Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) — At a compound annual growth rate (CAGR) of 24.0% throughout the projected period, the world data lake market is expected to reach $25.49 billion by 2029. The increased requirement for data governance and security, the growing trend of cloud-based deployments, and the growing need for big data and analytics solutions are all factors which are contributing to the growth of the Data Lakes Market.
A data lake is a repository that can contain large amounts of structured, unstructured, and semi-structured data. It is a large collection of data kept in its original format, including text, photos, audio, and video. Various data sources, such as social media websites, sensors, databases, and video streaming services can be included in a data lake.
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Data lakes contain various types of data including semi-structured, unstructured, and structured data. The expansion of the data lake industry is fueled by the demand for big data and analytics solutions. The data lake market is growing due to the growing use of cloud deployment and data governance and security requirements.
Two categories of services are offered in the data lake industry: professional and managed. Consulting, integration, maintenance and support are other divisions of professional services. Data security, monitoring and analytics, and operations and administration are all included in the managed services segment.
Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), Hortonworks, Inc. (US), Amazon Web Services (US), Teradata Corporation (US) United States), Cloudera, Inc. (United States), Google (United States) and SAS Institute Inc. are the major competitors in the global data lake market (United States). To grow their businesses in the data lake industry, these vendors have used a variety of growth tactics, including collaborations, new product launches, agreements, and corporate expansions. These companies also make significant investments in R&D to create state-of-the-art services applicable to many industrial sectors.
Data Lake Market by Type
- Data integration
- Data management
- Data Discovery
- Data lake analysis
- Data visualization
Data Lake Market by End User
- Health care
Data Lake Market by Application
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During the projection period, the solution segment is expected to grow faster than other market segments. This expansion is driven by the demand for efficient data management and storage solutions as well as data analytics solutions. The CAGR for the cloud category is expected to be higher throughout the projected period. This development can be attributed to the growing acceptance of cloud services by small and medium-sized businesses as well as the trend towards cloud-based facilities (SMBs).
The IT sector is expected to grow at the highest CAGR over the projection period. The need for data lake solutions in many applications, including data warehousing, business intelligence, and analytics, can be attributed to the expansion of this market segment. North America is expected to monopolize the data lake market during the projection. The expansion of this region can be attributed to the early acceptance of data lake solutions and services, the presence of several prominent players, and the growing need for big data and analytics solutions across a variety of industry verticals.
AWS launched Amazon SageMaker Data Wrangler in October 2019 as a fully managed solution that allows users to easily prepare data for machine learning using SageMaker Studio. To help businesses quickly and simply analyze data from a variety of sources, IBM introduced a new cloud data lake solution on IBM Cloud in September 2019. Google introduced Cloud Dataflow Shuffle in February 2019 as a managed service that helps developers in up to 10 times the performance of the Apache Beam pipeline.
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