Data Lakes Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4672
Data Lakes Market size is expected to take a phenomenal turn through 2027 owing to a huge amount of data being generated on the daily basis on various digital information platforms. A massive growth in IoT devices adoption, subject to ongoing expansion in digitization worldwide, is estimated to prolifically drive the adoption of data lakes across various enterprises from 2021 to 2027. Over 10 billion active IoT devices are recorded in 2021. In fact, it has been estimated that the number of active IoT devices would exceed 25.4 billion by 2030. Moreover, a hype in Industry 4.0 trend has propelled the dynamics of market over a while now.
Lack in number of skilled and professional workers in data science and low HDI are some of the prominent factors that are likely to challenge the data lakes market growth in the upcoming years.
With regards to component, data lake solutions are touted to account for a major share in the overall market over the forthcoming years. This can be credited to the increased application in BFSI, retail, and IT sectors. Data lake solutions assist the IT operation in studying structured and unstructured information and apprehending relevant insights from the same. Additionally, numerous companies are relentlessly working towards bringing forth novel developments in digital solutions to enhance and evaluate their businesses.
For instance, Cazena, in late 2020, unveiled Instant AWS Data Lake to accelerate analytics migration to AWS. Created in alliance with AWS, Cazena’s Instant Data Lake would offer a SaaS experience for all AWS analytics, fast-tracking time to insight from months to minutes.
Based on the deployment mode, on-premise segment is depicted to take over a major chunk of the overall data lakes market revenue. The growth can be attributed to the mode’s increased preference across various companies that have data centers and servers for ensuring better functioning.
Cloud-deployment mode is also gaining immense popularity globally fueled by the advancements in technologies and surging adoption of cloud technologies in BFSI, IT, and healthcare markets.
In terms of the end-use vertical, data lakes are expected to observe massive adoption across healthcare settings as the architecture stands out to be an ideal network for healthcare providers to store, share, and use electronic health records and other patient data. Various healthcare organizations are turning to data lakes to create a data-driven approach to problem-solving, allowing various IT players to go nine yards to introducing advanced solutions and services in the space.
To illustrate, Amazon Web Services had in December 2020 introduced an advanced HIPAA-eligible data lake service to store, change, and monitor data in the cloud. Known as Amazon HealthLake, the product gathers an organization’s information across various silos into a centralized AWS data lake and inevitably regulates the information using ML.
Regionally, the Asia Pacific region is expected to emerge as a lucrative hub for global data lakes market due to surging investments by major technology giants in India, Japan, China, and Australia. Besides, expanding digitization and increasing penetration of big data analytics technology would further drive regional growth over the foreseeable future.
Data lakes market is highly concentrated and includes participation of various prominent enterprises including Capegemini, Oracle Corporation, Microsoft Corp., Hitachi, SAS Institute, EMC Corporation, Zaloni, Cloudera, and others. These players have been rigorously working toward introducing novel innovations in the space and engaging in various industry strategies like acquisition, merger, product diversifications, etc.
On June 2020, Cloudera had announced commencing a limited tech preview for the on-premise version of its enterprise data lake, dubbed Cloudera Data Platform Private Cloud. The product is first of its kind to support Kubernetes outside of a public cloud environment.
Similarly, Microsoft Corporation, had in 2020, acquired ADRM Software to boost its data modeling capabilities in Azure, eventually enabling the development of a next-generation data lake. The financial terms of the deal were not disclosed.
COVID-19 analysis on the data lakes market
The emergency of COVID-19 has not only presented a danger to the wellbeing of millions but has also generated financial scarcity across various businesses and economies. It has severely disturbed the supply chains causing businesses to cripple.
Nevertheless, the global data lakes market is reportedly growing at a gradual pace during these times due to the expanding use of cloud-based innovations across organizations. Continuous use of these systems would open brighter prospects for the industry in the times ahead.
This data lakes market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2027 for the following segments:
Market by Component, 2021 - 2027 (USD Million)
- Data discovery
- Data integration and management
- Data lake analytics
- Data visualization
- System integration
Market by Deployment, 2021 - 2027 (USD Million)
Market by Organization Size, 2021 - 2027 (USD Million)
- Large enterprises
Market by End User, 2021 - 2027 (USD Million)
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Southeast Asia
- Latin America
- South Africa
- Saudi Arabia
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