May 26, 2024

Data Lake Aids Digital Transformation Trends

The data lake market is in trends by increasing demand for analytics capabilities to derive valuable insights for business applications. Data lakes provide scalable storage of structured and unstructured data in native formats to be consumed and analysed by multiple users and teams. The rapid growth of data volume across industries has elevated the need for efficient management using hybrid architectures comprising data warehouses and lakes.

The data lake market enables organizations to capture data from various sources, store it securely in its native format, and run interactive analytics to gain pivotal insights. This helps companies scale data-powered decision making and fuel digital transformation initiatives. Data lakes can handle immense volumes, velocities, and varieties of structured, semi-structured, and unstructured data. Key advantages include supporting multiple workloads with easier data availability, serving diverse analytics needs, and enabling collaborative exploration of information.

The Global Data Lake Market is estimated to be valued at US$ 4.2 Bn in 2023 and is expected to exhibit a CAGR of 24.80% over the forecast period 2023-2030.

Key Takeaways
Key players operating in the data lake market are Amazon Web Services, Microsoft, IBM, Oracle, Cloudera, Informatica, Teradata, Zaloni. Key players are investing in capabilities to streamline data ingestion, governance, analytics, and flexible consumption of data lakes.

The growing demand for predictive and advanced analytics across industries is a key factor boosting market growth. Organizations are leveraging data lakes to propel business analytics and improve customer experiences. Data lakes facilitate the amalgamation of structured and unstructured data to deliver enhanced insights.

Geographic expansion of players and rising adoption across verticals such as BFSI, healthcare, retail, and manufacturing are facilitating the global proliferation of data lakes. Emerging economies present ample opportunities for market participants to tap newer clientele and strengthen footholds.

Market Key Trends
One of the major trends in the data lake market is the adoption of self-service analytics interfaces. This allows business users to access and analyse huge volumes of data independently without depending on IT teams or data scientists. Self-service interfaces simplify data preparation, exploration, visualization, and insight sharing. Vendors are building no-code/low-code tools enabling democratization of analytics.

Porter’s Analysis
Threat of new entrants: Data lake market needs large investments to enter, limiting new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and focus on lowering total cost of ownership.

Bargaining power of suppliers: Majority of suppliers have global presence and supply standardized products, limiting their bargaining power.

Threat of new substitutes: Substitutes like data warehousing pose moderate threat due to focus on structured data only.

Competitive rivalry: Intense due to large number of global and regional vendors offering varied functionalities.

Geographical Regions
North America accounts for the largest share of the global data lake market owing to heavy investments in big data technology by major companies in this region.

The Asia Pacific data lake market region is expected to grow at the highest CAGR during the forecast period due to growing digitalization, adoption of cloud services and increasing investments by enterprises in data analytics across industries in emerging countries such as China and India.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it