Global Data Lake Market Size to Reach USD 89.53 Billion in 2032 |Emergen Research
Simplified access to organizational data in departmental silos, mainframe, and legacy systems is a key factor driving global market revenue growth
Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) — The global data lake market size is expected to reach USD 89.53 Billion in 2032 and register a steady revenue CAGR of 20.6% during the forecast period, according to latest analysis by Emergen Research. Increasing need to extract in-depth insights from rising volumes of data to gain a competitive advantage is a key factor driving market revenue growth. Data lake gathers data from several sources, which is kept in the original format and can be instantly imported. Size of data can be increased using this technique while saving time on the creation of data structures, schema, and transformations.
Data lakes allow many roles within an organization, such as data scientists, data developers, and business analysts, to access data using their chosen analytic tools and frameworks. A few examples include commercial solutions from data warehousing and business intelligence providers as well as open source frameworks such as Apache Hadoop, Presto, and Apache Spark. These providers can run analytics using data lakes instead of migrating their data to a different analytics solution.
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However, lack of technical knowledge, technical incompetence, and expert understanding will hinder the industry’s ability are key factors, which could restrain market revenue growth. In addition, lack of qualified data science experts and low adoption rate in poorer countries are other factors, which could restrain market revenue growth.
Scope of Research
|Market Size in 2022||USD 13.70 Billion|
|Revenue Forecast To 2032||USD 89.53 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Million and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Component, deployment mode, organization size, business function, industry vertical, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Microsoft, AWS, IBM, Oracle, Cloudera, SAS Institute, Informatica, Teradata, TCS, and ATOS|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global data lake market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective data lake. Some major players included in the global data lake market report are:
- SAS Institute
- On 6 September 2023, Amazon Web Services, Inc. (AWS) and Cloudera, the data provider for trusted corporate Artificial Intelligence (AI), announced to sign a Strategic Collaboration Agreement (SCA). Through this agreement, Cloudera and AWS are able to further solidify their partnership and show commitment to accelerating and scaling cloud native data management and data analytics on AWS. With the help of this cooperation, Cloudera will make advantage of AWS capabilities to provide clients with open data lakehouse on AWS for trusted enterprise generative AI, allowing for continuous innovation and lower costs.
- On 23 June 2022, Starburst, a supplier of data lake query acceleration technology, acquired Varada. The deal’s financial details, which were made public, were not made known. Recently, Starburst earned USD 250 million in a Series D fundraising round, giving it a USD 3.35 billion valuation. The relationship between two suppliers had been announced in March 2021, and it was so successful that Starburst’s management sought to buy Varada. Starburst can now speed up data queries by integrating Varada’s technology directly with its own Enterprise on-premises and Galaxy cloud services due to the purchase. The open source Trino query engine technology is being developed by Starburst and Varada together.
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Some Key Highlights From the Report
- The marketing segment is expected to account for largest revenue share in the global data lake market over the forecast period. This is because in a marketing data lake, unstructured, semi-structured, and structured data may all be retained together. Unlike traditional databases that have a defined schema, data lakes allow marketers to store data in its unstructured state without the need to first format it. Various data from many sources, including Customer Relationship Management (CRM) systems, social media analytics, and website metrics, can be housed under one roof due to the versatility. Most data lakes combine advanced processing and high-capacity storage techniques. Several technologies are used to manage and analyze the enormous amount of data stored in these repositories.
- The Banking, Financial Services, and Insurance (BFSI) segment is expected to register steadily fast revenue growth rate in the global data lake market over the forecast period. This is because in the future, data lakes will be the foundation for how BFSI organizations store their data. BFSIs require a cunning solution that provides size, speed, and security, hence invest millions of dollars each year in data storage and preservation. Data lakes are good for addressing the particular problems associated with data storage. These centralized storage options enable data security, efficient processing, and transparency.
- The North America market accounted for largest revenue share in the data lake market in 2022 owing to increasing product launches in the region. For instance, a statement from the business claims that Amazon Web Services (AWS) unveiled a new cybersecurity solution called Amazon Security Lake that automatically centralizes security data from cloud and on-premises sources into a specifically created data lake in a customer’s AWS account. In addition to the U.S. East (N. Virginia), U.S. East (Ohio), U.S. West (Oregon), Asia Pacific (Sydney), Asia Pacific (Tokyo), Europe (Frankfurt), and Europe (Ireland), the Amazon Security Lake service, which was unveiled at the AWS re: Invent 2022, will soon be made available in additional regions.
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For the purpose of this report, Emergen Research has segmented the global data lake market on the component, deployment mode, organization size, business function, industry vertical, and region:
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Data Discovery
- Data Integration & Management
- Data Lake Analytics
- Data Visualization
- Managed Services
- Professional Services
- System Integration & Deployment
- Support & Maintenance
- Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- Small & Medium-Sized Enterprises (SMEs)
- Business Function Outlook (Revenue, USD Billion; 2019–2032)
- Human Resources
- Industry Vertical Outlook (Revenue, USD Billion; 2019–2032)
- Banking, Financial Services, & Insurance
- Telecommunications & Information Technology (IT)
- Retail & E-Commerce
- Healthcare & Life Sciences
- Energy & Utilities
- Media & Entertainment
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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