According to the latest report by IMARC Group, titled “Data Lakes Market: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global data lakes market reached a value of US$ 7.4 Billion in 2021. Data lakes is a centralized software repository that is designed to store, process and secure large amounts of structured, semi-structured, and unstructured data in its native form. It includes raw copies of sensor data, social data and source system data. It provides a framework for advanced real-time analytics and machine learning (ML), such as big data processing, dashboards, structured query language (SQL) queries, visualizations, and full-text search, in a collaborative environment. Apart from this, data lakes enable the storage of relational and non-relational data from mobile apps, Internet of Things (IoT) devices, social media, and business applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Data Lakes Market Trends:
Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Data lakes are widely adopted to integrate data across various domains to create a central database and assist in high-speed data processing, scalability, and schema flexibility. Additionally, the widespread product adoption among various organizations and businesses to organize large volumes of diverse data from different sources in relatively less time is favoring the market growth. Apart from this, the increasing utilization of cloud-based data lake solutions due to their numerous advantages, such as cost-effectiveness, scalability, easy maintenance of the generated data, agility, flexibility, and effective management, is providing an impetus to the market growth. Moreover, the increasing product demand in the healthcare industry to perform genomic research, store high-volume data and help design products that result in faster performance and effective medication development is positively impacting the market growth. Other factors, including the widespread adoption of IoT-enabled devices, rapid digitization, and the implementation of various government initiatives promoting the development of smart cities, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ US$ 30.2 Billion by 2027, growing at a CAGR of 26.4% during 2022-2027.
- On the basis of the component, the market has been classified into solutions (data discovery, data integration and management, data lake analytics and data visualization) and services (managed services and professional services).
- Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
- On the basis of the organization size, the market has been segmented into small and medium-sized, and large enterprises.
- Based on the business function, the market has been divided into marketing, sales, operation, finance, and human resources.
- On the basis of the end-use industry, the market has been classified into BFSI, IT and telecom, retail and e-commerce, healthcare and life sciences, manufacturing, energy and utilities, media and entertainment, government, and others.
- Based on region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.??
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Amazon Web Services Inc. (Amazon.com Inc), Atos SE, Capgemini, Cloudera Inc., Dell Technologies Inc., Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Snowflake Inc., Tata Consultancy Services Limited and Teradata Corporation.
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