A data lake is a repository of data in its natural format and includes structured, semi-structured, unstructured and binary data facilitating collocation of data from a centralized data store. The global data lakes market is projected to grow at a CAGR of 28 % during the review period of 2017 to 2023.
The Explosive Growth of Data and Analytics is Expected to Drive Demand
It is estimated that worldwide digital healthcare data alone has reached a quantum figure of 500 petabytes in 2012 and which is projected to reach 25,000 petabytes by 2020. The other drivers for the explosive growth of data are the necessity of backup owing to Government regulation to store and maintain a timeline business data, growing volume of larger file types such as media files, developing social networking and media websites, internet connectivity, bandwidth, and others.
Advancements in Technology and Storage Devices are Resulting in Lower-Cost Data Warehouse, Which is Generating a Higher Number of Users
The development of high volume storage technology such as Blu-ray disk with improved network connectivity features is driving down the cost of big data lakes storage. Solid state drives provide better performance, higher readability, robustness, high data speed, stability and reliability, and resiliency, is a further market attraction.
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Growth in Investments and Impressive Application Expanse and Potential is the Most Significant Market Opportunity
Data lakes provide attractive benefits like scalability, high speed, advanced data lakes analytics, centralization and integration of data under one system, which includes coherence and pattern identification. An enormous market enthusiasm has been generated by investments by technology giants including Microsoft Corporation, Informatica, Teradata Corporation, Capgemini, EMC Corporation and Oracle Corporation entering the fray.
The potential applications of big data technologies include price optimization, search engine optimization (SEO), business forecasting, business intelligence, better sample selection for analytics, and 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.
Concerns for Data Security and Privacy and Data Lakes Management may Hamper the Market
The market barriers are concerns for data security and privacy, integration of multi-point and multi-sectorial cross-channel data resulting in growing complexity of data lakes management, issues of data lakes governance and standardization, and others
North America region led by the U.S. accounts for the most significant market share owing to the faster adoption of latest technology, the presence of substantial players and others. Europe is led by Germany, France, and the U.K. The adoption of Internet of things, increase in adoption of cloud-based technologies and rise in demand for business agility are other factors driving the market of the developed regions. However, the market is expected to favor the Asia Pacific regions led by India and China shortly.
The Middle East and Africa market is anticipated to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Some of the leading 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.), SAS institute (U.S.), SAP SE (Germany), Hitachi (Japan), ATOS SE (France) and others. Azure data lake analytics and Hadoop data lake analytics are the leading data lake architectures in use in the current market.
To generate a detailed view of the global data lakes market, the report is segmented by 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 sub-segmented into data discovery, data integration and management, data lakes analytics and data visualization. The service segment is further segmented into managed services and professional services. The professional services segment is further segmented into data lakes services, system integration & deployment, and support & maintenance.
Based on the business function, the market is segmented into operations, marketing, finance, sales, and human resources.
Based on the organization size, the market is segmented into SMEs and large enterprises. The small and medium enterprises account for the fastest growing segment.
Based on the deployment, the market is segmented into the cloud and on-premise. The cloud segment is anticipated to account for the largest as well as fastest growing market over the forecast period.
Based on the vertical, the market is segmented into BFSI, healthcare, manufacturing, IT & telecommunication, media & entertainment, energy & utilities, and others.
Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Middle East and Africa.
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September 2017 – Dell EMC Corporation launched Elastic Data Platform geared for Hadoop and big data environments.
February 14, 2018: leading IT services provider Tata Consultancy Services, launched Enterprise Data Lake (EDL) for Advanced Analytics on Amazon Web Services (AWS).
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