Data lake refers to a centralized repository that allows storing all structured and unstructured data at any scale. It stores data in its native format and enables on-demand data access and analysis. The increasing volume of data generated from IoT devices, web, and social platforms creates demand for data lake solutions to efficiently store and process the data. Data lake solutions provide intelligent insights that help organizations gain actionable insights and make informed business decisions.
The global Data Lake Market is estimated to be valued at US$ 4.2 billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid cloud adoption is one of the key trends accelerating the growth of the data lake market. Cloud data lake solutions enable enterprises to deploy and scale storage capacity on-demand basis while reducing infrastructure and maintenance costs. The scalability and flexibility of cloud platforms allow enterprises to expand the scope of storage and processing capabilities in line with data growth without high upfront infrastructure investments. Additionally, cloud data lake offers simplified deployment, flexible access, and real-time collaboration benefits that encourage organizations across industries to migrate their on-premise legacy systems to the cloud. Especially since the onset of pandemic, migration of workloads to cloud environment has picked up significantly which in turn fuels the demand for cloud data lake solutions.
The global Data Lake Market is segmented on the basis of component, deployment, organization size and end-use industry. The solution sub-segment dominates the component segment due to high adoption of data lake solutions for gathering, organizing and storing large amount of structured and unstructured data from multiple sources.
The global Data Lake Market is estimated to be valued at US$ 4.2 billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030.
Regional analysis related content comprises
The North America region is expected to dominate the global data lake market during the forecast period. This is owing to presence of major players in the region and high awareness and adoption of advanced technologies like Big Data analytics, Artificial Intelligence and Machine Learning. The Asia Pacific region is expected to witness highest growth rate during the forecast period attributed to growing digital transformation across industries and rising investments in innovation and emerging technologies.
Key players related content comprises
Key players operating in the Data Lake Market are Microsoft Corporation, Teradata Corporation, Capgemini, EMC Corporation, Informatica, Oracle Corporation, SAP SE, ATOS SE, SAS Institute, and Hitachi Data Systems.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it