The data lake market was projected to be valued US$ 13.7 billion in 2023. By the end of 2024, the sector is expected to be valued at US$ 16 billion. Over the course of the projection period, the data lake market is expected to grow at a pace of 18.90% CAGR, with a valuation of US$ 90.6 billion by 2034.
A key driver of the data lake industry is the increasing focus on data democratization—the process of making data accessible and comprehensible to non-technical people. This shift promotes an inclusive, data-driven culture within businesses. Another significant driver is the increasing convergence of data lakes and edge computing, which enables real-time analysis of data closer to its source.
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 80% CAGR.
- From 2024 to 2034, the data lake market in Japan will rise at a 20% CAGR.
- During the projected period, the Germany data lake market is expected to develop at an 40% CAGR.
- From 2024 to 2034, the data lake market in China is anticipated to forecast a 50% CAGR.
- Over the course of the projected period, the Australia data lake market is predicted to rise at a 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.
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.
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
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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