The global data lakes market, according to a recent report by Market Research Future (MRFR), is expected to grow at a CAGR of approximately 28% during the forecast period 2017-2023.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Drivers and Restraints
developments in technology and storage devices are resulting in a lower-cost data warehouse, which is producing a higher number of users. the advancement of high volume storage technology such as Blu-ray disk with enhanced network connectivity features is driving down the cost of big data lakes storage. solid-state drives provide a better performance, higher readability, robustness, high data speed, stability and reliability, and resiliency, which is an additional market attraction. a rise in investments and striking applications growth and potential are significant opportunities for market players.
Data lakes offer attractive benefits like high speed, scalability, centralization, advanced data lakes analytics, and integration of data, all in one system, which consists of coherence and pattern identification. Promising market opportunities are being generated by investments by technology industry giants entering the market. The potential applications of big data technologies comprise of price optimization, business forecasting, search engine optimization (SEO), business intelligence, better sample selection for analytics, among others. The opportunities include quantification of the link between actions and revenues, higher market penetration, better customer targeting and engagement, real-time data for feedback, corrective actions to prevent customer switching, not to mention better customer satisfaction. The development of analytics computer languages has resulted in the faster growth of Azure data lakes and Hadoop data lake systems.
Data Lakes Market Covid 19 is segmented based on the component, business function, organization size, deployment, and vertical. Based on the component, the market is segmented into software and service. The software segment is further classified into data discovery, data integration and management, data lakes analytics and data visualization. The service segment is also bifurcated into managed services and professional services. The professional services segment comprises of system integration & deployment data lakes services, and support & maintenance. Based on the business function, the data lakes market is segmented into operations, marketing, finance, sales, and human resources. Based on the organization size, the market for data lakes is bifurcated into SMEs and large enterprises. The growth is majorly accredited to small and medium enterprises where low-cost solutions are much required. Based on the deployment, the market is bifurcated into the cloud and on-premise. The cloud-based deployment sub-segment is expected to hold the largest market share of the data lakes market and is also expected to grow at the highest rate over the forecast period owing to the increasing implementation of cloud-based technologies across various industry verticals.While, based on the vertical, the market is segmented into healthcare, BFSI, manufacturing, media & entertainment, IT & telecommunication, energy & utilities, and others.
The global data lakes market is spanned across the Asia Pacific, North America, Europe, and the Rest of the World. North America is touted to account for the largest share of the market, whereas the Asia Pacific is projected to grow at the fastest rate during the forecast period. The expansion of the market in North America is attributed to technological advancements and increased adoption of cloud-based technologies across various industry verticals. he North America region holds the largest share of the market across the globe, followed by Europe and the Asia Pacific region. The U.S. and Canada are leading the North America market due to rising technological enhancements and the development of intelligent connected devices in the region. Moreover, the region has a well-established infrastructure, which allows for faster implementation of advanced technologies. Additionally, the growing adoption of the Internet of things and the rise in demand for business agility are significant factors driving the growth of the data lakes market in the region.
Some of the market players in the global data lakes market are 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.), SAP SE (Germany), SAS Institute (U.S.), Hitachi (Japan) and ATOS SE (France) among others.
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