Press release
Data Lake Market Report 2024-2033: Size, Growth, Trends, Forecast, Key Players Analysis
Data Lake Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $47.49 billion In 2028 At A CAGR Of 21.5% :
The data lake market size has grown exponentially in recent years. It will grow from $17.85 billion in 2023 to $21.79 billion in 2024 at a compound annual growth rate (CAGR) of 22%. The growth in the historic period can be attributed to growing data volumes, increasing variety of data sources, demand for advanced analytics, regulatory compliance, cost-effective storage.
The data lake market size is expected to see exponential growth in the next few years. It will grow to $47.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%. The growth in the forecast period can be attributed to real-time data processing, AI and machine learning integration, enhanced data governance, edge computing integration, industry-specific solutions. Major trends in the forecast period include technological advancements, hybrid and multi-cloud deployments, focus on data governance and security, data monetization strategies, industry-specific data lake solutions.
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Data Lake Market Major Segments
The data lake market covered in this report is segmented -
1) By Type: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Information Technology, Banking, Finance Services And Insurance, Retail, Healthcare, Media And Entertainment, Manufacturing, Other Verticals
Key Driver - Rise In the Usage Of Smart Devices
A surge in the use of mobile and smart devices is expected to propel the growth of the next-generation data lake market going forward. Smart devices refer to electronic gadgets and parts that are connected to an intelligent system and are meant to be placed next to, on, or inside an organism. A surge in the use of mobile devices will increase the use of internet searches and social media, which ultimately increases the amount of data generated, thus increasing the demand for data storage to store this large amount of data. For instance, in February 2023, according to Uswitch Limited, a UK-based financial conduct authority, there were 71.8 million mobile connections in the UK at the beginning of 2022, which is a rise of 3.8% from 2021 (about 2.6 million) and 4.2 million higher than the country's total population. And there will be 68.3 million people living in the UK by 2025, and 95% of them (or about 65 million people) will be smartphone users. Therefore, the rising adoption of mobile and smart devices is driving the growth of the data lake market.
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Prominent Trend - Addressing Cybersecurity Challenges With Advanced Technologies In The Data Lake
Major companies operating in the data lake market are concentrating on innovative advancements such as singularity security datalake to address the growing need for robust data security and governance. This security data lake is a cloud-native security data platform designed to provide comprehensive visibility, detection, and response capabilities across an organization's security ecosystem. For instance, in April 2023, SentinelOne, Inc., a US-based cybersecurity company, launched the singularity security data lake, a cloud-native security data platform. It provides a comprehensive view of data across security ecosystems, enabling organizations to quickly uncover threats and respond to them in real time. Additionally, it offers several advanced features, including a complete data view, active orchestration and automation, data integration and fusion, AI-powered anomaly detection, cost-effective data management, and federal agency accessibility, to help provide a powerful and innovative solution for organizations looking to enhance their cybersecurity capabilities.
Data Lake Market Players
Major companies operating in the data lake market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Amazon Web Services (AWS) Inc., International Business Machine Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, NetApp Inc., Hitachi Vantara India Pvt. Ltd., Snowflake Inc., Teradata Corporation, Informatica LLC, Cloudera Inc., Talend Inc., Databricks Inc., DataStax Inc., MarkLogic Corporation, MapR Technologies India Pvt. Ltd., Qubole Inc., Zaloni Inc., Cazena Inc., BlueData Inc., Pivotal Software Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the data lake market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data lake market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Data Lake Market Report Structure
3. Data Lake Market Trends And Strategies
4. Data Lake Market - Macro Economic Scenario
5. Data Lake Market Size And Growth
…..
27. Data Lake Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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