LONDON, April 20, 2022 (GLOBE NEWSWIRE) -- On digital information systems, a massive volume of data is generated every day. With such a large amount of data, efficient storage technologies are required. The term "data lake" refers to a system for storing unprocessed data. It is a central store for vast amounts of data that are conveniently accessible. The rising requirement to extract in-depth insights from growing volumes of data to obtain a competitive advantage in the market is a key driving factor for the data lake industry. Additionally, easier access to organizational data from departmental silos, mainframes, and legacy systems opens up lucrative market expansion options.
According to a recent report by Fairfield Market Research, the worldwide data lake market was worth US$5.1 billion in 2018 and is predicted to grow to US$18.6 billion by 2026, with a CAGR of 15.5 % between 2021 and 2026.
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The Global Data Lake Market – Important Trends
- According Dimensional Research's 2018 Big Data Trends and Challenges research, the percentage of organizations with average data lake volumes over 100 Terabytes, has climbed from 36% in 2017, to 44% in 2018 (22 percent growth in a single year). This tendency is likely to continue, and it is simply one of several causes driving big data processing to the cloud.
- Organizations are creating a large amount of data as a result of the development in digitalization. Companies require efficient and advanced data analytical capabilities, and data lakes have emerged as a feasible response to rapidly rising data. The benefits of data lakes, such as the ability to process data on the cloud, are propelling the market forward.
- Banks are hiring data engineers to create more responsive data lakes in order to meet customer demands, and they're also attempting to improve data utility for on-the-go solutions. Apart from the traditional data warehouse, State Bank of India (SBI) has supplied data lakes to bank executives, deputy managing directors, and chief information officers to deliver on-the-go analytics.
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North America Expected to Dominate the Global Data Lake Market
In the global data lake market, North America is predicted to have the largest share. The strong growth rate in North America can be due to the expanding utilization of big data technology, the growing volume of data across industry verticals, and increased company investments in data lake solutions. Organizations have begun to use data lake solutions to create insightful information from structured and unstructured data in order to stay competitive in the market, particularly in the United States. As the amount of data generated grows, such as clickstream data, server logs, subscriber data, Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP), manufacturers are launching a slew of data lake solutions and services to meet the needs of businesses and their customers.
Microsoft Corporation, Google LLC, Apple Inc., IBM Corporation, Cisco Systems, AMAZON, Dell Inc., Cazena Inc, Infoworks.io, Dremio, and many others are among the multinational corporations that make up the worldwide data lake market.
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