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Report Overview: Data Lake MarketThe global data lake market size was valued at USD 6.5 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 19.5% from 2021 to 2027. An enormous amount of information is generated daily on the digital information platforms. Such a huge amount of information requires efficient storage systems. Data lakes are systems that are used to store information in raw forms. It is a central repository of easily accessible large volumes of information. The information stored in a data lake can be unstructured data that is used by data analysts and data scientists or structured data prominently used by the airline and automotive sector. The data lakes assist businesses in enhancing their capabilities by providing benefits, including coverage for all information sources, linear scalability, accommodation of information at high speeds, high flexibility, and elimination of information silos. Also, enterprises gain a competitive advantage by extracting more value from the stored information as quickly as possible. Data lakes provide enterprises with dynamic and advanced data analytics capabilities. Further, the cost incurred for the implementation of data lakes is less than that of implementing a data warehouse. Thus, it is expected to gain adoption over the forecast period 2021-2027. A rise in the adoption of IoT devices is expected to impact the growth of the market positively. The proliferation of data with increasing adoption of IoT is expected to drive market growth. Also, various government initiatives such as the development of smart cities and the implementation of intelligent utility meters would impact the market positively. For instance, Singapore, Tokyo, New York, and London are anticipated to be amongst the top investors in smart city initiatives for the year 2020. The rise in the number of digital payments is increasing the number of transactional information in banks across the globe. Several banks are investing in developing data lakes for improving its analytical abilities to provide on the go solutions to its customers. Banks, including Australia and New Zealand Banking Group and State Bank of India, have already started developing data lakes to integrate transactional information across domains and create a central database. Thus, data lakes allow banks to aggregate transactional information from all the data ponds across the domains into a central database that can be accessed by any individual in real-time.
Type Insights: Data Lake MarketBased on type, the data lake market is segmented into solutions and services. The solution segment caters to the highest share in the market. This is owing to the increased application of data lakes in the IT, BFSI, and retail sectors. The data lake solutions assist the IT operation in analyzing unstructured and structured information and capturing relevant insights. Also, various companies are implementing data solutions to enhance and evaluate their internal processes. For instance, in January 2019, Tata Consultancy Services (TCS), an IT consulting and business solution service provider, launched Connected Intelligence Data Lake for Business (CIDL) on the AWS platform. This solution provides a central repository for all types of information, wherein business users can easily access the stored information, generate analytics, and gain insights. The services segment is expected to cater to the highest CAGR over the forecast period. This is due to the increasing focus of key players to launch data lake services with general availability. For instance, in August 2019, Amazon Web Services, Inc. (AWS) announced the general availability of its fully managed service ‘AWS Lake Formation.’ The cited service assists in quickly setting up a secure data lake.
Vertical Insights: Data Lake MarketBased on vertical, the data lakes market is segmented into IT, BFSI, retail, healthcare, media and entertainment, manufacturing, and others (government, hospitality, education, others). The IT vertical is expected to witness the highest CAGR over the forecast period as data lake implementation helps the IT companies in achieving a balance between speed, costs of operations, and quality of information. For instance, in October 2019, Teradata Corporation announced advanced offerings to assist companies in using Vantage that can ease their analytical ecosystem. Teradata Vantage brings together data lakes, data warehouses, and analytics all under the cloud. The retail segment is expected to portray significant growth over the forecast period. In retail marketing, data lakes could play a integral role as it would enable prompt classification of potential buyers. As data lakes would assist in providing in-depth understating of buyers, their buying motivates, and their needs by analyzing information collected from various sources that include call logs, surveys, and social media platforms. Also, the healthcare segment is expected to exhibit a significant CAGR over the forecast period. This is due to the rise in the adoption of data lake solutions in the healthcare sector for gaining actionable insights and enhancing the patient experience.
Deployment Insights: Data Lake MarketBased on deployment, the market is segmented into on-premise and cloud. The on-premise segment caters to the highest share in the market. As most of the companies have data centers and servers for performing their operations effectively, the on-premise deployment is significantly preferred. Advancement in technologies and rising adoption of cloud technologies in various markets such as IT, BFSI, and Healthcare are expected to fuel the growth of cloud deployment over the forecast period. Further, significant vendors in the data lake parasol offer cloud-based solutions that assist in effectively automating the equipment maintenance processes and increasing profits. Also, the adoption of cloud data lakes is expected to grow owing to benefits, including flexibility, scalability, agility, and cost-effectiveness. Companies tend to prefer cloud-based solutions, as such solutions favor their cross-regional, regional, or cross-country information storage and recovery strategies. Thus, it assists enterprises in ensuring the safety of stored information, in case of any disaster.
Regional Insights: Data Lake MarketNorth America is expected to hold the largest market share over the forecast period. The share can be attributed to rising volumes of information across industries, increasing investments in the data lakes, and rising adoption of big data technologies. Also, data lakes are expected to play a integral in developing healthcare analytics. For instance, with the outbreak of the COVID-19 pandemic, several companies initiated developing transformational data-driven technologies that would assist in better decision making. In March 2020, C3 ai, Inc., a U.S. based AI company, developed a COVID-19 data lake. This centralized repository is a unified and open dataset that would be available publicly to the global researcher from mid-April 2020. Asia Pacific is expected to witness the highest CAGR over the forecast period. The growth can be ascribed to increasing investments made by major technology companies in China, India, Australia, and Japan. Also, several other factors, including growing digitization and rising penetration of advanced big data analytics technology, are anticipated to drive the market in the region. Further, government initiatives and regulations are amongst the key catalysts for market growth in the region.
Key Companies & Market Share Insights: Data Lake MarketThe industry is perceiving growing market consolidations through strategic initiatives such as mergers, collaborations, and acquisitions. Key market participants are also focusing on advanced technological developments. For instance, in January 2020, Zaloni, Inc., a U.S. based company, announced the availability of the Zaloni Data Platform in the Microsoft Azure Marketplace. With this collaboration, the customers of Zaloni, Inc. can take advantage of the Azure cloud platform. Some of the prominent players in the data lake market include:
Key companies Profiled: Data Lake Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global data lake market report based on type, deployment, vertical, and region.
- Amazon Web Services, Inc
- Cloudera, Inc.
- Dremio Corporation
- Informatica Corporation
- Microsoft Corporation
- Oracle Corporation
- SAS Institute Inc.
- Snowflake Inc.
- Teradata Corporation
- Zaloni, Inc.
Type Outlook (Revenue, USD Million, 2016 - 2027)
Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Vertical Outlook (Revenue, USD Million, 2016 - 2027)
- Media and Entertainment
- Others (government, hospitality, education, others)
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.2 Market Definition 1.3 Information Procurement 1.4 Information Analysis 1.5 Market formulation & data visualization 1.5.1 Secondary sources & third-party perspectives 1.5.2 Primary Research 1.6 Research Scope & AssumptionsChapter 2 Executive Summary 2.1 Market Outlook 2.2 Segm | read more...