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Data Lake Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud-based and On-premise), By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By Business Function (Marketing, HR, Finance, and Operations), By Industry (BFSI, IT & Telecom, Healthcare & Life Science, Retail & Ecommerce, Manufacturing, Energy & Utilities, and Others), and Regional Forecast, 2023 – 2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI108761

 

KEY MARKET INSIGHTS

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The data lake market size was valued at USD 5.80 billion in 2022 and is 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 (2023-2030). North America accounted for a market value of USD 1.39 billion in 2022. A data lake is a centralized repository that stores data in its unprocessed, native, and raw form. It is designed to accommodate large amounts of data, including semi-structured, structured, and unstructured data, from various sources. It can store as little or as much data as an organization requires. It is equipped to process and organize the raw data regardless of its volume and size, offering high analytics performance and native integration. It stores this large quantity of raw data in a flat architecture with metadata tags and a unique identifier for easy and fast retrieval. Essentially, this allows businesses to collect any data from any source without having to structure that data first and allows them to analyze it using applications or languages, such as Python, SQL, or R.


COVID-19 IMPACT


Rising Adoption of Cloud-based Solutions during COVID-19 Aided the Market Growth


The COVID-19 pandemic positively impacted the data lake market growth due to the large-scale adoption of cloud-based solutions as it can store both structured and unstructured data. Researchers and scientists were using data from around the world during this period to develop drugs and vaccines for the infection. Unstructured or semi-structured data is easily and quickly analyzed by data lake, leaving behind essential information. Lockdowns and movement restrictions had further boosted the adoption of cloud-based solutions.For instance,



  • In September 2019, Cloudera announced the launch of Cloudera Data Platform (CDP). It is an integrated data platform that is easy to manage, deploy, and use. The platform provides dominant self-service analytics in multi-cloud and hybrid environments with the granular security and governance policies that IT leaders demand. It is a new method for storing enterprise data, providing a full range of analytics capabilities, from edge to artificial intelligence (AI).


LATEST TRENDS


Increasing Adoption of Cloud-Based Data Lake Among Enterprises to Fuel the Market Growth


The increasing implementation of cloud-based solutions is positively influencing the dynamics of the market. Cloud service providers are creating robust solutions that make it easier for companies to deploy and scale data lake in the cloud. This migration minimizes the burden of infrastructure management and provides cost-effective storage and computing options. Additionally, the agility of cloud technologies allows enterprises to rapidly adapt to varying data needs and leverage advanced analytics services, thereby driving the acceptance of cloud-based solutions as a strategic option for modern data management. This factor is expected to fuel the market growth.


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DATA LAKE MARKET GROWTH FACTORS


Rising Demand for Effective Security Solutions Among Organizations to Drive Market Growth


Large enterprises are investing heavily in centralized data security solutions. This has expanded the scope of the market. The increasing migration to cloud-based data platforms to manage and mitigate data theft and cybersecurity issues is accelerating the market growth. Additionally, data privacy regulations around the world are becoming increasingly stringent, and organizations are required to take steps to protect the personal information they collect. This has created the need for effective security solutions that can help organizations comply with these regulations. Therefore, this factor will promote the market progress.


Furthermore, factors, such as growing urbanization, industrialization, and the increasing need to gain detailed insights and achieve benchmarks from growing data volumes will act as market drivers during the forecast period. Additionally, increasing investments in data storage centers by enterprises and growing demand for simplified access to corporate data from departmental silos are expected to drive the market growth.


RESTRAINING FACTORS


Budgetary Issues Among Small-Scale Businesses May Hinder Market Growth


Implementing data storage solutions and systems can be quite expensive. Budgetary constraints in small organizations can adversely impact the market growth. The costs associated with ingesting, storing, processing, and analyzing data can quickly strain a company's budget. Additionally, the slow onboarding process, high cost of data maintenance, and complexity of legacy data are hindering the market growth.


SEGMENTATION


By Deployment Analysis


Demand for On-premises Solutions to Rise Among Several Enterprises Due to Greater Control Offered Over Data


Based on deployment, the market is segmented into cloud-based and on-premises.


