April 18, 2024

Data Lake Market is making waves by adopting cloud technology

The data lake market comprises solutions that help organizations in collecting and storing large volumes of structured, semi-structured and unstructured data from various sources, providing data democratization and self-service analytics. Data lake helps organizations integrate data from various sources and make it available for analytics and advanced data processing. The stored data can be analyzed for insights and further actions. The Global Data Lake Market is estimated to be valued at US$ 4.2 Bn in 2024 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the data lake market are Amazon Web Services, Microsoft, IBM, Oracle, Cloudera, Informatica, Teradata, Zaloni, Snowflake, Dremio, HPE, SAS Institute, Google, Alibaba Cloud, Tencent Cloud, Baidu, VMware, SAP, Dell Technologies, Huawei. Key players are focusing on innovations around artificial intelligence, machine learning and cloud to strengthen their presence in the market.

The growing demand for advanced analytics and data processing tools to gain meaningful insights from large volumes of data generated across organizations is pushing the adoption of data lake solutions. Data lake helps organizations leverage a centralized platform for data pooling from disparate sources and enables self-service analytics for various business units.

The market is witnessing significant expansion globally with increasing investments by cloud providers in strengthening their data lake portfolios. Majority of new deployments are adopting cloud-based data lake offerings considering the advantages of scalability, agility and minimal infrastructure and maintenance costs. North America currently dominates the market due to heavy investments in big data and advanced analytics followed by Europe and Asia Pacific.

Market key trends

One of the major trends in the data lake market is the rising adoption of cloud-based data lake solutions. Cloud-based deployment is gaining traction as organizations are able to avoid upfront capital expenses on hardware, software and technical staff. The pay-per-use model of the cloud also helps save considerable IT costs for businesses. This is enabling even small and medium enterprises to leverage the benefits of data lake using cloud-based offerings from various service providers. AWS, Microsoft Azure, Google Cloud Platform have seen strong growth in their data lake business in the last few years.

Porter’s Analysis
Threat of new entrants: High capital requirements and data and technology switching costs pose barriers for new companies. Bargaining power of buyers: Large buyers have more leverage to negotiate favorable terms and prices for data lake solutions. Bargaining power of suppliers: Suppliers have less influence as data lakes access multiple data sources and technologies from various vendors. Threat of new substitutes: Alternatives like data warehouses continue to pose a threat, though data lakes provide a more cost-effective and flexible solution for hybrid data. Competitive rivalry: Intense competition exists among major technology providers offering different data lake platforms and analytics tools.

Geographical Regions
North America currently holds the largest share of the global data lake market in terms of value, due to heavy investments in big data technologies by established as well as emerging organizations in the region. Asia Pacific is projected to grow at the fastest CAGR during the forecast period, with growing adoption of cloud-based data lake solutions by enterprises across industries for improved data-driven decision making.

*Note:

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