smartphones, technologically and digitally improved industrial infrastructures, and the exponential rise in numbers of mobile device users will continue to fuel the growth of Hadoop technology in future.