The on-premises segment dominates the market with the largest share. As most companies have servers and data centers for performing their operations, the on-premises deployment model is significantly preferred. In addition, on-premises solutions offer organizations greater control over their data and infrastructure, which can be necessary for compliance and security purposes. This is especially important for organizations in regulated industries, such as finance and healthcare.


Additionally, the cloud-based segment is predicted to record the highest CAGR during the forecast period. Advancements in technologies and rising adoption of cloud technologies in various markets such as IT, BFSI, and healthcare are expected to fuel the growth of the segment. Furthermore, significant number of vendors in the market offer cloud-based solutions that assist in automating the equipment maintenance processes and increasing profits. Therefore, these factors will play a vital role in driving the growth of the segment.


By Enterprise Type Analysis


Increasing Volumes of Data Boosted the Product Use in Large Enterprises


By enterprise type, the market is bifurcated into large enterprises and small & medium enterprises.


The large enterprise segment held a dominant global data lake market share. These companies typically manage large amounts of data from multiple sources and require a comprehensive and scalable solution. The service providers deliver offerings tailored to the unique challenges and goals of large enterprises. They provide them with substantial data storage, analytics capabilities, and management required to drive innovation and make up-to-date decisions to stay competitive in a data-centric business landscape.  Therefore, these factors will stimulate the segment’s growth.


Additionally, the small & medium enterprises are expected to record the highest CAGR during the forecast period. The number of SMEs is growing as more businesses are recognizing the benefits of data lake solutions for storing and managing large amounts of data. Using these solutions makes it easier for SMEs to identify trends and patterns in their data, which can be used to improve their processes. Additionally, they help improve their decision-making skills, enhance customer service, and gain a competitive advantage. Therefore, these factors will play a vital role in driving the segment’s growth.


By Business Function Analysis


Unified View of Customer Data Among Various Organizations to Boost Product Use in Marketing


On the basis of business function, the market is categorized into marketing, HR, finance, and operations.


The marketing business function dominates the market with the maximum market share. A marketing data lake consolidates data from various sources, including website analytics, social media interactions, CRM systems, and customer support records. This centralized repository provides a holistic view of customer behavior and preferences, enabling marketers to develop targeted and personalized campaigns. Thus, this factor will promote the segment’s growth.


Furthermore, the operations segment is expected to record the highest CAGR during the forecast period. In this business function, a data lake provides a cost-effective solution for storing and managing large volumes of data, regardless of its structure or format. By eliminating the need for expensive data warehousing solutions and data silos, organizations can significantly reduce their data storage and management costs. Therefore, these factors will play a vital role in driving the segment’s growth.


By Industry Analysis


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Growing Demand for Improved Decision-Making Skills Boosted the Product Use among IT & Telecom Businesses


On the basis of industry, the market is categorized into BFSI, IT & telecom, healthcare & life sciences, retail & e-commerce, manufacturing, energy & utilities, and others.


The IT & telecom segment held a larger market share in 2022. This is because businesses operating in the IT & telecom sector are using data lake to improve their decision-making skills, enhance customer service, and develop new products & services. Additionally, this industry has the expertise and infrastructure to implement and manage this solution. Thus, the increasing adoption of IT & telecom in the market is expected to continue to grow in the coming years.


Furthermore, the healthcare & life science segment is anticipated to record the highest CAGR during the forecast period. Healthcare providers are adopting this solution to store and analyze large amounts of data from a variety of sources, including Electronic Health Records (EHRs), Patient-Generated Health Data (PGHD), and clinical research data. This data can be used to improve patient care, reduce costs, and conduct research. It can also be used to identify patterns in patient data to help healthcare providers diagnose a disease earlier, predict patient outcomes, and provide more personalized care. Thus, this factor will promote the segment’s growth.


REGIONAL INSIGHTS


The global market is studied five prominent regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific.


