Global Data Lakes Market: Snapshot
The latest market research study indicate that the global data lakes market is poised to expand at a stellar growth rate of 29.9 % over the forecast period i.e. 2021 to 2026. It also dictates that the global data lakes market was initially evaluated at US$ 3.74 billion in the base year of the study i.e. 2020.
The research report also predicts that the global data lakes market will grow over the forecast period and surpass the evaluation of US$ 17.60 billion by the end of the forecast period i.e. in 2026. This commendable growth within the global data lakes market can be attributed to the increasing usage of the data lake commodities by a massive number of organization across the world as an attractive and cost effective substitute for data warehousing.
Not only do solutions in the global data lakes market offer the same services and benefits as data warehouses but they also have very low cost of maintenance as compared to the conventional data warehouses. This trend is further intensifying the demand within the global data lakes market.
The solutions as well as the services offered by the developers and players operating in the global data lakes market find applications in diverse set of end use industries, including but not limited to, banking, financial institutions, and insurance or BFSI, IT and telecommunications, retail, manufacturing, and healthcare, among others.
The solutions and services in the global data lakes market receive greater demand in these industry verticals, as compared to the demand for traditional data warehouses, because they offer the end users with much higher speed of data retrieval, which saves time of the data scientists. Furthermore, data lakes infrastructures also require very low cost for the setup, which also drives the growth within the global data lakes market.
The global data lakes market is driven by a number of factors, such as the need for increased business agility and accessibility, increasing adoption of the Internet of Things, opportunity for in-depth insights in order to gain competitive advantage, low cost and extremely scalable storage, increasing volume and variety of business data, supports multiple software frameworks and programming languages, data agnostic, instantaneous access to all data, and centralization of data. However, there are a few limitation that are challenging the global data lakes market, such as meta-data management, data governance, data security, and the lack of awareness regarding the newer data storage and analytical techniques. All together, the report projects the global data lakes market to expand at a robust CAGR during the forecast period of 2017 to 2025.
This report on the global data lakes market aspires to serve as a credible business document for targeted audiences such as solution vendors, OEMs, system integrators, advisory firms, private equity ground, national regulatory authorities, investment houses, venture capitalists, and equity research firms. The report provides in-depth analysis of all above mentioned factors and based on that, presents estimations of the scenario of the market in 2025. Data lakes makes for an evolving market, which is attracting a number of new companies with technological and financial might, and the report contains profiles of a number of leading companies in order to gauge the opportunities available for the new entrants.
Based on type, the global data lakes market can be segmented into software and services. While on the basis of software, the market can be sub-segmented into data discovery, data integration and management, analytics and visualization, whereas on the basis of services, the market can be sub-segmented into managed services and professional services.
Global Data Lakes Market: Overview
A data lake is a data storage and management platform that holds a considerably large amount of raw data in its natural format until needed. A data lake uses a flat architecture to store data and with its assistance, it becomes much easier for data scientists, developers, and analysts to store data of any shape or size, and speed, and do all types of analytics and processing across all kinds of languages and platforms
On the basis of type, the global data lakes market may be segmented into software and service. Based on business function, the market can be classified into operations, marketing, sales, finance, and human Resources. The market can be further segmented into government, BFSI, retail & ecommerce, healthcare & life sciences, telecommunication & IT, manufacturing, energy & utilities, media & entertainment, and others – based on industry vertical.
In the report, TMR Research provides a detailed analysis of the drivers and restraints influencing the global data lakes market. It also offers insight into factors impacting the market’s trajectory across various segments and regions.
Global Data Lakes Market: Key Trends
Data technology is much in demand due to various factors such as higher acceptance of Internet of Things (IoT), increased need for business agility and accessibility, and the increasing volume and variety of business data. In addition, switching from outdated data management techniques for storage to advanced techniques and huge flow of unstructured and structured data are positively impacting the market growth. On the contrary, companies operating in the industrial sectors have found that data lakes are inefficient to handle massive scale and complicated industrial data. In order to make quick, critical operational decisions, data lakes are unable to provide the real-time analysis and situational awareness that operators and engineers require, thereby limiting the market growth.
Based on type, services form the key contributor to the global data lakes market, and the segment is expected to grow during the said period. The demand for services is high due to increased requirement for data lake software solutions across organizations. Operations are anticipated to witness a growth in the applications segment because of the rising demand of IoT-enabled technologies. These technologies are mainly used for operations in manufacturing and IT organizations. On the basis of industry vertical, BFSI is projected to account for a large share in the market. Financial service institutes as well as several financial transactions in banks are managed by IT systems, invariably increasing the volume and variety of data, hence driving the growth of global data lakes market.
Global Data Lakes Market: Regional Analysis
The global data lakes market is segmented on the basis of geography into North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Due to early adoption of data management systems and technological advancements, North America has emerged as the chief contributor to the revenue generated by the market for global data lakes, and it is predicted that this region will further grow in the forecast period. Another market that looks promising is Asia Pacific. High adoption of technology and huge opportunities mainly across industry verticals are driving the growth of the market.
Global Data Lakes Market: Key Players
The report profiles some of the prominent competitors functioning in the global data lakes market. It also offers insights into the threats and opportunities that the companies are expected to witness in the coming years. The global market for global data lakes is highly fragmented. Some of the key players are Microsoft Corporation, Capgemini, Informatica Corporation, Teradata, EMC Corporation, Oracle Corporation, SAP SE, Hitachi, Atos, and SAS Institute.
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