Data Lakes Market is expected to demonstrate a CAGR of 28.1% by 2030

The Global Data Lakes Market size is estimated to be USD 5.31 billion in 2019 and is predicted to reach USD 80.93 billion by 2030 with a CAGR of 28.1% from 2020-2030. Data lakes are the large repositories of raw data in the form of audio, video text and others which can be refined as per the requirement whenever the data is required. In the era of digitization and increase in the data based firms there is a huge amount of data is generated on a global level from various different sources. Whenever the information is required these large database is remodel and structured into valuable information and also plays an important role in making decisions.

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The improving and modernizing infrastructure as well as increase in technological advancement coupled with increase in data analytics and increase in digitization on a large scale led to huge among of data generation which is further expected to proliferate the growth of data lakes market over the forecast period.

The other factors include data lakes led to cost reduction which also reduces the issues related to big data coupled with data lakes led to huge data storage in different forms and increased in data based firms are further expected to augment the growth of market. However, slow integration of data while boarding and high maintenance cost is expected to hamper the market growth. Moreover, faster retrieval of data and wide application coupled with increase in IoT and others technologies are expected to create ample opportunities in the market in near future.

Market Segmentations and Scope of the Study:

The global data lakes market share is analyzed on the basis of type, function, organization size, deployment, industry verticals, and geography. On the basis of type, the market is segmented into software and service. The software is sub segmented into Data Discovery, Data Integration and Management, Data Lakes Analytics and Data Visualization. The service segment is divided into Managed Services and Professional Services. The professional services segment is further sub segmented into Data Lakes Services, System Integration and Deployment, and Support and Maintenance. On the basis of function, the market is divided into Marketing, Sales, Operations, Finance, and Human Resources. On the basis of deployment, the market is divided into on-premise and hosted. On the basis of organization size the market is divided into large enterprises and small & medium enterprises. On the basis of industry verticals, the market is divided into BFSI, Telecommunication & IT, Retail & ecommerce, Healthcare & Life Sciences, Manufacturing, Government, Energy & Utilities, Media & Entertainment, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to anticipate the major market share owing to the increased adoption of data lakes services due to the increased demand of data storage and increase in data based firms coupled with increased infrastructure and technological advancement which is further expected to augment the growth of data lakes market.

Asia Pacific is expected to significant growth coupled with gradual increase in market share owing to the increase in IoT, low cost of data lakes and also reduction in the big data issues coupled with wide applications is expected to further expand the market.

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The data lakes is highly competitive and consists of various market players. Some of the major market players include Microsoft Corporation, Oracle Corporation, Dell EMC, Amazon.com Inc., IBM Corporation, Hitachi Data Systems, Capgemini SE, Informatica Corporation, Solix Technologies Inc., Teradata Corporation, Snowflake Computing Inc. and SAP SE among others.

There have been various developments taken place in the past and will further take place in near future which overall contribute the growth of industry. For instance, in April 2019, Temenos, has launched Temenos Data Lake and is first to market with a robust, productized data lake that integrates big data analytics into its banking software. Temenos Data Lake claims to deliver out-of-the-box data integration, preparation, and optimization to power AI-driven banking applications.