A recent report published by Infinium Global Research on the data lake
market provides an in-depth analysis of segments and sub-segments in the global as
well as regional data lake market. The study also highlights the impact of
drivers, restraints, and macro indicators on the global and regional data lake
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecasts, and dollar values of the global data lake market.
According to the report, the global data lake market is projected to grow at a
CAGR of 26.38% over the forecast period of 2020-2026.
The data lake is a repository of stored data and these data may be
structured, semi-structured, or unstructured and raw. The requirement and
structure of the data are not specified until it is needed. Data Lake also
helps to improve business agility as this storage model supports multiple
distributions and workloads of diverse sizes and types. This allows the data
scientist to centralize massive data from numerous applications in the one
logical storage pool. It can contain diverse types of data including files,
video, audio, and databases.
A large amount of data is being generated on digital information
platforms on a regular basis. According to IBM, 2.5 quintillion bytes of data
are generated each day. This explosive amount of data creates a requirement for
efficient data storage systems. One of the significant drivers in the adoption
of data lakes is cost reduction. Data lakes directly consume data in its
original format rather than moving it into a purpose-built data store. The data
contained in data lakes can be utilized for analysis and transformation there
only, thus decreasing the need and cost of another server for data
transformation. Additionally, it solves the problem of big data. The
information generated through Big Data is extremely diverse in nature. However,
data lake’s ability to store enormous data in different forms tackles the
problem. On the other hand, data lakes face some challenges which include slow
onboarding and amalgamation of data and high post boarding and maintenance cost
due to which several organizations are hesitant to adopt data lakes. Thus,
obstructing the growth of the data lake market. Additionally, the current
concern over the spread of coronavirus is also expected to have a positive
impact on the data lake market. Data consumption is projected to witness a
substantial increase as a direct consequence of lockdowns enforced in several
worldwide to combat the spread of the deadly coronavirus. As the COVID-19
pandemic sweeps the globe, big data and AI have emerged as a crucial tool for
everything from diagnosis and epidemiology to therapeutic and vaccine
development. For instance, Amazon Web Services has announced that it is making
available a data lake for the COVID-19 analysis. The data lake includes metrics
such as case tracking data from Johns Hopkins and the New York Times and over
45,000 COVID-19 research articles.
Geographically, North America generated the largest revenue in the
data lake market in 2019 and is expected to continue its dominance over the
forecast period. Further, the increasing usage of big data technology, growing
amount of data across industry verticals, and rising investments by companies
in data lake solutions are the major key factors responsible for the growth of
the data lake market. Companies, especially in the United States, have started
using data lake solutions to produce insightful information from structured and
unstructured data and stay competitive in the global data lake market.
Furthermore, the Asia Pacific region is projected to be the fastest-growing
region for the global data lake market owing to countries such as China and
India which are adopting the new technologies.
The report on the global data lake market covers segments such as
offering, deployment, enterprise size, and end-users. On the basis of offering,
the sub-markets include solution, and service. On the basis of deployment, the
sub-markets include cloud-based, and on-premise. On the basis of enterprise
size, the sub-markets include large enterprises, and SMEs. On the basis of
end-users, the sub-markets include IT and telecom, BFSI, retail, healthcare,
manufacturing, and other.
The report provides profiles of the companies in the market such
as Informatica Corporation, Microsoft Corporation, Teradata, EMC Corporation,
Capgemini SE, SAP SE, Oracle Corporation, Atos, Hitachi Ltd., and SAS
Institute.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the data lake market.
Moreover, the study highlights current market trends and provides forecast from
2020-2026. We also have highlighted future trends in the market that will
affect the demand during the forecast period. Moreover, the competitive
analysis given in each regional market brings an insight into the market share
of the leading players.