North America Data Lake Market Size, 2022 (USD Billion)

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North America holds the largest share of the data lake market. The region's growth is driven by the increasing usage of big data technology, growing adoption of data across industry verticals, and increasing investments by enterprises in the solutions. Businesses, especially in the U.S., have started implementing these solutions to derive insightful information from unstructured and structured data, and stay competitive in the market. Increasing the generation of data, such as server logs, clickstream data, subscriber data, Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP) triggers dealers to launch a number of data lake services and solutions to cater to various needs of the organizations and their customers.


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Asia Pacific is expected to showcase maximum growth in terms of CAGR during the forecast period. This growth can be attributed to rising investments by major technology companies in countries, such as China, India, Australia, and Japan. Similarly, several other factors, such as growing digitization and increasing penetration of advanced big data analytics technology are anticipated to drive the market growth in the region. Furthermore, government initiatives and regulations are among the key catalysts for the market’s growth in the region.


Europe is anticipated to exhibit steady growth over the forecast period. This is due to the strong presence of multinational companies in the region, as well as the governments’ initiatives to promote the adoption of data analytics. Europe’s competitive landscape has various vendors offering solutions, including Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, and Teradata. These vendors are competing on the basis of their ability to provide solutions that are scalable, flexible, and cost-effective. Thus, this factor will boost the regional market growth.


Likewise, South America is showing significant growth in this market due to the increasing adoption of cloud computing technologies. Moreover, Brazil is the largest market in South America, followed by Mexico and Argentina. Businesses are generating more data than ever before. This data comes from a variety of sources, including sensors, social media, and machines.


In addition, the Middle East and Africa (MEA) market is expected to witness a prominent growth in the coming years due to increased investment in and government funding for digitization initiatives.


KEY INDUSTRY PLAYERS


Market Players to Enter Mergers and Acquisitions to Boost Operations


Key players involved in the global market are focusing on boosting their presence across the globe with the help of partnerships, mergers, new product developments, and acquisitions. They are trying to develop efficient promotion strategies and new solutions to retain their top market position. The rising demand for data lake solutions might open new avenues of growth for these market players.


List of Key Companies Profiled in Data Lake Market: 



KEY INDUSTRY DEVELOPMENTS:



  • April 2023: IBM Corporation announced the launch of a new QRadar Security Suite to accelerate threat detection and response. The launch of the new technology will help improve the productivity of security teams by enabling analysts to respond faster and more efficiently, thereby freeing them up for higher-value work.

  • December 2022: Microsoft and LSEG (London Stock Exchange Group) announced a partnership to use Microsoft Cloud to create the latter’s data infrastructure and develop new data & analytics products and services. This partnership would strengthen its position as the world's leading financial market infrastructure and data provider.

  • November 2022: Dremio, a simple and open data lakehouse, announced key features for updating & writing data, improved support for semi-structured data, and expanded data ecosystem and business intelligence (BI) integrations in the data lakehouse evolution.

  • February 2022: Persistent Systems acquired Data Glove and created a new Microsoft business unit focused on the Azure cloud. The acquisition expanded the delivery capabilities with highly skilled personnel, established a new nearshore distribution center in Costa Rica, and expanded the company's presence in India and the U.S.

  • December 2021: Informatica launched a new solution that democratized access to cloud data lakes on Amazon Web Services (AWS) with AWS Lake Formation. This solution enabled business users at every level within an organization to access their data with improved security and trust to make informed business decisions.


REPORT COVERAGE


An Infographic Representation of Data Lake Market

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The data lake market report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product/service types, and top applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.


Report Scope & Segmentation










































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








Frequently Asked Questions

The market value is projected to reach USD 34.07 billion by 2030.

In 2022, the market was valued at USD 5.80 billion.

The market is projected to record a CAGR of 25.3% during the forecast period.

By industry, the IT & telecom segment captured the maximum market share in 2022.

Rising demand for effective security solutions among organizations across the globe is the key factor driving the market growth.

Microsoft, Teradata, Oracle Corporation, Cloudera, AWS, IBM Corporation, Informatica, Snowflake, Dremio, and Zaloni are the top players in the market.

North America holds the highest market share.

By enterprise, the small & medium segment is expected to record the highest CAGR during the forecast period.

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