Hadoop Big Data Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Hadoop Big Data Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Hadoop Big Data Analytics Market will register a CAGR of 16.10% over the forecast period. Hadoop is an efficient open-source big data analytics platform that can store and process a substantial amount of structured and unstructured data quickly and efficiently by using a cluster of commodity hardware; It replicates any stored file three times to guarantee reliability, availability, and fault tolerance. It is scalable as additional compute nodes can be added to the cluster if further processing is required.

• The increasing automation for the Big Data collection, storage, and processing is expected to reshape and enhance the growth of the Big Data analytics market.
• Enterprises across industries are undergoing digital transformation and adding more self-service solutions. Therefore, the amount of unstructured data in text, files, images, and pictures is increasing significantly, with data volume increasing from gigabytes to terabytes and petabytes, traditional tools like RDBMS. Fail to give desired results, and the enterprise may not entirely benefit from the extensive data generated daily. Therefore, data platforms like Hadoop are gaining traction as enterprises progress toward terabytes of data.
• The growth in the industrial 4.0 practices across industries provides more scope for accepting Big Data analytics over the forecast period. With revenues from smart manufacturing expected to reach USD 216.63 billion by 2023, Big Data analytics is expected to become a part of the smart manufacturing strategies, as it offers improved efficiency of the process and performance of the product.
• Lack of awareness and security concerns are the significant reasons that challenge market growth. Presently, storing personal data securely in this fast-paced world has become the most important task, even for SMEs. Increasing cyber-attacks cost organizations a fortune and also hamper their brand identity. As databases and visual dashboards add to the vulnerability of the enterprise, the enterprises may hesitate to deploy Big Data environments.
• COVID-19 has impacted all the elements of the technologies sector; it has slowed down the IT infrastructure owing to the distributions in the hardware supply chain and reduced manufacturing activities.

• The retail industry is witnessing a significant transformation through advanced analytics and Big Data technologies. With the growth of e-commerce, online shopping, and high competition for customer loyalty, retailers are utilizing Big Data analytics to stay competitive in the market.
• In the retail sector, Big Data analytics is used at every retail stage to understand customer behavior, predict demand, and optimize pricing. Most of the Big Data applications in retail are for system-wide cost reduction, improving online and in-store customer experience, data-driven adaptive supply chains, and real-time analytics and targeting.
• Vendors, such as MapR technologies, are offering a Big Data platform that helps retailers store, integrate and analyze a wide variety of online and offline customer data, e-commerce transactions, clickstream data, email, social media, and call center records, all in one central repository.
• Recently, fashion retailer H&M started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. The fashion retailer uses algorithms to gain insights from returns, receipts, and data from loyalty cards to enhance its bottom line.

• Some include IBM Corporation, Microsoft Corporation, SAS Institute, Inc., Alteryx, Inc., Fair Isaac Corporation, and Microstrategy Incorporated, among others. Recently, Microsoft extended the partnership with Hortonworks, which was instrumental in bringing the open source Big Data analytics and Apache Hadoop to the Cloud. This partnership by major players to enhance their product offerings is anticipated to positively drive the market’s growth over the forecast period.
• The growth of new business insights is contributing to the expansion of the Big Data analytics market in the United States. Big Data is helping many companies in the region to improve customer experience, enhance marketing, identify fraud and waste, and achieve other results that directly strengthen business performance.
• Many new tools in the US are making data more and more accessible. Much of the technology required to harness the Big Data and expertise needed to create working environments are complex. However, many end-user-friendly solutions are continuously growing, enabling businesses to start with an off-the-shelf package and with less hardware integration and coding skills needed.

The hadoop big data analytics market is moderately competitive and consists of a few major players. Currently, some of the competitors control the market in terms of market share. However, new competitors are expanding their market share and, consequently, their commercial footprint throughout emerging markets as a result of the development in managed service analytics.

• October 2022 - Alteryx has announced introducing new developments on the Alteryx Analytics Cloud platform, which provides unified and approachable end-to-end analytics in the Cloud, where New cloud, machine learning and security advancements accelerate enterprise-wide analytics to deliver business-changing insights.

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