According to a new market research report “Data Lake Market by Component, Deployment Mode, Organization Size, Business Function (Marketing, Operations, and Human Resources), Industry Vertical (BFSI, Healthcare and Life Sciences, Manufacturing), and Region – Global Forecast to 2024″ published by MarketsandMarkets, the global data lake market size is expected to grow from USD 7.9 billion in 2019 to USD 20.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period. The rising trend of extracting comprehensive insights from consumer data to undertake strategies for gaining a competitive advantage, as well as simplify access of organizational data from departmental silos, mainframe, and legacy systems to drive the growth of the market. A shift toward cloud-based data platforms to manage and mitigate data issues is further expected to offer opportunities for the increased adoption of data lake solutions.
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The large enterprises segment to hold a larger market size during the forecast period
By organization size, large enterprises and Small and Medium-Sized Enterprises (SMEs) are the 2 main segments where data lake solutions are used. Of these, the large enterprises segment is the larger user within the data lake market due to the large volumes of data being generated by enterprises and the increasing need for software/technology to store, manage, and analyze this data.
Typically, large enterprises have a huge corporate network and organize a large number of events. Data lake solutions enable these enterprises to gain cheap storage solutions along with fast and reliable access to processed data, which can help them organize data and generate useful insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period as they are keen to adopt cloud-based data lake solutions due to their cost-effectiveness, scalability, and agility.
By vertical, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The data lake market by vertical is segmented into 9 categories, namely, Banking, Financial Services and Insurance (BFSI), telecommunication and Information Technology (IT), retail and eCommerce, healthcare and life sciences, manufacturing, energy and utilities, media and entertainment, government, and others (travel and hospitality, transportation and logistics, and education). Of these, the healthcare and life sciences segment is expected to grow at a rapid pace during the forecast period due to the existence of a large patient pool, especially in large-sized hospitals specializing in various streams of medicine. These organizations implement data lake solutions to understand and enhance the overall patient experience, and enable data-driven, actionable analytics. These solutions further offer healthcare and life sciences organizations with cost-effective and scalable architecture for the collection and processing of large volumes of disparate data types.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue generator in the global data lake market. High adoption rate of advancing technologies across industry verticals, especially BFSI, has resulted in the large market size in the region. Data lake solutions offer more flexible, scalable, and cheaper data storage solutions than traditional data warehousing solutions, along with offering improved analytics capacity. Many data lake solution providers in North America are experimenting by integrating advanced big data and analytics technologies with their existing data lake solutions. They are adopting various growth strategies to strengthen their positions in the overall market. Major North American vendors in the data lake market are Microsoft (US), Teradata (US), Oracle (US), Cloudera (US), AWS (US), IBM (US), Informatica (US), SAS Institute (US), Zaloni (US), Koverse (US), HPE (US), Cazena (US), Google (US), Infoworks.io (US), Snowflake (US), and Dremio (US).
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