May 21, 2024
Ict

The Growing Data Lake Market to Surpass the Valuation of US$ 16 Bn by 2030

The data lake market provides data storage, analytics, management and insights for large volumes of data across many data types. Organizations use data lake solutions to store raw data in its native format until needed, and then process and analyze it for analytics and operations. The huge amount of data generated from various sources across industries needs to be managed, processed and analyzed for gaining meaningful insights. This has fueled the demand for scalable and flexible data lake solutions.

The global data lake market is estimated to be valued at US$ 4.2 Bn in 2023 and is expected to exhibit a CAGR of 24.80% over the forecast period of 2023-2030. Effective data lake solutions allow businesses to leverage big data in real-time for use cases like personalization, predictive maintenance and fraud detection. Analytics tools integrated with data lakes help enterprises unlock deeper intelligence from data. With growth in digitization and IoT, the volume and varieties of enterprise data are rising exponentially, making data lake’s centralized data management model increasingly important.

Key Takeaways
Key players operating in the data lake market include Amazon Web Services, Microsoft, IBM, Oracle, Cloudera, Informatica, Teradata, and Zaloni. These vendors provide data lake platforms, data integration and management tools.

Key opportunities in the market include modernization of analytics infrastructure, promotion of self-service BI and adoption of cloud-based solutions. Data lakes facilitate centralization of data and sharing of resources among teams.

Globally, organizations are adopting cloud-based data lakes for scalability, flexibility and cost benefits. Cloud data lakes also help enterprises expand analytics capabilities to new markets. North America currently dominates the market due to strong analytics adoption. However, Asia Pacific is expected to exhibit highest growth led by digital transformations in China, India and other developing nations.

Market Drivers
Rising volume and variety of enterprise data generated from multiple sources have necessitated centralized data management using scalable platforms like data lakes. They allow storage of petabytes of structured, semi-structured and unstructured data in native format.

Market Restrains
Lack of data governance and compliance standards in some organizations poses security and privacy challenges for data lakes. Also, complex implementation and high upfront costs of data lake projects hinder adoption to some extent. Standardization of best practices and rise of managed services are helping address these restraints.

Segment Analysis
The data lake market can be segmented on the basis of components, deployment, organization size, and industry vertical. The solution sub-segment dominates the data lake market currently due to the growing demand for tools and platforms required to store and analyze large volumes of structured and unstructured data. The increasing adoption of data lake solutions by large enterprises as well as SMEs to gain better business insights is driving the growth of this sub-segment.

Global Analysis
North America data lake market dominated the global data lake market in 2023 due to advancements in big data and analytics technology along with the presence of major vendors. The Asia Pacific is projected to grow at the highest CAGR during the forecast period. This is attributed to growing digitalization and the adoption of emerging technologies such as Internet of Things, artificial intelligence, and cloud computing across different industries in countries like China, India, and Japan. Furthermore, increasing investments by tech giants in emerging economies to expand their global footprint will boost the growth of the data lake market in the Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it