NEWARK, Del, Jan. 07, 2024 (GLOBE NEWSWIRE) -- In 2023, it was estimated that the data lake market was worth US$ 13.7 billion. It is anticipated that the sector would be valued at US$ 16 billion by the end of 2024. The data lake market is predicted to expand at a rate of 18.90% CAGR over the course of the forecast period, reaching a valuation of US$ 90.6 billion by 2034.
One of the distinct factors driving the data lake market is the growing emphasis on data democratization, which enables non-technical individuals to freely access and evaluate data. This change encourages an inclusive data driven culture in companies. The growing integration of edge computing and data lakes, which allows real time analysis of data closer to its source, is another notable driver.
This convergence improves operational efficiency and promotes sectors like the Internet of Things. With a focus on accessibility as well as real time capabilities, these distinctive drivers highlight a transformational approach and position data lakes as essential solutions for businesses looking to maximize data processing in the ever changing digital ecosystem and empower a broad range of stakeholders.
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Key Takeaways from the Market Analysis
- The market expanded at a CAGR of 16% from 2019 to 2023.
- Throughout the projected period, the data lake market in the United States is projected to expand at a 16.80% CAGR.
- From 2024 to 2034, the data lake market in Japan will rise at a 20.20% CAGR.
- During the projected period, the Germany data lake market is expected to develop at an 18.40% CAGR.
- From 2024 to 2034, the data lake market in China is anticipated to forecast a 19.50% CAGR.
- Over the course of the projected period, the Australia data lake market is predicted to rise at a 22.50% CAGR.
“Companies in the data lake industry are opting for Data Lake since it is essential for improved data security and governance, as well as to guarantee adherence to legal requirements. The popularity of data lake solutions is driven by the desire for real-time analytics capabilities to extract relevant information,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
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Competitive Landscape
Advanced analytics integration is being used by organizations more and more to get useful insights from big datasets. By employing these strategies, businesses may manage and assess a range of data sources efficiently, maximizing their resources and staying ahead of the always evolving data landscape.
Key Developments
- In 2023, Dremio declared the release of significant new functionality. These features make it easier for customers to build their data lakes by performantly transferring data into Apache Iceberg tables, querying and federating across more data sources with Dremio Sonar, automatically formatting SQL queries in the Dremio SQL Runner, and securely connecting Microsoft PowerBI using single sign on (SSO).
- In 2023, Informatica® and Google Cloud further strengthened their partnership. With two recent releases, they have given clients greater control in Europe, they have made available Informatica's full Intelligent Data Management Cloud (IDMC) and Intelligent Master Data Management Software as a Service (Intelligent MDM) directly on Google Cloud.
- In 2023, Oracle introduced new features for application development that will help developers create and launch apps on Oracle Cloud Infrastructure (OCI) more quickly. The new features, which are intended for Java and cloud native developers, will enable developers to create cost effective, highly responsive cloud native apps. Furthermore, Oracle is developing generative AI tools to enable application developers to leverage state of the art big language models alongside the level of privacy and security required by businesses.
Key companies profiled
- Amazon Web Services Inc.
- Cloudera, Inc.
- Dremio Corporation
- Informatica Corporation
- Microsoft Corporation
- Oracle Corporation
- SAS Institute Inc.
- Snowflake Inc.
- Teradata Corporation
- Zaloni Inc.
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Segmentation Analysis of the Data Lake Market
By Type:
- Solutions
- Services
By Deployment:
- On-premise
- Cloud
By Vertical:
- IT
- BFSI
- Retail
- Healthcare
- Media and Entertainment
- Manufacturing
- Others (Government, Hospitality, Education, Others)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently recognized him as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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