Selbyville, Delaware, April 29, 2024 (GLOBE NEWSWIRE) --
The data lake market valuation is predicted to exceed USD 80.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market is witnessing a surge in demand fueled by burgeoning collaborations among industry leaders. As companies recognize the imperative of harnessing data for informed decision-making, partnerships emerge as catalysts for innovation and efficiency.
The synergy between organizations facilitates the pooling of resources, expertise, and data assets, driving the evolution of robust Data Lake services. For instance, in December 2023, in a strategic partnership, Union Bank of India teamed up with Accenture to craft and implement a scalable, secure enterprise data lake platform. This initiative aimed to empower the bank with cutting-edge analytics and reporting features. Furthermore, the increasing adoption of advanced analytics techniques like machine learning and AI necessitates scalable and flexible data storage solutions, leading to demand.
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The data lake market from the services segment could exhibit a decent growth rate over 2023-2032, claims the report. As organizations strive for efficient data management and analytics, they increasingly rely on service providers for expertise in implementing and managing Data Lake solutions. Services such as consulting, integration, maintenance, and support are crucial for ensuring the smooth operation and optimization of Data Lakes. Thus, the services component emerges as a key driver in meeting the evolving demands of organizations seeking to harness the power of Data Lakes.
The SMEs segment will register a noteworthy CAGR from 2023 to 2032, as per the report. As SMEs increasingly recognize the value of data in driving business growth and innovation, they turn to Data Lakes for affordable and scalable solutions. These platforms enable SMEs to consolidate and analyze vast volumes of diverse data, empowering them to make informed decisions and gain competitive advantages. Moreover, as Data Lake technologies become more accessible and user-friendly, SMEs find them increasingly attractive for enhancing operational efficiency, optimizing resources, and unlocking new opportunities for growth in an ever-evolving business landscape.
Europe data lake market will register a robust CAGR between 2023 and 2032. As businesses across various industries in the region strive to remain competitive in the digital age, they recognize the critical role of data in driving innovation and decision-making. With stringent data privacy regulations like GDPR in place, organizations seek comprehensive data management solutions offered by Data Lakes to ensure compliance while maximizing insights. Additionally, the increasing adoption of cloud computing and advanced analytics further fuels the demand. Hence, the European market presents a fertile ground for the continued growth and expansion of Data Lake solutions to meet evolving business needs.
Some of the prominent data lake market include Microsoft Corporation, Cloudera, Vertica, Databricks, Zaloni, HP Enterprises, Oracle Corporation, Google Inc., Starburst, Teradata, EDB, Snowflake, IBM, Informatica Corporation, SAS Institutes, Koverse, Amazon Web Services, Idera (Qubole), Dremio, among others.
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The data lake market witnesses heightened demand fueled by concerted efforts from companies tailored to this niche. As businesses increasingly prioritize data-driven strategies, they invest in robust Data Lake solutions to centralize and analyze vast datasets efficiently. Moreover, companies are proactively developing specialized services and platforms tailored to address the unique challenges and opportunities within the Data Lake ecosystem.
For instance, in April 2024, The Apache Software Foundation (ASF), a community of volunteer developers, stewards, and nurturers of over 320 active open-source projects and initiatives, declared that Apache Paimon, a data lake format, successfully completed incubation and ascended to the status of a Top-Level Project (TLP).
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Data Lake market 3600 synopsis, 2018 - 2032
2.2 Regional trends
2.3 Component trends
2.4 Deployment trends
2.5 End-use Industry trends
Chapter 3 Data Lake Market Insights
3.1 Impact of COVID-19
3.2 Impact of Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising Big Data Application
3.10.1.2 Increasing Adoption of Advanced Analytics
3.10.1.3 Demand for Real-Time Data Analytics
3.10.2 Industry pitfalls & challenges
3.10.2.1 Data Quality and Governance Challenges
3.10.2.2 Complexity of Implementations
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 IBM
4.3.2 Microsoft Coporation
4.3.3 Oracle Corporation
4.3.4 Gooogle Inc.
4.3.5 Amazon Web Services
4.3.6 Cloudera
4.3.7 Databricks
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
