Data Lake Market Size, Share & Segmentation by Type (Solution and Services), by Deployment (On-premise and Cloud), by Organization Size (Large Enterprises and Small & Medium-Sized Enterprises (SMEs), by Industry Verticals (IT, BFSI, Retail, Healthcare, Media and Entertainment, Manufacturing Others (government, hospitality, education, others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Data Lake Market size was valued at USD 12.26 Bn in 2022 and is expected to reach USD 57.10 Bn by 2030, and grow at a CAGR of 21.2% over the forecast period 2023-2030.

A data lake is a type of data warehouse that allows you to store all of your structured, semi-structured, and unstructured data in its original state. It is a cost-effective way to store an organization's complete pool of data for later analysis and thereby improve operations. A data lake is not the same as a data warehouse. A data warehouse can store filtered, processed data, but a data lake can only hold a large amount of raw data.

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This system creates a central repository for all forms of data, allowing business users to quickly access data, perform analytics, and obtain insights. It aids in striking a balance between speed, operational expenses, and information quality. It is widely utilized in the aircraft and automobile industries. The IT, BFSI, retail, healthcare, media and entertainment, manufacturing, government, hospitality, and education industries all use data lakes.

Amazon Lake Formation was unveiled during the AWS reinvent conference in Las Vegas in November of last year. It automates a variety of stages required in building a data lake, including data collection, cleaning, deduplication, categorization, and making data available for analytics in provisioned and configured storage. It also allows users to import data from a variety of sources into a data lake.

MARKET DYNAMICS:

KEY DRIVERS:

• high levels of interest in the choosing of new technologies and security

• IoT device adoption is on the rise.

• The cheap cost of storage is driving the expansion of the data lakes market.

• Low labor costs, cheap maintenance costs, and low raw material costs are all contributing to the worldwide market's growth.

RESTRAINTS:

• a shortage of trained workers and interconnected systems that are complicated

• It's a challenging undertaking to integrate IoT with data lake solutions into current systems.

• Data swamps and regulatory compliance result from the lack of information in data lakes.

OPPORTUNITY:

• A shift to cloud-based information platforms to manage and resolve data challenges is also predicted to open up opportunities for increased market acceptance.

IMPACT OF COVID-19:

Clinical experts and researchers all around the world are coming up with novel strategies to cope with help medication disclosures and endorsements in order to support successful treatments. Researchers require patient data from all across the world to swiftly and effectively assess the viability of these treatments. Semi-structured and unstructured data is quickly processed and polished into an investigation-ready condition, which AI and human-made reasoning tools consume for rapid evaluation and inquiry. Information lakes are a flexible and capable platform for integrating all of the necessary data and allowing for research.

COVID-19's resurgence has posed a threat not just to millions of people's health, but also to global financial stability. It has caused stockpile networks to be disrupted, as well as a shift in buyer behavior. To deal with this uncommon situation, organizations want amazing logical bits of information. The market is also expected to grow due to the increasing use of cloud-based technologies across several industrial verticals. During the COVID-19 emergency, the organizations’ consistency was ensured thanks to the use of cloud-based innovations. These benefits of cloud-based technologies are necessary to propel the sector forward.

MARKET ESTIMATION:

Based on type, the data lake market is divided into solutions and services. The solution category accounts for the largest portion of the market. This is due to the growing use of data lakes in the IT, BFSI, and retail industries. The data lake solutions let the IT department analyze unstructured and structured data and capture key insights. In addition, a number of businesses are integrating data solutions to improve and assess their internal operations. Over the projection period, the services category is predicted to have the greatest CAGR. This is due to key businesses' increased focus on launching data lake services with broad availability.

The data lakes market is divided into IT, BFSI, retail, healthcare, media & entertainment, manufacturing, and others based on vertical (government, hospitality, education, and others). The IT sector is predicted to grow at the fastest rate throughout the projection period, as data lake adoption aids IT organizations in striking a balance between speed, operational expenses, and information quality. Over the projection period, the retail category is predicted to increase significantly. Data lakes might be quite useful in retail marketing since they allow for quick categorization of potential customers. By analyzing data collected from multiple sources like as call logs, surveys, and social media platforms, data lakes may help provide a more in-depth understanding of customers, their buying motivations, and their demands. In addition, throughout the projected period, the healthcare category is predicted to grow at a high rate. This is due to the growing use of data lake solutions in the healthcare industry to acquire actionable insights and improve the patient experience.

The market is divided into two categories based on deployment: on-premise and cloud. The on-premise sector accounts for the majority of the market. On-premise implementation is strongly favored because most businesses already have data centers and servers in place to run their operations. Over the projected period, technological advancements and increased acceptance of cloud technologies in different areas such as IT, BFSI, and healthcare are likely to drive the expansion of cloud deployment.

KEY MARKET SEGMENTS:

On The Basis of Type:

• Solution

• Services

On The Basis of Deployment:

• On-premise

• Cloud

On The Basis of Organization Size:

• Large Enterprises

• Small & Medium-Sized Enterprises (SMEs)

On The Basis of Vertical:

• IT

• BFSI

• Retail

• Healthcare

• Media and Entertainment

• Manufacturing

• Others (government, hospitality, education, others)

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REGIONAL ANALYSIS:

North America has the greatest market share, while Asia-Pacific is expected to grow at the fastest rate over the next few years. Factors in North America include an increase in the usage of big data technologies, an increase in the volume of data across industry verticals, and an increase in company expenditures in data lake solutions. The market in this area would be boosted by factors such as the rising creation of data, such as clickstream data, server logs, subscriber data, customer relationship management (CRM), and enterprise resource planning (ERP).

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Atos SE, Amazon.com Inc., Cloudera Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Snowflake Inc., TCS LTD, Teradata Corporation

Frequently Asked Questions (FAQ) :