The Banking, Finance and Insurance Segment is Expected to lead the Hadoop and Big Data Analytics Market
Hadoop is a Java-based programming structure that is used for processing and storage of large data sets in a distributed computing environment. It is a distributed processing technology that provides expansive data storage facility and handles thousands of terabytes of data and rapid data transfer among nodes. Hadoop is extensively used in big data analytics, including scientific analytics, business and sales development, and enormous volumes of data processing.
Among end users, the banking, finance and insurance segment is expected to lead the hadoop and big data analytics market during the forecast period (2017 – 2025). The banking and finance sector has witnessed rapid growth, primarily due to increasing adoption of information technology solutions for improved banking services. The proliferation of online transactions, is increasing adoption towards technologies such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement Systems (RTGS), Electronic Clearing Service (ECS) as well as mobile transactions. Transactions through such technology, however, are hacking targets for cybercriminals. Furthermore, websites and mobile applications that accept online purchases and transactions, which store details regarding credit cards, debit cards, and bank account are also prominent hacking targets. According to the Reserve Bank of India (RBI), during 2015-2016, 16,468 cyber terrorism associated with ATM, debit card, credit card, and net banking frauds were reported. Whereas, 13,083 frauds were reported in 2014-2015 and 9,500 in 2013-14. This indicates the increasing number of cyber frauds over the years, which in turn is expected to augment the demand for Hadoop and Big Data Analytics solutions in the banking and finance industry.
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However, non-uniformity of data sets is expected to restraint the growth opportunity of global digital marketing software market. Additionally lack of proper Hadoop platform due to shortage of skilled workforces that can transform machine language to operational solutions for data warehousing, is another major restraining factor that is expected to reduce growth rate of the market.
North America holds a dominant position in the market and is expected to maintain its dominance over the forecast period. Dominance of this region is attributed to the rampant development of IT infrastructure and high presence of major IT companies such as Google, Microsoft, IBM, and Oracle in the region.
Asia Pacific is projected to observe rapid growth over the forecast period, owing to rapid industrialization and urbanization. For instance, Government of India has launched the smart city mission for city renovation and retrofitting program to develop 100 cities across the country to make them more resident friendly and highly maintainable. Such initiatives are expected to create opportunities for growth of the market over the forecast period.
Key market players operating in the hadoop and big data analytics market include Microsoft Corporation, Amazon Web Services (AWS), IBM Corporation, Teradata Corporation, Tableau Software, Inc., Cloudera, Inc., Pentaho Corporation, Marklogic Corporation, SAP SE, and Pivotal Software, Inc.
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