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The data lake market involves products and services to store and process large amounts of structured, semi-structured, and unstructured data using distributed file systems. Data lakes allow enterprises to store data in its native format until it is needed, after which it can be analyzed for insights. This helps avoid data pre-processing and gives organizations flexibility to explore various kinds of data. The global data lake market is estimated to be valued at US$ 4.2 Bn in 2023 and is expected to exhibit a CAGR of 24.80% over the forecast period 2023-2030.
Key Takeaways
Key players data lake market operating in the data lake market are Amazon Web Services, Microsoft, IBM, Oracle, Cloudera, Informatica, Teradata, Zaloni. Key players are focusing on building strategic partnerships to enhance their capabilities in data lake and big data analytics.
The increasing demand for real-time analytics and data-driven decision making across industries offers significant growth opportunities for players in the data lake market. Cloud-based deployment model and cost-effectiveness are expected to drive the adoption of data lakes globally.
North America is expected to dominate the global data lake market through 2030. However, Asia Pacific is expected to witness the highest growth rate owing to growing investments by Chinese and Indian companies in big data and analytics. Major players are also expanding in Asian markets by partnering with local players.
Market drivers
The primary driver for the growth of the data lake market is the massive growth in data volumes across industries. A 2019 IDC report estimated that the global data sphere will grow from 33 zettabytes in 2018 to 175 zettabytes by 2025. Data lakes provide scalable storage options and help maximize the value of data assets for organizations. This is driving several organizations to adopt data lake technologies to develop insights from their growing trove of data.
PEST Analysis
Political: Data localization rules and regulations impact data lake adoption and strategies. Some countries have strict rules around where data can be stored and processed.
Economic: Poor economic conditions can reduce IT budgets and affect investments in new data lake technologies. On the other hand, a strong economy drives demand for data-driven insights.
Social: Users are sharing more data online than ever before, creating more opportunities for businesses to gather and analyze customer data. However, privacy and security concerns may impact user data sharing behaviors.
Technological: Advancements in big data analytics tools, artificial intelligence, and cloud computing continue to enhance what organizations can achieve with data lakes. Technologies like cloud data lakes also make large-scale data processing more affordable and feasible.
North America currently accounts for the largest share of the global data lake market in terms of value. This can be attributed to heavy investments in big data technologies by major organizations across industries in the region. The United States alone contributes over 40% of the North American market currently.
The Asia Pacific data lake market region is expected to grow at the fastest pace over the forecast period. This is primarily due to the rapidly increasing adoption of data-driven strategies across industries in developing economies like China and India. Growing digitalization, rising awareness about data monetization opportunities, and increasing technology expenditures are fueling heavy investments in data lake solutions in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
