Data Lake Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

Data Lake Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

Globally, the overarching business need to make data-driven decisions in real-time has augmented the demand for advanced data platforms. As organizations rapidly adopt next-generation data storage and retrieval solutions, the demand for data lake solutions has witnessed a substantial surge. At the same time, as data is captured and stored across multiple distributed environments, companies also seek to eliminate data silos. In the coming years, this demand, coupled with a rampant increase in data volumes, is poised to significantly expand the global data lakes market. The foremost growth drivers across the data lakes market include rising demand for cloud-enabled data platforms, necessity to gain actionable business insights, and an increase in data lake solutions in the healthcare sectors. These factors are set to open fresh business opportunities, enabling the global data lakes market to reach a total valuation of US$ 18.67 billion by 2026.

Key Insights and Trends Across Global Data Lakes Market

Presently, a large share of end-users of data lake solutions rely on on-premises deployment. However, due to the efficiency, speed, and low cost offered by cloud deployment, demand for cloud deployment of data lake solutions is predicted to register phenomenal growth between 2021 to 2026.

The availability of a new generation of data analytics experts has increased the demand and implementation of BI (business intelligence) solutions. Consequently, business data lake (or BI data lake) solutions are projected to garner higher demand over the study period, empowering businesses to enhance operational efficiency via data-driven decision-making.

By 2026, rising data volumes are expected to increase the demand for cloud-enabled big data processing platforms, particularly in the healthcare and retail & e-commerce sector. Within healthcare, data lakes are poised to improve intelligent patient care and patient medical history management, enabling healthcare professionals to take preventive action.

Increasing Data Volumes in Healthcare Creates Robust Growth in Data Lakes Market

Healthcare professionals collect, interact, and extract large volumes of data on a day-to-day basis. Therefore, there is a growing need in the healthcare sector to establish a central data repository to improve the speed of data retrieval for intelligent patient care. This trend has evolved especially owing to the COVID-19 pandemic and it is poised to substantially expand the data lakes market. Further, with advancements in telemedicine and digital transformation within healthcare, the demand for data lake solutions is projected to observe a steady increase over the assessment period. Additionally, the retail and e-commerce industry are a key demand pool across the data lakes market as data lake solutions enable stakeholders in the industry to better tackle customer requirements amidst the evolving digital payments ecosystem.

With Highest Market Share, North America Emerges as Regional Leader

North America sustains its dominance as the regional leader in the global data lakes market. It is predicted to command the highest market over the forecast period, registering a robust CAGR of 14.4% by 2026. This favorable growth is primarily due to the rising investments and strategic partnerships by companies in the data lakes market, presence of key market players in the region, and a highly promising outlook towards big data analytics.

Major Market Players

Some of the foremost market players in the global data lakes market include IBM Corporation, Apple Inc, Microsoft Corporation, Cisco Systems, AMAZON, Infoworks.io, Google LLC, Dell Inc. and Cazena Inc., among others.

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