Small organizations flocking to benefits of open source analytics
Open source analytics has made business intelligence and data analysis accessible to the smallest of companies with limited data management budgets.
Not surprisingly—given the strategic importance of gaining insights from data—the market continues to grow. A March 2019 report from research firm Research and Markets, which forecast that the global analytics market will expand at a compound annual growth rate (CAGR) of about 3 percent from 2019 to 2023, noted that the presence of many open source analytics software providers is one of the major challenges in the global commercial analytics market.
The products offered by open source analytics vendors have similar capabilities to that of commercial offerings, the study said, and open source vendors also provide customer support and advanced analytics capabilities.
Another report, released in February 2019 by Research N Reports, said the big data analytics and Hadoop market is expected to grow at a CAGR of more than 35 percent from 2018 to 2025. Hadoop is an open source software framework used to store data and run applications in commodity hardware groups, providing massive storage capacity and processing power.
The Hadoop market is growing rapidly, the report said, with the technology providing a cost-effective and rapid solution compared with traditional tools used for data analysis, including relational database management systems.