The IMARC Group provides extensive analysis of the data lakes industry covering the market trends, investment opportunities, growth trends, statistics, and industry prospects. The report offers a comprehensive analysis of the industry, which comprises insights on data lakes market size, share, trends, analysis, growth, demand, statistics, and overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The market is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.
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The global data lakes market reached a value of US$ 7.4 Billion in 2021. A data lake refers to a centralized software repository that stores unstructured and structured data from the Internet of Things (IoT) devices, mobile apps, business applications, social media, etc. It provides a framework for advanced real-time analytics and machine learning (ML), including Big Data processing, full-text search, structured query language (SQL) queries, etc., in a collaborative environment to uncover insights. Data lakes can be seamlessly integrated with operational stores and data warehouses to enable data science use-cases and diverse query capabilities for discovering new information models.
Data Lakes Market Trends:
The rising number of challenges faced by organizations regarding the management of large amounts of digital data is primarily driving the data lakes market across the globe. In line with this, the growing need to organize large volumes of diverse data from numerous sources while boosting productivity, maintaining devices, improving business growth, attracting customers, etc., is further catalyzing the market growth. Moreover, health agencies are increasingly investing in research and development (R&D) activities to confront the escalating risk of acute and chronic diseases, which is acting as another significant growth-inducing factor, owing to the large volumes of data involved in research processes. Besides this, the elevating utilization of data lakes in genomic research and design products for effective medication development and faster performance is augmenting the global market. Additionally, the inflating demand for combining customer data from a customer relationship management (CRM) platform with social media analytics to influence customer interactions and loyalty is expected to stimulate the data lakes market over the forecasted period. Looking forward, IMARC Group expects the global data lakes market to reach US$ 30.2 Billion by 2027, exhibiting at a CAGR of 26.4% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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