Data Lakes Market Powered Up To Accelerate at 28% CAGR | Industry Escalates to $14 Billion by 2023

“Data Lakes Market”
Global Data Lakes Market Research Report: by Component (Data Discovery, Data Integration & Management, Data Lakes Analytics, Data Visualization), Business Function (Sales, Finance, HR), Organization Size, Deployment, Vertical – Forecast till 2023

Data Lakes Market – Overview

Data lakes refer to a storage repository which holds a vast amount of raw data. Each data element in a data lake is assigned a unique identifier and is tagged with extended metadata tags. In a data lake, data is loaded from all source systems and no data is turned away. Data Lake, the term is increasingly being used to describe any large data pool in which the data requirements are not defined until the data is queried.


Data lakes, unlike data warehouses, can retain all the data, can support all data types and can easily adapt to changes. Owing to these features, data lakes can also provide faster data insights. Data lakes provide various benefits like scalability and can accommodate high speed data. It also offers advanced analytics by utilizing the availability of large quantities of coherent data along with deep learning algorithms which further helps in real-time decision analytics. Data lakes is gaining popularity among enterprises for their increasing data storage needs. In order to meet the growing needs, enterprises have deployed different solutions like Hadoop based big data platforms which can help in building successful data lakes and can retain the entire enterprise data.


According to a recent study report published by Market Research Future, The global market of data lakes is showing high growth and expected to gain prominence over the forecast period 2017-2023. Growing need for business agility and accessibility is one major factor fuelling the growth of data lakes market. Data lakes solutions are used across various business functions such as marketing, finance, sales, operations, and human resource. Operations business function is expected to drive the growth of Data Lakes Market. This is owing to the increasing demand for IoT enabled technologies. These technologies are increasingly implemented in business operations in order to resolve real time issues and streamline the workflow.


On the other hand, data security and privacy concerns are major factors hindering the growth of data lakes market. Other factors such as lack of transformation from traditional techniques and lack of long term data governance could hamper the market growth.


Market Players:

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) and ATOS SE (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Data Lakes Market.


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Industry News:

September 2017 – Informatica has announced a new set of solutions and enhancements in the areas of intelligent data lake management and enterprise data cataloguing and data discovery. This will enable organizations to turn data lakes into business value using artificial intelligence (AI) and the cloud to drive intelligent disruption.


November 2017 – Microsoft makes Databricks a first-party service on Azure. Azure users will be able to spin up Databricks with a single click and the service can scale automatically as per the user needs. They also will get access to Databricks’ interactive and collaborative notebooks for building their models and pipelines. This will also provide built-in monitoring and security tools.


November 2017 – Dell EMC Corporation has launched Elastic Data Platform which refers to a series of reference architecture geared for Hadoop and related big data environments. Elastic data platform is available as direct-attached storage on PowerEdge servers, clustered Isilon scale-out NAS, or a managed service via the Dell EMC Virtustream Storage Cloud.


Data Lakes Market – Competitive Analysis

The market of data lakes appears to be competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.


Data Lakes Market – Segmentation

Segmentation by Structure: Comprises of data sources, Hadoop distribution, data ingestion, data query and data stores

Segmentation by Service: Comprises of data engineering, managed services, support & maintenance and data discovery & visualization

Segmentation by Application: Comprises of Healthcare & life science, Industrial, Banking & finance, government, and media

Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World


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Data Lakes Market – Regional Analysis

North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the data lakes market in North America owing to the presence of a large number of established key players such as Microsoft Corporation, Informatica, Teradata Corporation, EMC Corporation and Oracle Corporation among others. Also, the technological advancements and early adoption of data management systems are other factors responsible for driving the growth of data lakes market in the region. Data lakes market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and increasing adoption of internet of things applications across countries including China, Japan and the region. Whereas, the Europe market for data lakes is expected to grow at a considerable CAGR (2017-2023).


About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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