Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) -- At a Compound Annual Growth Rate (CAGR) of 24.0% throughout the projected period, the worldwide data lake market is anticipated to reach USD 25.49 billion by 2029. The increased requirement for data governance and security, the rising trend of cloud-based deploys, and the rising need for big data and analytics solutions are all factors contributing to the growth of the data lake market.
A data lake is a repository that can hold significant amounts of structured, unstructured, and semi-structured data. It is a sizable collection of data that is kept in its original format, including text, photos, audio, and video. Various data sources, such as social networking websites, sensors, databases, and video streaming services may be included in a data lake.
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Data lakes contain various types of data, including semi-structured, unstructured, and structured data. Data lake sector expansion is being fuelled by the demand for big data and analytics solutions. The market for data lakes is expanding due to rising cloud deployment usage and demands for data governance and security.
Two service categories are offered in the data lake industry: professional and managed. Consulting, integration, maintenance and assistance are other divisions of professional services. Data security, surveillance and analytics, and operations and administration are all included in the managed services segment.
Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), Hortonworks, Inc. (US), Amazon Web Services (US), Teradata Corporation (US), Cloudera, Inc. (US), Google (US), and SAS Institute Inc. are the major competitors in the worldwide data lake market (US). To grow their companies in the data lake industry, these suppliers have used a variety of growth tactics, including collaborations, new product releases, agreements, and corporate expansions. These businesses also make significant R&D investments to create cutting-edge services that can be applied across numerous industrial sectors.
Data Lake Market By Type
- Data Integration
- Data Management
- Data Discovery
- Data Lake Analytics
- Data Visualization
Data Lake Market By End-User
- Retail
- IT
- BFSI
- Manufacturing
- Healthcare
- Others
Data Lake Market By Application
- Sales
- Marketing
- Operations
- Finance
- HR
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During the projection period, the solution segment is anticipated to develop more rapidly than other market segments. This expansion is due to the demand for effective data management and storage solutions as well as data analytics solutions. The CAGR for the cloud category is expected to be higher throughout the projected timeframe. This development can be ascribed to the expanding acceptance of cloud services by small and medium-sized businesses as well as the tendency toward cloud-based installations (SMEs).
The IT sector is anticipated to grow at the highest CAGR during the projection period. The necessity for data lake solutions in numerous applications, including data warehousing, business intelligence, and analytics, can be credited with this market segment's expansion. North America is predicted to monopolize the data lake marketplace during the course of the projection. The expansion of this region can be ascribed to the early acceptance of data lake solutions and services, the presence of several significant players, and the rising need for big data and analytics solutions across a variety of industrial verticals.
AWS introduced Amazon SageMaker Data Wrangler in October 2019 as a fully managed solution that makes it simple for users to prepare data for machine learning using SageMaker Studio. To assist businesses in swiftly and simply analysing data from various sources, IBM introduced a new cloud data lake solution on the IBM Cloud in September 2019. Google introduced Cloud Dataflow Shuffle in February 2019 as a managed service that aids developers in up to a 10-fold increase in Apache Beam pipeline performance.
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