The global data lakes market is poised to expand at a whopping 28% CAGR over the estimated years (2017-2023). Data lakes simply put, are storage systems that can store data in huge amounts in the raw form. Such unstructured data can be used further by analysts and data scientists to transform and remodel the same into diversified data sets. It also augments business agility due to the fact that it supports numerous workloads and distributions of varied types and sizes. Data lakes can comprise of varied forms of data including databases, video, audio and files. In this processing data system, a company can place everything from people data, social data, business process, competitor data, partner’s data, external and internal data and more. Some of its alluring benefits include advanced data lakes analytics, high speed, scalability, integration and centralization of data under a single system that includes pattern identification and coherence.
There are numerous factors that is driving the growth of the data lakes market. These factors according to MRFR (Market Research Future) report include need for both increased business accessibility and agility, rising adoption of IoT (internet of things), growing variety and volume of business data. The additional factors include increasing use of social computing and web-based interfaces, increasing use of data lakes in financial services and banking and growing need for hosted services from medium and small business units. On the contrary, privacy and data security concerns, lack of proper analytical skills, issues of data lakes standardization and governance are factors that may hamper data lakes market growth.
MRFR report offers a complete segmental analysis of Data Lake Market on the basis of component, business function, organization size, deployment and vertical.
Based on component, it is segmented into service and software. Software is again segmented into data visualization, data lakes analytics, data integration & management and data discovery. Service is further segmented into professional services and managed services. Again, professional services are further segmented into support and maintenance, system integration and deployment and data lakes services. Of these, services will dominate the data lakes market over the estimated years.
Based on business function, it is segmented into human resources, sales, finances, marketing and operations. Of these, operations are predicted to lead the market.
Based on organization size, the data lakes market is segmented into large enterprises and small and medium enterprises. Of these, small and medium enterprises will have the largest share in the market.
Based on deployment, it is segmented into on-premise and cloud. Of these, cloud segment will dominate the data lakes market over the estimated years.
Based on vertical, the data lakes market is segmented into energy and utilities, media and entertainment, IT and telecommunication, manufacturing, healthcare and BFSI. Of these, BFSI will have the maximum share in the market.
By region, the data lakes market covers growth opportunities and latest trends across Asia Pacific, North America, Europe and Rest of the World. Of these, North America will precede the data lakes market over the estimated years owing to increased use of cloud-based technologies in different industry verticals and advancements in technology. In the APAC region, the data lakes market is expected to expand at the fastest pace. The primary forces that is driving the growth of the market in this region include huge opportunities and increasing technological adoption across industry verticals particularly Japan, China and India.
Key players profiled in the data lakes market include ATOS SE (France), Hitachi (Japan), SAP SE (Germany), SAS institute (U.S.), Cloudera Inc. (U.S.), Zaloni (U.S.), Oracle Corporation (U.S.), EMC Corporation (U.S.), Capgemini (France), Teradata Corporation (U.S.), Informatica (U.S.), Microsoft Corporation (U.S.), and others.
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