Data Lake Market Analysis | Recent Market Developments | Industry Forecast, 2029
Research Nester released a report titled “Data Lake Market: Global Demand Analysis & Opportunity Outlook 2029″ which delivers detailed overview of the global data lake market in terms of market segmentation by type, industry vertical and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The data lake market is projected to grow with a significant CAGR during the forecast period, i.e., 2021-2029 on account of the increasing data produced on a daily basis and the need to store and analyze it. As per IBM, 2.5 Quintillion bytes of data are generated each day. In addition, owing to increase in the usage of smart meters, huge amount of data is being generated which needs the use of Data Lakes. In the United States, a total of 70,823,466 smart meters have been installed according to U.S. Energy Information Administration
The market is segmented by type into software and services. Among these segments, the services segment is anticipated to hold the largest share by the end of 2021 in the data lake market as a result of the increasing need for big data analytics by enterprises to streamline IT operations. The market is further segmented into data discovery, data integration & management, data lake analytics, and data visualization for software and into managed and professional services for the services segment.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the data lake market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading global enterprises in the region, especially in the United States, who are adopting big data technologies to identify and streamline business processes and organizational data architecture.
Increasing Amount of Global Data Produced to Drive Market Growth
Every person created 1.7MB of data every second during 2020. In the last two years alone, the 90% of the world’s data has been created. 2.5 quintillion bytes of data are produced by humans every day. 463 exabytes of data will be generated each day by humans as of 2025.
The need for storage and assessment of the amount of data produced by users has increased with increase content creation and cloud storage. Moreover, the development and deployment of Internet of Things (IoT) in various industries will further increase the amount of data produced which is expected to boost the market growth in upcoming years. However, the lack of oversight on the contents stored which can lead to creation of data swamps are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global data lake market which includes company profiling of Microsoft Corporation (NASDAQ: MSFT), Informatica Corporation (NASDAQ: INFA), Teradata (NYSE: TDC), Capgemini (EPA: CAP), IBM (NYSE: IBM), Apple Inc. (NASDAQ: AAPL), EMC Corporation (NYSE: DELL), Oracle Corporation (NYSE: ORCL), Atos (NASDAQ: ATOS), SAS Institute.