Global Hadoop big data analytics market size reached USD 12.67 Billion in 2020 and is expected to register a revenue CAGR of 12.2% during the forecast period, according to the latest analysis by Emergen Research. Key factors driving revenue growth of global Hadoop big data analytics market include surge in adoption of smart payment solutions and increased need for cost-effective storage solutions. IoT automates and unifies various processes and activities. Meanwhile, contactless payments enable easy payment processes as they enable customers to pay for products and services using their payment cards connected with RFID technology or other payment devices without the need to swipe, input a personal identification number (PIN), or sign for the transaction. For example, in February 2022, Apple has revealed plans to launch Tap to Pay in various iPhone models. This would enable various merchants using iPhones in the U.S. to smoothly and securely transact using Apple Pay, contactless credit and debit cards, and other digital wallets. In addition, contactless payments are done using devices, such as fobs and wearables. Wearable contactless payment devices, such as smartwatches, smart rings, key fobs, and others, are connected directly to the customer\’s bank accounts and function in a similar manner as a regular debit card, allowing payments at any merchants store that accepts contactless transactions. The tap-and-go payment method allows merchants more safe and error-free payment options.
Machine learning is increasingly used for data gathering to improve digital marketing among businesses operating in various industries, such as manufacturing, retail & e-commerce, transportation and logistics, BFSI, healthcare, media & entertainment, energy & utilities, and real estate. Payments in the transportation industry have evolved with the transition from currency and paper-based transactions to digital payment options. The COVID-19 pandemic has led to social distancing, and there has been an increase in usage of smart payment technologies across regions. Governments are encouraging people to use digital and contactless payment options during this pandemic as cash transfers can lead to increase in COVID-19 cases.
Increasing focus of organizations on digitization is also expected to boost market revenue growth during the forecast period. Organizations are trying to make best use of data assets, which has led to increase in focus of organizations on digitization. In the competitive global world, Big Data analytics enable organizations to make informed, strategic business decisions. Additionally, big data analytics can help businesses evaluate information specific to new trends and customer behavior for identifying new growth opportunities. This is expected to increase adoption of Hadoop big data analytics solutions among organizations across regions. In addition, data volume is increasing considerably as a result of rapid digitization, which has led to increased demand for Hadoop big data analytics solutions for analyzing such data and generating insights for organizations. This is expected to boost market revenue growth.
However, concerns regarding data privacy and the lack of big data analytics experts are key factors expected to hinder revenue growth of global Hadoop big data analytics market over the forecast period.
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The leading players extensively profiled in the market are:
Microsoft Corporation, Google LLC, Oracle Corporation, Amazon Web Services, Hewlett Packard Enterprise, SAP SE, Salesforce.com, Inc., Micro Focus International plc, Splunk Inc., and Imply Corporation. as well as new entrants in the market.
Emergen Research has segmented the global Hadoop big data analytics on the basis of component, deployment, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Solution
Services
Deployment Outlook (Revenue, USD Billion; 2018–2028)
On-premises
Cloud
Application Outlook (Revenue, USD Billion; 2018–2028)
Customer Analytics
Risk & Fraud Analytics
Security Intelligence
Internet of Things (IoT)
Supply Chain Analytics
Others
End-Use Outlook (Revenue, USD Billion; 2018–2028)
Manufacturing
Retail & E-commerce
Transportation and Logistics
BFSI
Healthcare
Media & Entertainment
Energy & Utilities
Government
Real Estate
Others
Some Key Highlights from the Report
Solution segment revenue is expected to expand at a significant CAGR during the forecast period. Hadoop big data analytics solutions are used by businesses to manage, scale, and distribute customer and organizational data. This also helps with data collection from specialized machine data sets and during report creation.
Cloud segment is expected to lead, in terms of revenue, over the forecast period. As cloud deployment enables quick flexibility, on-demand capabilities, extensive network connectivity, and improved resource pooling, there is a growing demand for cloud-based Hadoop big data analytics solutions.
Risk & fraud analytics segment is expected to account for considerable revenue share in the market over the forecast period. Risk and fraud assessments are becoming highly important in businesses. Risk and fraud analytics provide a detailed insight on the potential and existing issues.
BFSI industry is expected to record considerable revenue growth during the forecast period. As the BFSI industry is strictly regulated, it needs new approaches. Organizations in the sector are replacing existing systems with modern software solutions. This is expected to increase adoption of Hadoop big data analytics solutions in the BFSI sector.
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Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Hadoop Big Data Analytics market, including the global and regional analysis of the market. The study covers critical information and factual data about the Hadoop Big Data Analytics industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Hadoop Big Data Analytics market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Hadoop Big Data Analytics industry.
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