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Rise In the Usage Of Smart Devices: Strengthening the Growth Trajectory of the Data Lake Market
Data Lake Market
What Is the Expected CAGR for the Data Lake Market Through 2025?
The size of the data lake market has seen significant expansion over the recent years. The market is projected to increase from $21.79 billion in 2024 to $26.57 billion in 2025, with a compound annual growth rate (CAGR) of 22.0%. The historical growth has been fuelled by factors such as the surge in data volumes, the increasing diversity in data sources, the need for advanced analytics, regulatory compliance requirements, and the affordability of storage.
What's the Projected Size of the Global Data Lake Market by 2029?
Anticipation is high for the data lake market size to witness immense surge in the upcoming years, with growth predicted to reach $57.81 billion by 2029 at a compounded annual growth rate (CAGR) of 21.5%. The forecasted period of growth can be traced to factors such as real-time data processing, AI and machine learning inclusion, improved data governance, and the integration of edge computing, alongside industry-specific solutions. Significant trends identified in the forecasted era include technological progression, hybrid and multi-cloud deployments, focus on data security and governance, data monetization strategies, and solutions specific to data lake within the industry.
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Top Growth Drivers in the Data Lake Industry: What's Accelerating the Market?
The growth of the next-generation data lake market is projected to be driven by an escalating usage of mobile and smart devices. The term smart devices is indicative of electronic components linked to an intelligent system, intended to be affixed to or placed within an organism. As mobile device usage rises, so too will internet searches and social media use, thereby generating more data and increasing the need for data storage. For example, Uswitch Limited, a financial conduct authority in the UK, reported that in February 2023, there were 71.8 million mobile connections in the UK at the start of 2022, marking a 3.8% increase from 2021 (approximately 2.6 million) and surpassing the nation's total population by 4.2 million. Furthermore, it is predicted that by 2025, out of 68.3 million inhabitants in the UK, 95% (or around 65 million) will be using smartphones. Hence, the data lake market's growth is being spurred on by the increased usage of mobile and smart devices.
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What Trends Will Shape the Data Lake Market Through 2029 and Beyond?
Leading firms in the data lake market are focusing on introducing creative improvements, like singularity security datalake, to cater to the increasing demands for stringent data security and governance. The security data lake is a cloud-based security data platform developed to offer comprehensive visibility, detection, and response abilities throughout an organisation's security system. For example, SentinelOne, Inc., a cybersecurity firm based in the US, unveiled the singularity security datalake in April 2023. This cloud-native security data platform provides a complete data view across security ecosystems, empowering organisations to promptly identify risks and tackle them in real time. It also delivers numerous pioneering features such as a holistic data view, proactive orchestration and automation, data fusion and integration, AI-driven anomaly recognition, cost-efficient data handling, and accessibility for federal agencies. This aims to offer an effective and ground-breaking solution for organisations aiming to boost their cybersecurity skills.
What Are the Main Segments in the Data Lake Market?
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
Subsegments:
1) By Solution: Data Ingestion Solutions, Data Storage Solutions, Data Management And Governance Solutions, Analytics And Visualization Tools
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Data Migration Services
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Which Top Companies are Driving Growth in the Data Lake Market?
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.
Which Regions Will Dominate the Data Lake Market Through 2029?
North America was the largest region in the data lake market in 2024. 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.
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