Overview and Scope
A data lake refers to a centralized repository that allows for the storage of vast amounts of structured, semi-structured, and unstructured data at scale. It empowers organizations to unlock the value of their data by providing a scalable, flexible, and cost-effective solution for storing, managing, and analyzing diverse datasets across the enterprise.
Sizing and Forecast
The data lake market size has grown exponentially in recent years. It will grow from $17.85 billion in 2023 to $21.79 billion in 2024 at a compound annual growth rate (CAGR) of 22%. The growth in the historic period can be attributed to growing data volumes, increasing variety of data sources, demand for advanced analytics, regulatory compliance, cost-effective storage.
The data lake market size is expected to see exponential growth in the next few years. It will grow to $47.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%. The growth in the forecast period can be attributed to real-time data processing, AI and machine learning integration, enhanced data governance, edge computing integration, industry-specific solutions. Major trends in the forecast period include technological advancements, hybrid and multi-cloud deployments, focus on data governance and security, data monetization strategies, industry-specific data lake solutions.
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Segmentation & Regional Insights
The data lake market covered in this report is segmented –
1) By Type: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Information Technology, Banking, Finance Services And Insurance, Retail, Healthcare, Media And Entertainment, Manufacturing, Other Verticals
North America was the largest region in the data lake market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data lake market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A surge in the use of mobile and smart devices is expected to propel the growth of the next-generation data lake market going forward. Smart devices refer to electronic gadgets and parts that are connected to an intelligent system and are meant to be placed next to, on, or inside an organism. A surge in the use of mobile devices will increase the use of internet searches and social media, which ultimately increases the amount of data generated, thus increasing the demand for data storage to store this large amount of data. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, there were 71.8 million mobile connections in the UK at the beginning of 2022, which is a rise of 3.8% from 2021 (about 2.6 million) and 4.2 million higher than the country’s total population. And there will be 68.3 million people living in the UK by 2025, and 95% of them (or about 65 million people) will be smartphone users. Therefore, the rising adoption of mobile and smart devices is driving the growth of the data lake market.
Key Industry Players
Major companies operating in the data lake market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Amazon Web Services (AWS) Inc., International Business Machine Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, NetApp Inc., Hitachi Vantara India Pvt. Ltd., Snowflake Inc., Teradata Corporation, Informatica LLC, Cloudera Inc., Talend Inc., Databricks Inc., DataStax Inc., MarkLogic Corporation, MapR Technologies India Pvt. Ltd., Qubole Inc., Zaloni Inc., Cazena Inc., BlueData Inc., Pivotal Software Inc.
The data lake market report table of contents includes:
1. Executive Summary
2. Data Lake Market Characteristics
3. Data Lake Market Trends And Strategies
4. Data Lake Market – Macro Economic Scenario
5. Global Data Lake Market Size and Growth
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32. Global Data Lake Market Competitive Benchmarking
33. Global Data Lake Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Lake Market
35. Data Lake Market Future Outlook and Potential Analysis
36. Appendix
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