Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Data Lakes Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global Data Lakes market is poised for substantial growth, forecasted to surge from USD 13.74 billion in 2023 to an impressive USD 37.76 billion by 2028, marking a robust Compound Annual Growth Rate (CAGR) of 22.40% during the forecast period (2023-2028).
Data Lakes Emerge as the Cost-Effective Alternative
Data lakes have emerged as an economical choice for many companies in contrast to data warehousing solutions. Unlike data warehousing, data lakes do not entail additional data processing before storage, leading to cost savings in maintenance. The reduced operational load and space requirements make data lakes a more cost-efficient alternative.
Key Catalysts for Market Growth
- Enhanced Data Retrieval Speed: Data lakes offer superior data retrieval speeds compared to traditional data warehouses. This efficiency is pivotal in reducing the time spent on fundamental operations like data extraction, transformation, and loading (ETL), allowing data scientists to focus on analytics and modeling, thereby optimizing the process.
- IoT Propels Demand: The proliferation of Internet of Things (IoT) devices in various sectors underscores the importance of data lakes. The rapid adoption of IoT devices, accompanied by the massive influx of data generated, has driven the demand for data lakes. Initiatives such as smart city projects further fuel their deployment, while cloud-based innovations during the pandemic demonstrated the versatility of data lakes in handling vast datasets efficiently.
- Data-Driven Decision-Making: In the era of digitalization, data-driven decisions have become paramount for businesses. With increasing investments in technology and security, data lakes eliminate the need for complex data modeling, further elevating their demand. Cloud-based data processing capabilities provided by data lakes are instrumental in addressing the exponential surge in data.
Market Trends: Banking Sector Leads the Way
- Data Lakes Revolutionize Banking: Banks are turning to data lakes to consolidate diverse data sources into a centralized repository. Initiatives like the Australia and New Zealand Banking Group's (ANZ) project to aggregate data ponds to form a main data lake demonstrate the sector's adoption. Data lakes enable banks to transition from conventional data warehousing architectures, streamlining operations and improving data utility for analytical solutions.
- Tech-Powered Solutions: To maintain their edge, companies are introducing innovative banking and finance solutions. Databricks, a San Francisco-based firm, unveiled the Lakehouse for Financial Services, an industry-specific service that merges data warehouse capabilities with data lake functionalities. Additionally, companies like Tres are revolutionizing the industry with the first financial data lake for Web3 enterprises, reflecting the sector's dynamism.
North America's Dominance in Data Lakes Adoption
- Smart Meters Drive Demand: North America is at the forefront of data lakes adoption, driven by the rapid growth of smart meters. BC Hydro in Canada utilizes data lakes to analyze aggregated data from smart meters, enabling anomaly detection and substantial electricity savings. The proliferation of smart meters has resulted in substantial data generation, necessitating the use of data lakes to manage and analyze these vast datasets efficiently.
- Cloud Innovations Boost Market: Amazon Web Services (AWS) introduced advanced features in its analytics and database portfolios, enhancing clients' ability to manage and analyze massive datasets efficiently. The region's data lakes market benefits from the escalating generation of data and the higher adoption rate of AI and ML, further propelling growth.
Data Lakes Market Landscape
The data lakes market is characterized by a blend of established companies with strong brands and expansive geographic presence. Notably, industry giants like Amazon and Microsoft enjoy a competitive advantage in the cloud space, attributed to the growing preference for cloud-delivered solutions and services. Market players are consistently launching new products and enhancements to maintain a competitive edge.
Market Dynamics
Market Drivers
- Proliferation of Data due to the Adoption of IoT Need for Advanced Analytic Capabilities
Market Restraints
- Slow Onboarding and Data Integration of Data Lakes
Competitive Portfolio:
- Microsoft Corporation
- Amazon.com Inc.
- Capgemini SE
- Oracle Corporation
- Teradata Corporation
- SAP SE
- IBM Corporation
- Solix Technologies Inc.
- Informatica Corporation
- Dell EMC
- Snowflake Computing Inc.
- Hitachi Data Systems
For more information about this report visit https://www.researchandmarkets.com/r/kepst8
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