Over the forecast period of 2021 to 2026, the data lakes market is expected to reach the valuation of US$18.6 Bn by 2026 elevated from US$5.1 Bn in 2018, exhibiting a robust 15.5% CAGR.
The recent shifts from mainframe and legacy systems toward cloud-based data platforms have made access to data easier. To this end, the need to extract in-depth insights from ever-growing volumes of data has become crucial to an organization’s success. This necessitates the need to incorporate data lake solutions across the verticals of the industry.
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Unlike less effective data warehouses, data lake offers better data retrieval. Data lakes provides a centralized repository for storing and processing huge amounts of structured, semi structured, and unstructured data. The growth of data lake solutions is ascribed to operational efficacy, improved flexibility, linear scalability, and accommodation of data at high-speed capabilities. Furthering the market expansion, the amplified data generation as a result of growing adoption of IoT-enabled devices has created positive dynamics and lucrative opportunities for market players operating in the data lakes niche. Major companies are rapidly advancing towards the development of innovative and advanced data lake solutions, leading the market to momentous growth.
Technological Advancements Paves Way for Increased Adoption of Data Lakes in Medium and Large-Scale Enterprises
To promote the data security of organizations, various medium and larger-scale enterprises are channeling funds to incorporate the latest technologies such as IoT and big data. Consequently, this thrusts the demand for data lakes which offers versatility, security, ease of data accessibility, and storage of multi-structured data from different sources. Additionally, it also overcomes the need for data modeling at the time of assimilation. Conventional transformation, standardization, and blending of data curated from IoT device is an expensive, slow, and lengthy process. However, data lake offers flexibility, speed, affordability, and security; simplifies the process.
North America to Stay at Forefront Regional Segment; Asia Pacific Emerges as Growing Market for Data Lake Solutions
North America holds a lion's share in the global data lakes market and is anticipated to register growth at 14.4% by 2026. The major growth drivers for the region include huge amounts of data across the spectrum of industries, robust capital flows from key players in data lake solutions, and growing penetration of big data technology. To sustain the leading position in the market, organizations across the region are beginning to generate insightful data with the help of data lake solutions. The leading companies are driving motivation from augmented data generation via software such as Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), etc. to optimistically roll out new data lake solutions that serve the diverse needs of organizations and their customers.
On the flipside, projections point out that the Asia Pacific is likely to grow at a promising pace over the coming years. Bolstering investments by top companies in India, Australia, Japan, and China, proliferating adoption of big data analytics, and increased digitization are expected to propel notable gains across the data lake market in the APAC region. Moreover, government initiatives and regulations, extensive manufacturing facilities, and low-cost labor are further fueling the expansion of the data lake market.
Major stakeholders steering the market growth are Apple Inc., Google LLC, Microsoft Corporation, Cisco Systems, AMAZON, Dell Inc., Infoworks.io, and IBM Corporation among others
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