Data Lake Market Size, Report Analysis, Growth, Share, Application, Segmentation, Regional Demand With Growth Forecast 2028
Market Overview:
Data Lake Market size is projected to reach USD 24.29 Billion by 2028 from an estimated USD 5.01 Billion in 2021, growing at a CAGR of 25.3% globally.
A data lake is a central location designed to store and secure a large amount of structured, unstructured, semistructured data in its native, raw format. A data lake uses a flat architecture and object storage to hold the data. Object storage holds the data by using metadata tags and a unique identifier, which makes it easier to locate and retrieve data across regions, and improves performance. Data lakes include hundreds of terabytes or petabytes, storing replicated data from operational sources, and containing SaaS and databases platforms. They form unedited data accessible to any authorized stakeholder. A data lake allows enterprises to ingest any data at any speed from any system such as data coming from the cloud, and on-premises by providing a flexible and secure platform. Thus, many businesses use the data lake centralized repository.
Major Key Players for Data Lake Market:
· Amazon Web Services Inc
· Cloudera Inc.
· Microsoft Corporation
· Dremio Corporation
· Oracle Corporation
· Teradata Corporation
· SAS Institute Inc.
· Snowflake Inc.
· Informatica Corporation
· Zaloni Inc.
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Market Dynamics and Factors:
The data lakes provide benefits to many businesses such as giving the facility of storage of all information sources, linear scalability, high flexibility, and elimination of information silos. It helps to strengthen the business capabilities. Data lakes are more cost-effective than data warehouses, with less cost incurred for the implementation of data lakes. In addition to this, increasing the adoption of IoT devices in many offices and informal spaces, a rising number of transactional information in banks due to the increasing number of digital payments across the globe, and various government strategies including the development of smart cities. These factors help to gain adoption of data lake, thus increasing the market of data lake over the forecast period. The number of skilled professional experts to manage the data lake is comparatively less, and security hazards and access control problems, these hindering factors expected to restrict the growth of the data lake market in the forecast period.
Data Lake Market Report Highlight:
· By type, the solution segment is expected to have the maximum market share in the data lake market during the forecast period. Production of the large volume of data due to the rising IoT sector and digitalization of industries, thus it is expected to have a significant market share over the forecast period.
· By deployment, the cloud segment is expected to dominate the data lake market share during the forecast period. Cloud-based data lakes reduce the expenses of hardware and software capital, supporting the growing demand of the segment leads to an increasing market.
· By vertical, the BFSI segment anticipated high growth in the data lake market during the forecast period. The rising adoption of a data lake in the bank, financial services, and insurance sector because of the digitalization of such a sector leads to the production of a large volume of data helps to increase the market in the forecast period.
· By region, North America is anticipated to grab the maximum market share of the data lake market over the projected period. Rising use of big data technology, an increasing amount of data across the industry verticals, increasing investment in data lake by various organizations, supporting to increase the market in this region over the forecast period.
Key Industry Development:
In December 2020, Amazon and the BMW Group have announced a strategic partnership to develop cloud-enabled solutions that increase its efficiency, sustainability, and performance across every aspect of the automotive life cycle, from vehicle design to after-sales services. BMW Group is working toward expanding a company-wide data lake built on Amazon's simple storage service, named the Cloud Data Hub.
Data Lake Market Segmentation:
By Type
· Solution
· Services
By Deployment
· Cloud
· On-premise
By Vertical
· BFSI
· Healthcare and Life Sciences
· Manufacturing
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For this report, Introspective Market Research has segmented the Data Lake Market based on the region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Data Lake Market study looks deeply into the worldwide market's competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER's Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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