Global data lakes market stood to be US$ 2511.65 Million By 2018 And Is Expected To Reach US$ 37901.32 Mn By 2027 Growing at a CAGR Of 35.2% Over the Forecast Period
Large amounts of data are being generated on digital information platforms every day. According to IBM, 2.5 kilobytes of data are generated daily. This explosive amount of data creates the need for efficient data storage systems. Data Lake is a storage system that can store large amounts of data in raw form. This unstructured data can be used by data scientists and analysts to remodel and transform the data into various data sets for future use.
Today, consumers produce large amounts of data from devices connected via the Internet. This data is important for companies to provide efficient and timely insights. Therefore, companies need to manage different data types coming from different sources. You need data storage and analytics solutions that are more agile and flexible than traditional data management systems, but do not cost you money.
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The main reason the global data lake market is growing is the low cost of storage. Data warehouses and data lakes perform the same functions but run differently. Both perform data storage tasks but differ in cost. Data lakes need to have low data storage costs. This is a major driver of global data lake market growth. Agile nature is also a key component of the global data lake market. In addition, the global data lake market is growing due to its ability to configure and reconfigure as needed. Other factors driving growth in the global market are lower labor, maintenance and raw material costs.
According to Capgemini, more than 60% of the financial institutions in the United States believe that big data analytics offers a substantial competitive advantage over the competitors and more than 90% of the companies believe that the big data initiatives determine the chance for success in the future.
The detailed research study provides qualitative and quantitative analysis of data lakes market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
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Data lakes market
- In terms of revenue, global data lakes market is expected to reach US$ 37901.32 million by 2027 owing to the increasing demand for cost & time efficient data storage and retrieval solutions for businesses across all industries.
- Among the deployment types, cloud based solutions are expected to grow at a higher CAGR over the forecast period as they provide flexibility, scalability and aid in improving performance & services quality at a lower upfront cost.
- Banking, financial services and insurance (BFSI) sector held the largest market share in 2018 owing to need for unified data in the customer information intensive and highly regulated environment.
- Asia Pacific region is expected to witness the highest growth over the forecast period owing to increasing social media usage, demand for smartphones, large population and increased investment from global companies in the region.
- Some of the players operating in the data lakes market are Amazon Web Services, Inc, Capgemini, Datalake Solutions, Dell Inc., Eworks, Google Inc., Huawei Software Technologies Co., Ltd, IBM, Infosys Limited, KPI Partners, Microsoft, SAP SE, Search Technologies, Tata Consultancy Services Limited, US-Analytics, Zaloni and among others.
- System infrastructure assessment
- Security & Governance Strategy
- Front-end Integration
- Testing & Support
- Consulting Services
By Organization Size
- Artificial Intelligence
- Machine Learning
- Business Intelligence
- Hadoop & MPP Migration
By End Users
- Small and Medium Enterprises
- Large Enterprises
By Industry Verticals
- Data Scientists
- Data Developers
- Business Analysts
- Banking, Financial Services and Insurance
- IT & telecom
- Media & Entertainment
- Facility & Maintenance
- Retail & E-Commerce
- Logistics & Transportation
- Oil & Gas
- Others (Hospitality & Travel, etc.)
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- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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