Data Lake Market Is Expected To Hit The Mark Of USD 24.29 BN By 2028 Globally

Market Overview:
Data Lake Market size is projected to reach USD 24.29 Billion by 2028 from an estimated USD 5.01 Billion in 2021, growing at a CAGR of 25.3% globally.

A data lake is a repository of unprocessed copies of data from source systems, sensors, social networks, and converted data that may be used for reporting, visualization, advanced analytics, machine learning, among other things. Large amounts of organized, semi-structured, and unstructured data can be stored, processed, and secured in one central area using a data lake system. When it comes to storing and analyzing data in its native format, it has no size restrictions. Thanks to developments in cloud computing, businesses and data teams may now assess new projects based on the ROI and cost of a single workload to determine whether they should be scaled up.

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Market Dynamics:
Driver:
The reduced cost of storage is a key factor driving the growth of the global data lakes market. Another important element influencing market demand is the very dynamic character. In addition, low labor costs, low maintenance costs, and low raw material costs are boosting the expansion of the global market. Additionally, a number of government efforts, like the creation of smart cities and the installation of intelligent utility metres, are a good indicator of the growth of the global data lakes market.

Opportunities:
Banking Sector to Observe a Significant Market Growth
Banks are utilizing more data lakes to combine data from many domains and build a centralized database. In order to move away from the traditional data warehouse design, Australia and New Zealand Banking Group (ANZ) has been undertaking a project to combine all the data lakes from across its domains into a single, central data lake. Consumers' increased use of digital payments increased the amount of data banks stored about each transaction. As a result, big-data analytics opportunities are expanding. The industry is anticipated to increase significantly as the digital payment trend grows, similar to how it has in India.

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Market Segmentation
Segmentation Analysis of Data Lake Market:
By Type, the solutions segment is forecasted to lead the growth of the data lake market over the projected timeframe. The growing IoT sector and the digitization of industries have resulted in the production of a large volume of data. This data can be integrated and managed properly with the help of data lake solutions. The usage of AI in data lake offers advanced analytics and data visualization thus, boosting the growth of the segment.
• Solution
• Services

By Deployment, the cloud segment is expected to have the highest share of the data lake market over the forecast. The cloud is well-suited for data lakes as it can store an unlimited amount of data of all types and from a variety of sources. The usage of a cloud-based data lake reduces hardware and software capital expenses. Cloud solutions make it possible to quickly bring new analytic solutions to market. It also eliminates data silos by combining different data types into a single, unified, and infinitely scalable platform. Customers can use cloud data lakes to run multiple workloads simultaneously, such as data loading, analytics, reporting, and data science thus, supporting the growth of the segment over the projected timeframe.
• Cloud
• On-premise

By Industry Vertical, the BFSI segment is anticipated to lead the growth of the data lake market in the period of forecast. The utilization of data lakes enables financial services companies to reach the next level in adopting advanced analytics, machine learning, and AI. For financial services firms, a data lake provides an integrated vision to deliver specific opportunities spanning from Customer 360 to fraud prevention to new revenue streams. Banks are hiring data engineers to create more responsive data lakes to meet customer demands, and they're also attempting to improve data utility for on-the-go solutions. State Bank of India (SBI) has supplied data lakes to bank executives, deputy managing directors, and chief information officers to provide on-the-go analytics in addition to the traditional data warehouse, resulting in the segment's rise.
• BFSI
• Healthcare & Life Sciences
• Manufacturing

Regional Analysis of Data Lake Market:
The North American region is anticipated to dominate the data lake market over the forecast period attributed to the growing IoT sector. Businesses have started adopting innovative solutions to ramp up production. The smart factories concept is expected to boost the development of IoT devices thus, it is set to revolutionize the manufacturing process and increase productivity substantially. Devices utilized in the production process will get integrated with the internet thereby, generating a tremendous amount of data. According to Capgemini, more than 60% of financial institutions in the United States believe that big data analytics provides a significant competitive advantage over competitors, and more than 90% believe that big data initiatives influence the odds of future success thus, driving the development of the market during the projected timeframe.

The European region is expected to have the second-highest share of the data lake market during the analysis period. There has been a rise in the installation of smart meters in residential, commercial, transportation, and industrial. Smart meters system is utilized in measuring power fed into or consumed from the grid and provides more information than traditional meters. These devices are capable of transmitting and receiving data for information, monitoring, and control purposes via electronic communication, and it provides several advantages to the energy system and its users.

The data lake market in the Asia-Pacific region is projected to develop at the highest CAGR during the forecast. Countries like India, China, Japan, Indonesia, Malaysia, and South Korea are the major contributors to the growth of the market. These developing economies are investing heavily in industrial automation to increase productivity as well as sustainability. Moreover, some of the countries have taken the initiative of the smart city. For instance, the Indian government plans to build 4,000 smart cities by the end of 2023, with a budget of US$ 6.5 billion. The Indian government expects that this program would offer individuals a decent standard of living as well as a clean and sustainable environment.
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)

Players Covered In Data Lake market are:
• Amazon Web Services Inc
• Cloudera Inc.
• Microsoft Corporation
• Dremio Corporation
• Oracle Corporation
• Teradata Corporation
• SAS Institute Inc.
• Snowflake Inc.
• Informatica Corporation
• Zaloni Inc. and other major players.

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Recent Industry Development In Data Lake Market
In December 2021, Informatica announced at AWS re: Invent a new solution leveraging AWS Lake Formation to democratize access to cloud data lakes on Amazon Web Services (AWS). Informatica's Axon Data Marketplace can now provide access to AWS Lake Formation data to business users at any level inside an organization, with the trust and security needed to make informed business decisions.

In July 2021, Amazon Web Series Inc. announced the general availability of Amazon HealthLake, a HIPAA-compliant service for ingesting, storing, querying, and analyzing health data at scale for healthcare and life sciences businesses. Amazon HealthLake understands and extracts important medical information from unstructured data using machine learning, then organizes, indexes, and stores that data in chronological order.

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Table Of Content
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Deployment
 3.3 By Industry Vertical

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing
To Be Continue.

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