Hadoop-as-a-Service Market to Garner $74.09 Bn, Globally, by 2026 at 39.2% CAGR, Says Allied Market Research

Hadoop-as-a-Service Market to Garner $74.09 Bn, Globally, by 2026 at 39.2% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Ore., Sept. 14, 2020

- Rise in competition in the business environment, extremely low upfront costs compared to on-premise Hadoop, and surge in adoption of HaaS by small and medium enterprises drive the growth of the global Hadoop-as-a-Service market

PORTLAND, Ore., Sept. 14, 2020 /PRNewswire/ --  Allied Market Research recently published a report, "Hadoop-as-a-service (HaaS) Market by Deployment Type (Run it Yourself (RIY) and Pure Play (PP), Organization Size (Small & Medium-sized Enterprises and Large Enterprises), and End User (Manufacturing, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Government & Defense, Media & Entertainment, Education, IT & Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global Hadoop-as-a-service market garnered $5.27 billion in 2018, and is projected to reach $74.09 billion by 2026, growing at a CAGR of 39.2% from 2019 to 2026.

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Major determinants for the market growth

Rise in competition in the business environment, extremely low upfront costs compared to on-premise Hadoop, and surge in adoption of HaaS by small and medium enterprises drive the growth of the global Hadoop-as-a-Service market. Moreover, flexibility and agility for businesses provided by HaaS supplement the market growth. However, low security for highly confidential data and lack of awareness about benefits of this technology hamper the market growth. On the contrary, ongoing partnerships, funding, and rising popularity of e-commerce are expected to create lucrative opportunities for the market players in the future.

Covid-19 scenario:

The advent of Covid-19 has significantly impacted the global Hadoop industry.

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Run it yourself (RIY) segment dominated the market

By deployment type, the run it yourself (RIY) segment held the largest share in 2018, accounting for more than two-thirds of the global Hadoop-as-a-Service market. his is attributed to its key benefit that the user does not have to worry about the installation, configuration, and regular updating part of the software, as the model provides full-service support options. However, the pure play (PP) segment is expected to manifest the highest CAGR of 41.0% during the forecast period, due to the service does not require hand-operated intervention to configure when the data size extents or contracts.

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Healthcare & life sciences segment to manifest the highest CAGR through 2026

By end user, the healthcare & life science segment is expected to register the highest CAGR of 49.0% during the forecast period, owing to surge in adoption of Hadoop in fraud prevention and detection and rise in use of this data to analyze and detect patterns in the field of fraud detection. However, the IT & telecommunication segment held the largest share in 2018, contributing to nearly one-fourth of the global Hadoop-as-a-Service market. Number of leading telecommunication organizations have opted to deploy big data systems to enable large-scale data analysis and processing. This has led them to handling customer issues and to achieve customer satisfaction, which, in turn, drives the adoption of Hadoop-as-a-service.

North America held the lion's share

The global Hadoop-as-a-Service market across North America held the largest share in 2018, accounting for more than two-fifths of the market, owing to presence of a key market players and rise in adoption of big data technologies among organizations to enhance the consumer target marketing and risk management abilities. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 44.0% during the forecast period, due to wide adoption of Hadoop-based applications for real-time analytics and web-based business processes coupled with penetration of internet and availability of technologically & digitally improving industrial infrastructures.

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