The global data lake market size to grow at a CAGR of 20.6% during the forecast period
The global data lake market size is projected to grow from USD 7.9 billion in 2019 to USD 20.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period. The major growth factors of the data lake market include the increasing need to extract in-depth insights from growing volumes of data to gain a competitive advantage, and simplified access to organizational data from departmental silos, mainframe, and legacy systems.
Services segment to grow at a higher CAGR during the forecast period
Solutions and services are the 2 primary components available in the data lake market. The services segment, which covers managed and professional services, is expected to grow at a rapid pace during the forecast period. An increasing deployment of data lake software solutions leads to the increasing the demand for pre- and post-deployment services, as these solutions require training due to technical complexities, thus driving the growth of the segment.
Healthcare and life sciences vertical to grow at the highest CAGR during the forecast period
The data lake market by vertical has been segmented into Banking, Financial Services and Insurance (BFSI), telecommunication and Information Technology (IT), retail and eCommerce, healthcare and life sciences, manufacturing, energy and utilities, media and entertainment, government, and others (travel and hospitality, transportation and logistics, and education). The healthcare and life sciences segment is expected to grow at a rapid pace during the forecast period as healthcare organizations are adopting data lake solutions to enhance patient experience, and enable data-driven and actionable analytics.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period owing to increasing investments by technology companies in major APAC countries, such as China, Australia and New Zealand (ANZ), Japan, and India; growing digitalization; increasing adoption of advanced big data and analytics technologies; and government regulations and initiatives are expected to drive the growth of the market in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the data lake market.
- By Company: Tier I: 38%, Tier II: 41%, and Tier III: 21%
- By Designation: C-Level Executives: 65%, Directors: 20%, and Others: 15%
- By Region: North America: 45%, APAC: 30%, Europe: 15%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering data lake solutions and services. It profiles major vendors in the global data lake market. The major vendors include Microsoft (US), Teradata (US), Oracle (US), Cloudera (US), AWS (US), IBM (US), Informatica (US), SAS Institute (US), Zaloni (US), Koverse (US), HPE (US), Cazena (US), Google (US), Infoworks.io (US), Snowflake (US), Dremio (US), and Talend (US). It further includes an in-depth competitive analysis of key players in the data lake market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The study covers the data lake market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, deployment mode, organization size, business function, industry vertical, and region. The study further includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall data lake market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.