Data Lake Global Market Report 2024

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 expansion witnessed during the historic period can be attributed to several factors, including the proliferation of data volumes, a widening array of data sources, heightened demand for advanced analytics capabilities, compliance requirements with regulations, and the availability of cost-effective storage solutions.

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 anticipated growth in the upcoming period is driven by factors such as real-time data processing capabilities, integration of artificial intelligence (AI) and machine learning (ML), improved data governance practices, incorporation of edge computing technologies, and the availability of industry-specific solutions. Key trends expected during this period encompass advancements in technology, the adoption of hybrid and multi-cloud deployment models, heightened emphasis on data governance and security measures, the implementation of strategies for data monetization, and the emergence of industry-specific data lake solutions.

The anticipated surge in mobile and smart device utilization is poised to drive the expansion of the next-generation data lake market in the foreseeable future. Smart devices encompass electronic components integrated into intelligent systems, intended for placement alongside, on, or within organisms. This upsurge in mobile device adoption is set to amplify internet searches and social media engagement, consequently escalating data generation and augmenting the demand for robust data storage solutions. For instance, as of February 2023, data from Uswitch Limited, a UK-based financial conduct authority, revealed a notable increase in mobile connections within the UK, reaching 71.8 million at the outset of 2022. This marked a 3.8% surge from 2021, equivalent to approximately 2.6 million connections, surpassing the country's total population by 4.2 million. Projections indicate that by 2025, the UK's population will reach 68.3 million, with an estimated 95% smartphone adoption rate, translating to approximately 65 million users. Consequently, the burgeoning adoption of mobile and smart devices constitutes a primary driver behind the burgeoning data lake market.

Significant players within the data lake sector are directing their efforts towards pioneering advancements, exemplified by initiatives such as the singularity security data lake, to address escalating demands for robust data security and governance. This cloud-native security data platform is meticulously crafted to furnish comprehensive visibility, detection, and response capabilities across organizational security ecosystems. For example, in April 2023, SentinelOne, Inc., a leading cybersecurity entity headquartered in the US, introduced the singularity security data lake. This innovative solution offers an exhaustive data overview spanning security ecosystems, enabling swift identification and real-time response to emerging threats. Leveraging advanced functionalities such as complete data visibility, active orchestration and automation, data integration and fusion, AI-driven anomaly detection, cost-effective data management, and accessibility compliant with federal agency standards, the singularity security data lake stands as a formidable and innovative cybersecurity solution tailored to fortify organizational defenses.

In June 2022, Starburst Data Inc., a prominent US-based provider of open-source data analytics and query platforms, completed the acquisition of Varada Technologies Inc., headquartered in Israel, for an undisclosed sum. This strategic move was designed to augment Starburst's capabilities in delivering a robust and economical data lake analytics solution, thereby strengthening its foothold in a dynamic and expanding market. Varada Technologies Inc. specializes in offering innovative data lake analytics solutions, aligning well with Starburst's objectives and enhancing its overall market position.

Major companies operating in the data lake market report 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.

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 countries covered in the data lake market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A data lake serves as a centralized storage system capable of accommodating extensive volumes of structured, semi-structured, and unstructured data at scale. It enables organizations to leverage their data assets effectively by offering a scalable, adaptable, and cost-efficient means of storing, managing, and analyzing diverse datasets across the enterprise.

Data lakes come in two primary forms such as solutions and services. A solution-oriented data lake is engineered and deployed comprehensively to address specific business requirements or challenges. This encompasses various deployment options such as on-premise and cloud-based setups, catering to a wide array of organizations ranging from large enterprises to small and medium-sized enterprises (SMEs). End users across industries including information technology, banking, financial services and insurance, retail, healthcare, media and entertainment, manufacturing, and others benefit from these data lake solutions.

The data lake market research report is one of a series of new reports that provides data lake market statistics, including data lake industry global market size, regional shares, competitors with a data lake market share, detailed data lake market segments, market trends and opportunities, and any further data you may need to thrive in the data lake industry. This data lake market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The data lake market includes revenues earned by entities by providing services such as data ingestion, data storage, data processing and transformation, data security, and governance, data lifecycle management and monitoring, and operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The data lake market also consists of sales of business intelligence and analytics tools, machine learning and AI-powered products, IoT and connected devices, content recommendation systems, cybersecurity products, and financial products. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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