Analysts Find Hadoop Now Entrenched in Banking, Government

The open source Hadoop Big Data platform is not only on the rise, but it is becoming more entrenched in important sectors, including business and government. That is just one of the findings in a Research and Markets report titled "World Hadoop Market - Opportunities and Forecasts, 2014 - 2021".

The report also finds that the global Hadoop market is expected to garner revenue of $84.6 billion by 2021, registering a CAGR of 63.4% during the period 2016 to 2021. That is nothing to shake a stick at.

North America accounted for around 52% share of the overall market revenue in 2015, according to the report, owing to higher rate of adoption in industries such as IT, banking, and government. Europe is anticipated to witness the fastest CAGR of 65.7% during the forecast period. 

The report adds:

"The Hadoop ecosystem comprises Hadoop software, hardware and services. In 2015, the services segment dominated the market, accounting for approx. 49% share owing to growing demand for big data analysis across various organizations. The Hadoop services market is further segmented into consulting, training & outsourcing, integration & deployment, and middleware & support services.

The consulting, training & outsourcing segment generated revenue of $1.6 billion in 2015. The integration & deployment services segment would witness the fastest CAGR of 64.8% during the forecast period, due to increasing investments in big data analytics and demand for real-time operations. The Hadoop software market is segmented into application software, management software, packaged software, and performance monitoring software. Application software was the highest revenue-generating segment in the market in 2015, whereas packaged software segment is anticipated to grow at the fastest CAGR by 2021."