Global Data Lakes Market is Expected to Reach US$ 37901.32 Mn by 2027 Growing at a CAGR of 35.2% Over the Forecast Period, Says Absolute Markets Insights

PUNE, India, Sept. 9, 2019 /PRNewswire/ -- Nowadays, consumers are producing large amounts of data through devices connected via internet. This data is crucial for businesses to deliver insights in an efficient and timely manner. Hence, enterprises need to manage multiple data types, coming from a wide variety of sources. They need a data storage and analytics solution that offers more agility and flexibility than traditional data management systems while not creating a burden cost-wise. Data lakes enable storage of massive amounts of data into a central location, so that it is readily accessible to be categorized, processed, analyzed, and consumed by diverse groups within an organization. They provide a managed, scalable, and secure infrastructure that reduces operational complexity and total cost of ownership and hence convenient for users. These features are augmenting the global data lakes market. Azure Data Lake Storage (ADLS) Gen2 and AWS (Amazon S3) are few examples of cost-effective and scalable data lake solutions.

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Data lakes are often compared with data warehouses in terms of structure, process, users, and overall agility. The data stored in warehouses is processed in such a way that it is searchable. Two factors where data lakes are preferred over data warehouses is cost-effectiveness and flexibility. Data warehouses are, by design, more structured. Hence, the limitations of structure make data warehouses difficult and costly to manipulate. On the other hand, data lakes have structured and unstructured data stored in its natural form which makes it easier to extract, which is driving the adoption of data lakes market.

The cost-effectiveness and flexibility of data lakes makes them more suitable for certain industries. For instance, healthcare industry gains value from data lakes as it stores all the data in a central repository uniting disparate data from numerous systems and only maps it when requirement arises. Using the data lake approach of collecting data and then adding structure as use cases is highly suitable for healthcare industry which is primed for experimentation.

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The detailed research study provides qualitative and quantitative analysis of data lakes market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• In terms of revenue, global data lakes market is expected to reach US$ 37901.32 million by 2027 owing to the increasing demand for cost & time efficient data storage and retrieval solutions for businesses across all industries. 
• Among the deployment types, cloud-based solutions are expected to grow at a higher CAGR over the forecast period as they provide flexibility, scalability and aid in improving performance & services quality at a lower upfront cost.
• Banking, financial services and insurance (BFSI) sector held the largest market share in 2018 owing to need for unified data in the customer information intensive and highly regulated environment.
• Asia Pacific region is expected to witness the highest growth over the forecast period owing to increasing social media usage, demand for smartphones, large population and increased investment from global companies in the region.
• Some of the players operating in the data lakes market are Amazon Web Services, Inc, Capgemini, Datalake Solutions, Dell Inc., Eworks, Google Inc., Huawei Software Technologies Co., Ltd, IBM, Infosys Limited, KPI Partners, Microsoft, SAP SE, Search Technologies, Tata Consultancy Services Limited, US-Analytics, Zaloni and among others.

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Data lakes market By Offering

• Solution
• Cloud
• On-premise
• Services
• System infrastructure assessment
• Security & Governance Strategy
• Front-end Integration
• Testing & Support
• Consulting Services
• Others

Data lakes market By Tool

• Artificial Intelligence
• Machine Learning
• Business Intelligence
• Hadoop & MPP Migration
• Others

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By End Users

• IT
• Data Scientists
• Data Developers
• Business Analysts
• Others

Data Lakes Market by Industry Verticals

• Banking, Financial Services and Insurance
• IT & telecom
• Media & Entertainment
• Education
• Healthcare
• Facility & Maintenance
• Retail & E-Commerce
• Logistics & Transportation
• Manufacturing
• Oil & Gas
• Government
• Others (Hospitality & Travel, etc.)

By Geography

• North America
• U.S.
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Norway
• Sweden
• Benelux Union
• Belgium
• The Netherlands
• Luxemburg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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SOURCE Absolute Markets Insights