Data Lakes Market

Market Definition

The global Data Lakes Market size was valued at USD 6.82 billion in 2021 and is predicted to reach USD 32.96 billion by 2030 with a CAGR of 19.2% from 2022-2030. Data lakes are centralized repository software that is used as a storage system of all raw and natural data in one place.

The information stored in the data swamps is mostly in the form of audio, video text, and blobs or files that can be refined as per the requirement. Data lakes help to import the amount of data that comes in real-time which is collected from multiple sources and moved into the data lake in its original format. All the information stored in data lakes can be either in the form of unstructured or structured data. 

Unstructured data is used by data analysts and data scientists. Whereas, structured data are prominently used by the aviation and automobile sector. In addition, data lakes help in extracting in-depth insights from the data that further gives a unique set of metadata information to its users.

Market Dynamics and Trends

The demand for data lakes is increasing due to the speed of data recovery to the system which is a better option as compared to its alternative system that includes data warehouses. Also, the rapid use of the Internet of Things (IoT), as it provides quick and efficient data manipulation in almost every prominent sector such as corporate, healthcare, finance, and telecom is driving the growth of the market. 

For instance, there were more than 10 billion active IoT devices globally in 2021, and it is estimated that the number of active IoT devices will surpass 25.4 billion in 2030. Moreover, the world is inclining toward digitalization and companies are becoming more data-driven as it is a secure choice that eliminates the need for data modeling, which is expected to propel the data lakes market growth during forecast period.

However, slow integration of data while boarding and high maintenance cost are the factors that restrain the growth of the market. On the contrary, rising number of digital payments, increase in number of transactional information in the banking sector, and growing investments in unmanaged data lake like data swamps to improve analytical abilities for its customers are expected to create lucrative opportunities for the data lakes market players in the future.           

Market Segmentations and Scope of the Study

The data lakes market report is segmented based on type, component, function, deployment, organization size, industry vertical, and geography. Based on the type, the market is divided into software and services. Based on the component, the market is classified into solutions and services. The solutions are further bifurcated into data discovery, data integration & management, data lakes analytics, and data visualization. The services are further bifurcated into managed services and professional services. The professional services are further sub-segmented into consulting, support and maintenance, and system integration and deployment. Based on the function, the market is categorized into marketing, sales, operations, finance, and human resources. Based on the deployment, the market is segmented into on-premise and hosted. Based on the organization size, the market is bifurcated into small & medium enterprises, and large enterprises. Based on the industry vertical, the market is divided into BFSI, telecommunication & IT, retail & e-commerce, healthcare & life sciences, manufacturing, government, energy & utilities, media & entertainment, and others. The geography breakdown and analysis of each of the aforesaid segments include regions such as North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America region is expected to hold the lion's share of data lakes market size and is expected to continue its dominance in the market during the forecast period, owing to growing uses of big data technology across the industries such as fintech, healthcare, and others.

For instance, in September 2021, Snowflake launched the financial services data cloud to enhance customer-centric and data-driven innovation in the financial services industry. The platform unites Snowflake’s industry-tailored platform governance capabilities and partner-delivered solutions along with industry-critical datasets to assist financial services organizations to revolutionize how to use data to drive business growth and deliver better customer experiences. 

Also, growing amount of data across industry verticals coupled with high adoption rate of machine learning and artificial intelligence owing to the presence of big tech such as Nividia, IBM, Amazon, and others boost the market growth. Moreover, growing adoption rate of data lakes system mostly in the countries including U.S. and Canada to generate insightful information from structured and unstructured data to stay competitive in the market are the key factors that drive the demand for data lakes market.

On the other hand, Asia-Pacific has also witnessed the penetration of data lakes due to the increase in IoT paired with low cost of data lakes. For instance, in February 2022, according to Microsoft Azure, Asia-Pacific remains strong in IoT adoption due to organizations broadening in the countries such as China, Japan, and Australia. It shows Australia has 96% IoT adoption and 94% IoT adoption in the organization across China. 

Also, rising financial institution inclining toward data lakes to bring revolution in the banking sector drives the market growth in this region. For instance, in January 2021, financial institutions turn to Huawei’s converged data lake solution to enhance banking innovation. This solution effectively helps banks to reconstruct their capabilities to deliver precise customer acquisition tools and real-time risk controls. It also helps banks to build leaner operations in front, middle, and back offices that further allow them to intelligently craft personalized products and experiences for their customers.

Competitive Landscape

The data lakes industry includes various major market players such as Microsoft Corporation, Qlik, Oracle Corporation, Dell EMC, Amazon.com Inc., IBM Corporation, SAP SE, Google LLC, TCS LTD., and Snowflake Inc. These market players are adopting various joint venture strategies and planning expansion of business across various regions to maintain their dominance in the global market. 

For instance, in June 2020, Microsoft acquired ADRM Software which provides industry-specific data models for analytics. It serves as an information blueprint for planning, architecting, designing, governing, reporting, business intelligence, and advanced analytics.

This acquisition would enable to create intelligent data lakes. Moreover, in May 2019, Qlik completed its acquisition of Attunity Ltd. to deliver real-time analytics across multiple cloud environments and data lakes.  It was combined with predictive analytics and artificial intelligence to provide real-time insights throughout an entire organization.

KEY PLAYERS:

• Microsoft Corporation

• Qlik

• Oracle Corporation

• Dell EMC

• Amazon.com Inc.

• IBM Corporation

• SAP SE

• Google LLC

• TCS LTD

• Snowflake Inc