Data Lake Market
Growth Factors of Data Lake Market
The data lake market size was valued at USD 5.80 billion in 2022, and the market is now projected to grow from USD 7.05 billion in 2023 to USD 34.07 billion by 2030, exhibiting a CAGR of 25.3% during the forecast period of 2023-2030.
In the pandemic, researchers and scientists were using huge amounts of data for production of drugs and vaccines for the infection. The extensive implementation of cloud-based solutions increased demand for the product. Lockdowns and movement restrictions had further boosted the market growth. The rising adoption of such services during COVID-19 has boosted the data lake market growth.
The data lake market share globally has increased because of the rising demand for effective solutions among organizations. Big companies are investing heavily in centralized data security solutions. It can manage and diminish data theft and cybersecurity concerns. The data privacy conventions worldwide are becoming gradually more stringent and organizations are obliged to protect the personal information they collect is enhancing the market expansion.
The trend is that the rising acceptance of service based on cloud methods amongst firms is propelling the market growth. Cloud service providers are creating robust solutions that make it easier for organizations to deploy and scale the software. This migration lessens the burden of infrastructure management and provides cost-effective storage and computing options. The agility of cloud technologies allows businesses to rapidly adapt to varying data needs and employ advanced analytics services as a strategic option for modern data management.
Comprehensive Analysis of Data Lake Market
The data lake market and information & communication technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the information & communication technology industry. These segmentations are methodically segregated by types of deployment, enterprise type, business function, and industry. The deployments include cloud-based and on-premise. The enterprise type is such as large enterprises and small & medium enterprises, the business functions involve marketing, HR, finance, and operations. The industry consists of BFSI, IT & telecom, healthcare & life science, retails & e-commerce, manufacturing, energy & utilizes, and others.
The North American region is conducive to the global data lake market, leading to a recall of USD 1.39 billion owing to the increasing usage of big data technology, growing adoption of data across industry verticals, and increasing investments by ventures in the solutions.
The top players in the market play a crucial role in the information & communication technology industry assuring industrial prospectus growth and setting market standards. These players include Microsoft (U.S.), Teradata (U.S.), Oracle Corporation (U.S.), Cloudera (U.S.), AWS (U.S.), IBM Corporation (U.S.), Informatica (U.S.), Snowflake (U.S.), Dremio (U.S.), and Zaloni (U.S.), these market players provide a level-playing competitive landscape.
In April 2023, IBM Corporation announced the launch of a new QRadar Security Suite to accelerate threat detection and response. The initiation of the new technology will help improve the productivity of security teams by facilitating analysts to respond faster and more efficiently, thus freeing them up for higher-value work.
Segmentation Table
Global Data Lake Market Scope
ATTRIBUTE DETAILS
Study Period 2017-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2017-2021
Growth Rate CAGR of 25.3% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Deployment
Cloud-based
On-premise
By Enterprise Type
Large Enterprises
Small & Medium Enterprises
By Business Function
Marketing
HR
Finance
Operations
By Industry
BFSI
IT & Telecom
Healthcare & Life Science
Retail & Ecommerce
Manufacturing
Energy & Utilities
Others (Government, etc.)
By Region
North America (By Deployment, By Enterprise Type, By Business Function, By Industry, and By Country)
- U.S. (By Industry)
- Canada (By Industry)
- Mexico (By Industry)
South America (By Deployment, By Enterprise Type, By Business Function, By Industry, and By Country)
- Brazil (By Industry)
- Argentina (By Industry)
- Rest of South America
Europe (By Deployment, By Enterprise Type, By Business Function, By Industry, and By Country)
- Germany (By Industry)
- France (By Industry)
- Italy (By Industry)
- Spain (By Industry)
- Russia (By Industry)
- Benelux (By Industry)
- Nordics (By Industry)
- Rest of Europe
Middle East & Africa (By Deployment, By Enterprise Type, By Business Function, By Industry, and By Country)
- Turkey (By Industry)
- Israel (By Industry)
- GCC (By Industry)
- South Africa (By Industry)
- North Africa (By Industry)
- Rest of the Middle East & Africa
- Asia Pacific (By Deployment, By Enterprise Type, By Business Function, By Industry, and By Country)
- China (By Industry)
- India (By Industry)
- Japan (By Industry)
- South Korea (By Industry)
- ASEAN (By Industry)
- Oceania (By Industry)
Rest of Asia Pacific
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