[PDF] Rise in online transaction to augment hadoop and big data analytics market growth

United States/WA: Hadoop and Big Data Analytics Market Will Boom In Near Future

Report Pages:[130 Pages]

Hadoop and Big Data Analytics Market, By Solution (Packaged Software, Management Software, Application Software, and Performance Monitoring Software), By Service (Consulting & Development Services, Training & Support Services, and Admin & Managed Services), By End User (Banking, Financial services and Insurance (BFSI), Government & Defense, Healthcare & Life Sciences, Retail & Consumer Goods, Media & Entertainment, Energy & Utility, Transportation & SCM, IT & Telecommunication, and Others (Academia & Research, Manufacturing), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ XX million in 2021 and is expected to exhibit a CAGR of XX% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights

Competitive Landscape:

IBM Corporation, Microsoft Corporation, Teradata Corporation, Amazon Web Services (AWS), Tableau Software, Inc., Pentaho Corporation, Cloudera, Inc.,Marklogic Corporation, SAP SE, and Pivotal Software, Inc.

 Market Overview:

Hadoop is best suitable for large business enterprises which need to deal with terabytes of data sets on a daily basis. Hadoop is designed for the tasks of Map-reduce, which is a framework of database management. Big Data Analytics deals with the analytical processing of big data sets obtained from Hadoop. It has a powerful capability of storing terabytes of data and as such, it is ideal for scientific analysis. The major benefit of Hadoop is that it is highly scalable and thus it can be applied to large applications without incurring too much burden on servers and nodes. Hadoop and Big Data analytics are gaining momentum as it provides solutions for diverse domains like telecommunications, transportation and supply chain. Hadoop is thus best suited for enterprise needs as well as for consumer applications.

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 Key Market Drivers:

Increasing adoption of information technology for improving banking is primarily fueling growth of the Hadoop and big data analytics market. Moreover, the advent of online transactions is raising the adoption of such technologies for Real-time Gross Settlement Systems (RTGS), National Electronic Fund Transfer (NEFT), and Electronic Clearing Service (ECS). According to Digital Commerce 360 estimates, Consumers spent $861.12 billion online with U.S. merchants in 2020, up an incredible 44.0% year over year.

Expanding the e-commerce industry due to the increasing penetration of the internet is boosting growth of the market. Moreover, the increasing number of cyber frauds is also fostering growth of the market. According to the Aite Group, 47 percent of Americans experienced financial identity theft in 2020. The group’s report, U.S. Identity Theft: The Stark Reality, found that losses from identity theft cases cost $502.5 billion in 2019 and increased 42 percent to $712.4 billion in 2020.

Covid-19 Impact Analysis

During spread of Covid-19 pandemic, there was a surge in online transactions due to various restriction policies in order to stop the spread of infection. So the market of Hadoop and the big data analytics market has witnessed positive growth during a pandemic. According to UN trade and development experts UNCTAD, the e-commerce sector saw a “dramatic” rise in its share of all retail sales, from 16 percent to 19 percent in 2020. Online business-to-consumer (B2C) sales for the world’s top 13 companies stood at $2.9 trillion in 2020

Key Takeaways:

1. The Hadoop and big data analytics market is expected to exhibit a CAGR of XX % over the forecast period, due to the growing adoption of such technology across banking and financial services to prevent cybercrimes.

2. North America is expected to witness significant growth over the forecast period owing to the strong presence of the IT sector in the region. According to CompTIA, there is more than 525,000 software and IT services companies in the United States (approximately 40,500 tech startups were established in 2018 alone.

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