According to a research report titled ‘Global Hadoop Market Size study, by Component (Hardware, Software and Services), by Deployment Model (On-premise, Cloud and Hybrid), by Organization Size (Large Enterprises and Small & Medium Enterprises), by End User (Manufacturing, BFSI, Retail & Consumer Goods, IT & Telecommunication, Healthcare, Government & Defense, Media & Entertainment, Energy & Utility, Trade & Transportation and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global Hadoop market was valued at USD 26.74 billion in 2019, and is projected to grow at 37.5% CAGR, amassing USD 341.7 billion during 2020-2027.
 

As per report findings, factors such as rapid digitalization in industries, mounting investor interest in analytics, and increased adoption of smart payment technologies are driving the growth of worldwide Hadoop industry.
 

Furthermore, rising cognizance of end users regarding application benefits, coupled with increased use of social media apps for customer engagement are stimulating the market growth.
 

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For the unversed, Hadoop is defined as an open source software that provides massive storage for data and also runs applications on clusters of commodity hardware. It is more cost effective as compared to traditional data analysis tools, and has the ability to handle virtually limitless concurrent jobs.
 

Hadoop performs several operations including big data analytics, big data storage, and big data management in cloud, contributing to industry outlook.
 

However, data privacy issues, and legal concerns are major restraining factors for global Hadoop business scenario.
 

Based on component type, the market is arrayed into software, hardware, and services. By deployment mode, the industry is classified into on-premise, hybrid, and cloud. Moving on to organization size, large enterprises, and small & medium enterprises contribute to overall market remuneration.
 

By end-user spectrum, worldwide Hadoop marketplace is classified into manufacturing, trade & transportation, BFSI, retail & consumer goods, energy & utility, it & telecommunication, media & entertainment, healthcare, government & defense, and others.
 

On the regional front, North America grabbed a significant market share in the recent past, owing to increasing volume of data generation, technological advancements in big data and AI technologies, and growing concerns about data integrity.
 

Parallelly, Asia-Pacific Hadoop industry is also anticipated to exhibit highest growth rate during the forecast period of 2020-2027.
 

Key contenders in global Hadoop market include Teradata Corporation, Amazon Web Services (AWS), MarkLogic Corporation, Cisco Systems Inc., Dell EMC,  Cloudera Inc., MapR Technologies, Datameer Inc., Google LLC, and International Business Machines Corporation (IBM).