The global Data Lake Market size is expected to grow from USD 7.9 billion in 2019 to USD 20.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period. The major growth factors of the data lake market include the increasing need to extract in-depth insights from growing volumes of data to gain a competitive advantage in the market, and simplified access to organizational data from departmental silos, mainframe, and legacy systems. A shift toward cloud-based data platforms to manage and mitigate data issues is further expected to offer opportunities for the increased adoption of the market.
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Top Key Players
The major data lake market vendors include Microsoft (US), Teradata (US), Oracle (US), Atos (France), Cloudera (US), AWS (US), IBM (US), Temenos (Switzerland), Informatica (US), SAS Institute (US), Zaloni (US), Koverse (US), HPE (US), Cazena (US), Google (US), Infoworks.io (US), Snowflake (US), Dremio (US), TCS (India) and Exacaster (Lithuania). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global data lake market. Partnerships, new product launches, and product enhancements have been the most dominating strategies adopted by major players from 2017 to 2019, which has helped them to innovate on their offerings and broaden their customer base.
Among business functions, the operations segment to grow at the highest CAGR during the forecast period
The data lake market is segmented by business function into marketing, sales, operations, finance, and human resources. The operations business function is expected to grow at the highest CAGR during the forecast period. Data lake enable companies to increase operational efficiencies and reduce costs. Data lake solutions and services help store and analyze structured and unstructured data from Information Technology (IT) operations and turn it into relevant information and insights.
Numerous companies are implementing data lake solutions and services to evaluate their internal processes and enhance operations. Data lake implementation assists companies to strike the right balance between operational cost, speed, flexibility, and data quality.
The marketing business segment is expected to hold the largest market size during the forecast period. Data lake solutions enable precise segmentation of potential buyers and facilitate a deeper understanding of those buyers, their needs, and motivations by analyzing the data generated from various sources, such as social media, call logs, and service forms.
Microsoft (US) develops and supports software, services, devices, and solutions. The company’s product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company designs, manufactures, and sells devices, such as Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, which include solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. In the data lake market, the company offers the Azure Data Lake solution, which comprises of offerings, such as Data Lake Analytics, Azure Data Lake Storage, and HDInsight. Azure Data Lake works with the existing Information Technology (IT) investments to identity, manage, and secure simplified data. It integrates easily with operational stores and data warehouses, enabling the use of current data applications. The solution solves productivity and scalability challenges that prevent users from maximizing the value of their data assets.
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AWS (US) offers cloud computing services in the form of web services. The company offers a wide range of products and services to customers present across 190 countries. Its product portfolio comprises segments, such as compute, storage, database, migration, network and content delivery, developer tools, management tools, media services, Machine Learning (ML), and analytics. The solutions segment offers website and web apps, mobile services, backup, storage and archive, financial services, and digital media. AWS caters to verticals, such as media and entertainment, healthcare, government, education, and utilities. In the data lake market, the company offers Data Lake on AWS solution, which stores and registers datasets of any size in their native form in a secure, durable, and highly-scalable Amazon S3. Customers can upload datasets with searchable metadata and integrate with the AWS Glue and Amazon Athena to transform and analyze the uploaded data.
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Global Data Lakes Market Research Report: by Component (Data Discovery, Data Integration & Management, Data Lakes Analytics, Data Visualization), Business Function (Sales, Finance, HR), Organization Size, Deployment, Vertical – Forecast till 2023OverviewData lakes refer to a storage repository which holds a vast amount of raw data.
It also offers advanced analytics by utilizing the availability of large quantities of coherent data along with deep learning algorithms which further helps in real-time decision analytics.
In order to meet the growing needs, enterprises have deployed different solutions like Hadoop based big data platforms which can help in building successful data lakes and can retain the entire enterprise data.According to a recent study report published by Market Research Future, The global market of data lakes is showing high growth and expected to gain prominence over the forecast period 2017-2023.
These technologies are increasingly implemented in business operations in order to resolve real time issues and streamline the workflow.On the other hand, data security and privacy concerns are major factors hindering the growth of data lakes market.
Other factors such as lack of transformation from traditional techniques and lack of long term data governance could hamper the market growth.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1601Key Players: Microsoft Corporation (U.S.), Informatica (U.S.), Teradata Corporation (U.S.), Capgemini (France), EMC Corporation (U.S.), Oracle Corporation (U.S.), Zaloni (U.S.), Cloudera Inc. (U.S.), SAS institute (U.S.), SAP SE (Germany), Hitachi (Japan) and ATOS SE (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Data Lakes Market.Industry/ Innovation/ Related News:September 2017 – Informatica has announced a new set of solutions and enhancements in the areas of intelligent data lake management and enterprise data cataloguing and data discovery.
This will enable organizations to turn data lakes into business value using artificial intelligence (AI) and the cloud to drive intelligent disruption.November 2017 – Microsoft makes Databricks a first-party service on Azure.
