The global data lake market size is projected to grow from $ 8.1 billion in 2019 to $ 21.1 billion in 2025, at a compound annual growth rate (CAGR) of 20.6% over the anticipated period.
The term data lake is increasingly used to describe any large group of data in which data requirements are not defined until the data is queried. Data lakes offer several advantages, such as scalability, and can accommodate data at high speed. It also offers advanced analytics using the availability of large amounts of consistent data.
Data Lake also helps improve business agility, as this storage model supports multiple distributions and workloads of different sizes and types. This allows the data scientist to centralize mass data from multiple applications into the single logical storage pool. It can contain different types of data, including files, audio, video files, and databases.
There is a kind of complexity in understanding the difference between the data lake and the data warehouse among people, owing to the common factor of data storage in both of them. Data Lake is a repository of stored data, where data can be structured, semi-structured or unstructured and raw. The structure and requirement of the data is not specified until it is necessary.
Market growth and trends:
Banking sector expected to experience significant growth
Banks have increased the use of data lakes to integrate data across multiple domains to create a central database. The Australian and New Zealand banking group (ANZ) has implemented a project to aggregate all of the data pools in their domains to create a central data lake for banking that will allow the bank to change the data storage architecture which normally used.
Banks are funding in data engineers to offer responsive data lakes to meet needs of the consumers and are trying to improve the utility of data for solutions on the go. The State Bank of India (SBI) provided data lakes, in addition to the commonly used data warehouse, to bank executives, the deputy managing director and head of news to provide analytics on the go.
The incline in digital transactions across the globe is raising the amount of data stored in banks for each activity. Therefore, opportunities related to Big Data analytics is expanding.
Drivers and Restraints:
The main reason why the global market for data lakes is growing is due to the low cost of storage. Data warehouses and data lakes perform the same function but in a different way. Data lakes, in general, require less expenses for data storage, which is the crucial aspect driving the expansion of the global market for data lakes. Highly agile nature is also a key factor in the global market for data lakes. Additionally, the ability to configure and reconfigure as needed drives growth in the global data lake market. Other factors that favor the growth of the world market are the low cost of labor, the low cost of maintenance and the low cost of raw materials.
However, data lakes face certain challenges, including slow boarding and data integration, as well as high costs after boarding and maintenance. This is why many organizations are reluctant to adopt data lakes, making it difficult for the data lake market to grow.
Based on the software type, the global data lake market is categorized into data integration and management, data discovery, data visualization, and data lake analysis.
Depending on the type of service, the global market is diverse in management and professional. In addition, the professional branch is buried as data lake services, support and maintenance, and systems integration and deployment.
Based on industry verticals, the global data lake market is segmented into IT and telecommunications, retail, healthcare, government and defense, manufacturing and energy, BFSI, research and education, and others.
Depending on the business functions, the global market is divided into marketing, operations, sales, human resources, and finance.
Based on the deployment mode, the global data lake market is segmented into cloud and local.
The global data lakes market is spread across the regions in North America, Europe, Asia-Pacific, South America, the Middle East and Africa. The United States of North America and European countries like Germany are also playing a vital role in driving growth in the global data lake market. On the other hand, South America will lead the world market for data lakes in the near future. Asia-Pacific is said to be the fastest-growing network for the global market as countries like China and India are embracing new technologies.
Impact of Covid-19 in the Global Data Lake Market:
The lockdown caused by the Covid-19 pandemic has augmented the usage of work from home across the world, resulting in the creation of huge volumes of information and this is touted to augment the global data lake market in the coming years.
Key players in the market:
The global market for data lakes is very aggressive and unforgiving. Local and global actors are hampering the global market for data lakes. The main players in the race for the global data lake market are Informatica Corporation, Microsoft Corporation, Teradata, EMC Corporation, Capgemini, SAP SE, Oracle Corporation, Atos, Hitachi, and SAS Institute.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Data Lake Market, By Software
6.1.1 Data Integration and Management
6.1.2 Data Discovery
6.1.3 Data Visualization
6.1.4 Data Lake Analysis
6.1.5 Market Size Estimations & Forecasts (2019-2024)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Data Lake Market, By Service
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Data Lake Market, By Deployment Mode
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Data Lake Market, By Business Function
6.4.5 Human Resources
6.4.6 Market Size Estimations & Forecasts (2019-2024)
6.4.7 Y-o-Y Growth Rate Analysis
6.4.8 Market Attractiveness Index
6.5 Data Lake Market, By Industry Vertical
6.5.1 IT and Telecommunications
6.5.4 Government and Defense
6.5.5 Manufacturing and Energy
6.5.7 Research and Education
6.5.8 Market Size Estimations & Forecasts (2019-2024)
6.5.9 Y-o-Y Growth Rate Analysis
6.5.10 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Software
7.2.3 By Service
7.2.4 By Deployment Mode
7.2.5 By Business Function
7.2.6 By Industry Vertical
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Software
7.3.3 By Service
7.3.4 By Deployment Mode
7.3.5 By Business Function
7.3.6 By Industry Vertical
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Software
7.4.3 By Service
7.4.4 By Deployment Mode
7.4.5 By Business Function
7.4.6 By Industry Vertical
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Software
7.5.3 By Service
7.5.4 By Deployment Mode
7.5.5 By Business Function
7.5.6 By Industry Vertical
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Software
7.6.3 By Service
7.6.4 By Deployment Mode
7.6.5 By Business Function
7.6.6 By Industry Vertical
8. Key Player Analysis
8.1 Informatica Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Microsoft Corporation
8.4 EMC Corporation
8.6 SAP SE
8.7 Oracle Corporation
8.10 SAS Institute
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures