Data Lakes Market To Surpass USD 21.82 Billion at a 19.52% CAGR by 2030 – Report by Market Research Future (MRFR)

Data Lakes Market Growth Boost by Increasing Use of IoT in Offices

New York, US, Nov. 18, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Data Lakes Market Research Report: by Component, Business Function, Organization Size, Deployment, Vertical – Forecast till 2030”, The data lakes market will touch USD 21.82 billion at a 19.52% CAGR by 2030, as per the new Market Research Future report.

Data Lakes Market Opportunities and industry Drivers 

The increasing prevalence of IoT in many offices and unstructured areas has highlighted the need for data lakes for more rapid and effective data manipulation. IoT device adoption is accelerating due to the huge amounts of data generated by connected devices in the system, which is driving up demand for data lakes.

Rise in Digital Payments to offer Robust Opportunities 

The volume of transactional data in banks around the world is growing for the development in digital payments. Many banks are making investments in creating data lakes to enhance their analytical capabilities and offer mobile solutions to their clients. This will provide robust opportunities for this market over the forecast period. 

Data Lakes Market Key Players 

Eminent industry players profiled in the global data lakes market report include,

  • 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)
  • ATOS SE (France)

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Data Lakes Market Restraints and Challenges 

Data Security to act as Market Restraint 

Privacy concerns and data security, lack of skilled workforce, lack of long-term data governance, and lack of transformation from the traditional techniques may act as market restraints over the forecast period. 

Data Lakes Market Segmentation 

The global data lakes market has been bifurcated based on application, service, and structure. 

By structure, the data lakes market is segmented into data stores, data query, Hadoop distribution, and data sources. 

By service, the data lakes market is segmented into data discovery and visualization, support and maintenance, managed services, and data engineering. 

By application, banking and finance will lead the market over the forecast period. 

Data Lakes Market Report Scope:

Report Metrics Details
 Data Lakes Market Size by 2030 USD 21.82 Billion
 Data Lakes Market CAGR during 2020-2030 19.52%
  Base Year 2019
  Forecast 2020-2030
 Key Market Opportunities The information lake market’s significant development variables remember the expanding need to separate for profundity experiences from developing volumes of information to acquire an upper hand on the lookout and improved on admittance to hierarchical information from departmental storehouses centralized server, and heritage frameworks.
  Key Market Drivers As medium and massive ventures include in high interests in the selection of innovations and security, there have been developing interest date lakes set to build the market development. In undertakings, information lakes kill the requirement for information demonstrating at the hour of ingestion.

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COVID-19 Analysis 

With the introduction of COVID 19, the market has witnessed some cloud-based innovation across many business verticals thanks to the market’s scattered supply chains and modified consumer behavior. The use of technology and data lakes by researchers who require patient information from all over the world to swiftly and effectively assess the feasibility of these treatments has also led to the development of this industry. The widespread adoption of cloud-based solutions has had a favorable impact on the market in the wake of the COVID-19 epidemic. Both structured and unstructured data can be kept in data lakes. During this pandemic era, researchers and scientists have used data from all around the world for medicine discovery and vaccination reasons against the infection. Data lakes rapidly and simply evaluate unstructured or semi-structured data, leaving only the necessary, essential information. Lockdowns and other limits on movement, on the other hand, accelerated the adoption of cloud-based solutions.

Data Lakes Market Regional Analysis 

North America to Head Data Lakes Market 

During the projection period, North America is anticipated to grow significantly and have the highest market share. Due to the existence of numerous established key companies like Microsoft Corporation, Teradata Corporation, Informatica, EMC Corporation, & Oracle Corporation among others, the U.S. and Canada are predicted to lead the growth of this market in North America. Other factors influencing the growth of the data lakes market in the area include technical advancements and early adoption of data management solutions. Over the course of the forecast, North America is anticipated to hold the biggest market share. The share can be ascribed to growing information quantities across industries, rising data lake investments, and growing big data use.

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Additionally, data lakes are anticipated to be crucial in the development of healthcare analytics. For instance, in response to the COVID-19 epidemic, various businesses started working on the creation of innovative, data-driven solutions that would improve decision-making. A COVID-19 data lake was created by C3 ai, Inc., a U.S.-based AI startup, in March 2020. A uniform and open dataset will be stored in this one location and made available to researchers worldwide starting in mid-April 2020. Factors in North America include an increase in the utilization of big data technology, an increase in the volume of data across industry verticals, and an increase in the amount of money that businesses are investing in data lake solutions. The market in this region would grow as a result of factors like the rising generation of data, including clickstream data, server logs, subscriber data, customer relationship management (CRM), and enterprise resource planning (ERP). Since North America has a relatively high acceptance rate for AI and machine learning technologies in comparison to other regions, it is anticipated that it would dominate the global data lake market throughout the forecast period.

APAC to Have Favorable Growth in Data Lakes Market 

The forecast period is expected to have the highest CAGR in Asia Pacific. The expansion is attributable to rising investments from significant technological firms in China, Australia, India, and Japan. Additionally, a number of additional elements, such as advancing big data analytics technologies and growing digitization, are projected to fuel the market in the area. Government programs and regulations are also important drivers of market expansion in the area. Because of advances in IT and the growing use of internet of things applications in nations like China, Japan, & India in the region, the market for data lakes is anticipated to expand significantly between 2017 and 2023. With the introduction of COVID 19, the market has witnessed some cloud-based innovation across many business verticals thanks to the market’s scattered supply chains and modified consumer behavior.

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The use of technology and data lakes by researchers who require patient information from all over the world to swiftly and effectively assess the feasibility of these treatments has also led to the higher development of the industry.

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