The Hadoop Big Data Analytics Market is expected to register a CAGR of 29.7% over the forecast period 2020 - 2025.
- For telecom operators, the surge of data from social platforms, connected devices, call data records, poses great challenges in managing the data. For telcos, big data analytics enables real-time insights on potential risk factors, thus enabling them to mitigate fraudulent risks and enhance the business revenues, while maintaining customer satisfaction.
- The banking and finance industry benefits from faster processing and data management at a minimal cost. Big Data analytics helps financial firms in retaining more of their customers, by analyzing behavior and identifying patterns that lead to customer abandonment. Other Big Data applications in the banking and finance sector include customer segmentation and experience analysis, credit risk assessment, and targeted services.
- Lack of awareness and security concerns are the major reasons that challenge the market growth. Presently, storing personal data securely, in this fast-paced world, has become the most important task even for SMEs. Increasing cyber attacks cost the organizations a fortune, and also hamper their brand identity.
Key Market Trends
Data Discovery and Visualisation is Gaining Traction Due to Emergence of Big Data Analytics
- Businesses are majorly turning to visualization-based data discovery solutions. These solutions promote self-service business intelligence (BI), enabling the multitude of users to easily integrate data from a wide range of sources— clickstreams, log files, social media, videos, and more.
- The growing trend toward visualization-based data discovery tools is worth exploring by any organization that seeks to derive more value from Big Data. The potential business benefits are significant and data governance practices can be used to help ensure the safe transition.
- One of the factors driving the increase of visualization-based data discovery solution is the growing availability of mobile devices. Organizations that continue to rely on centralized creation of reports by the few highly trained experts are missing an opportunity to adopt the faster, cost-effective, and more democratized business intelligence model which takes advantage of the intersection of the mobile workforce and Big Data and to speed insights and enhance collaboration.
North America Region is Expected to Grow at a Significant Rate
- North America is among the leading innovators and pioneers, in terms of adoption, for Big Data analytics and this region is the largest market. The region has a strong foothold of Big Data analytics vendors, which adds to the growth of the market.
- The growth of new business insights is contributing to the expansion of the Big Data analytics market in the United States. Big Data is helping many companies in the region to improve customer experience, enhance marketing, identify fraud and waste, and achieve other results that directly strengthen business performance.
- Many new tools in the US are making data more and more accessible. Much of the technology required to harness the Big Data and expertise needed to create working environments are complex. However, many end-user friendly solutions are continuously growing, enabling businesses to start with an off-the-shelf package and with less hardware integration and coding skills needed.
The hadoop big data analytics market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the analytics across the managed services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
- October 2019 - Alteryx, Inc. announced that it had acquired Feature Labs, a data science software company launched out of Massachusetts Institute of Technology (MIT) that automates feature engineering for machine learning and artificial intelligence (AI) applications. The acquisition of Feature Labs will further enable Alteryx to help organizations empower every data worker to fill the data science and machine learning talent gap.
- October 2019 - In an expansion to their existing collaboration, SAS is creating a best-in-class hybrid cloud analytics solution by delivering its market-leading analytics on Red Hat OpenShift, the industry’s most comprehensive enterprise Kubernetes platform from Red Hat, the world’s leading provider of open source technologies. The collaboration between SAS and Red Hat combines market-leading analytics with the industry’s most comprehensive enterprise Kubernetes platform in Red Hat OpenShift, helping to accelerate customer adoption of analytics across the hybrid cloud.
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