Global Data Lake Market – Industry Trends and Forecast to 2029

Global Data Lake Market, By Component (Solutions, Services), Deployment Mode (On-Premises, Cloud), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Business Function (Marketing, Sales, Operations, Finance, Human Resources), Industry Vertical (Banking, Financial Services and Insurance, Telecommunication and Information Technology, Retail and E-Commerce, Healthcare and Life Sciences, Manufacturing, Energy and Utilities, Media And Entertainment, Government, Others) – Industry Trends and Forecast to 2029.

Data Lake Market Analysis and Size

Rising number of both small and medium scale and large scale organizations all around the globe indicates the rise in the volume of organizational data. This organizational data is largely unstructured; therefore, managing and storing the data becomes crucial. But storing the data is merely not enough if one fails to interpret it. This is where the role of data lakes comes into play. Data lakes remove all the discrepancies and allow smooth functioning. 

Global data lake market was valued at USD 11.71 billion in 2021 and is expected to reach USD 61.07 billion by 2029, registering a CAGR of 22.93% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Data Lake Market Scope and Segmentation

Market Definition

Data lakes are the data storage repositories used to store structured, semi-structured and unstructured data from around the world. Data lakes involves the application of advanced technologies such as machine learning, artificial intelligence, real-time analytics, big data processing, and visualizations for data interpretation. Data lakes thereby provide scalability, reliability and high speed data processing features.

Data Lake Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• The trend of cloud-based data storage

Growing awareness about the benefits of cloud-based data storage solutions, especially cloud-based data lake solutions such as easy maintenance of the generated data, flexibility, scalability, effective management and cost-effectiveness is positively influencing the market growth rate. The cloud-based data lake solutions add up to the resilience quotient of data, thereby allowing the easy recovery of regional and cross regional data.

• Increased demand for effective security solutions

Large scale organizations are heavily investing in centralized data safety and security solutions. This has widened the scope of growth for the market. Growing shift towards cloud-based data platforms to manage and mitigate data theft and cyber security issues is bolstering the market's growth rate in a sharp upward direction.

Furthermore, the factors such as rising urbanization, industrialization and mounting need to extract in-depth insights from growing volumes of data and achieve benchmarking during the forecast period are some other important market drivers. Additionally, rising investment by the enterprises for data storage centers and rising demand for simplified access to organizational data from departmental silos are anticipated to drive the market's growth rate.

Opportunities

• Rising adoption of advanced technologies

Internet of things or connected devices technology will truly benefit the market in the long run. Internet of things technology allows the data collection through more ways and improves the operational efficiency with respect to cost and the data analytics. IOT even offers greater degree of ease in running analytics.

• Increasing trend of digitalization

Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. Rising number of data processing activities and complete digitization of operations will also work in favor of the market.

Restraints/Challenges

• Budgetary concerns and issues

The deployment of data storage solutions and systems is quite costly. Budgetary restraints in small scale organizations can hamper the growth rate of the market. Also, slow onboarding process, high data upkeep costs and complexities of legacy data will also impede the market growth rate.

• Lack of technical expertise

Dearth of expert knowledge and technical expertise and lack of awareness especially in the underdeveloped economies will create hurdles for the market in regards to the smooth growth in the market value. Further, lack of skilled professionals in data science in combination with slow adoption rate in the developing economies will yet again hamper the market growth rate.

This data lake market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the data lake market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Data Lake Market

The COVID-19 pandemic has positively affected the market owing to the large scale adoption of cloud based solutions. Data lakes can store both structured and unstructured data. Researchers and scientists have utilized the data from all around the world during this pandemic phase for drug discovery and vaccine purposes against the infection. Unstructured or semi-structured data is easily and quickly analyzed by data lakes leaving behind the required crucial information. On the other hand, lockdown and movement restrictions further propelled the adoption rate of cloud-based solutions.

Recent Developments

• Zaloni announced the launch of their data platform on AWS Marketplace in December 2019. This would provide a smooth purchase and deployment procedure, assisting the business in swiftly and affordably implementing Zaloni Data Platform on AWS.
• Cloudera launched the Cloudera Data Platform (CDP) powered by Microsoft Azure in November 2019. An integrated data platform known as CDP is simple to build, secure, and administer. Cloudera's Shared Data Experience (SDX) combines tedious programming with convenience that can be "set it and forget it," is part of CDP on Azure. SDX makes it simple to construct a safe data lake in hours as opposed to weeks.
• In October 2019, Teradata unveiled additional services to assist businesses in using Vantage to streamline their analytic ecosystems as they migrate to the cloud.

Data Lake Market Scope

The data lake market is segmented on the basis of component, deployment mode, organization size, business function and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component  

• Solutions
• Data Discovery
• Data Integration and Management
• Data Lake Analytics
• Data Visualization
• Services
• Managed Services
• Professional Services
• Consulting
• Support and Maintenance
• System Integration and Deployment

Deployment Mode

• On-Premises
• Cloud

Organization Size

• Large Enterprises
• Small and Medium-Sized Enterprises

Business Function

• Marketing
• Sales
• Operations
• Finance
• Human Resources

Industry Vertical

• Banking, Financial Services and Insurance
• Telecommunication and Information Technology
• Retail and E-Commerce
• Healthcare and Life Sciences
• Manufacturing
• Energy and Utilities
• Media and Entertainment
• Government
• Others
• Travel and Hospitality
• Transportation and Logistics
• Education

Data Lake Market Regional Analysis/Insights

The data lake market is analyzed and market size insights and trends are provided by country, component, deployment mode, organization size, business function and industry vertical as referenced above.

The countries covered in the data lake market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the data lake market due to the presence of major players in this region and the growing volume of organizational data across the region. Prevalence of advanced infrastructure in combination with rising deployment of artificial intelligence solutions are some other important factors determining the dominance of this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising number of data storage centers in the developing economies such as China and India. Moreover, escalating IT infrastructure in the region coupled with rising shift to cloud-based data platforms will yet again bolster the growth of the market in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Data Lake Market Share Analysis

The data lake market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to data lake market.

Some of the major players operating in the data lake market are

• Microsoft (U.S.)
• IBM (U.S.)
• Cloudera, Inc. (U.S.)
• Informatica (U.S.)
• Tata Consultancy Services Limited (India)
• Zaloni (U.S.)
• Google, LLC (U.S.)
• Snowflake Inc. (U.S.)
• Exacaster (Lithuania)
• Upsolver (U.S.)
• Oracle. (U.S.)
• Amazon Web Services, Inc. (U.S.)
• SAS Institute Inc. (U.S.)
• Teradata (U.S.)
• Cazena, Inc. (U.S.)
• Atos SE (France)
• Temenos Headquarters SA (Switzerland)
• Dremio (U.S.)
• Koverse, Inc. (U.S.)
• BigStep (India)