February 24, 2024

Expanding adoption of cloud technologies to drive the growth of Data Lake Market

 


Data lake refers to a centralized repository that allows you to store all your structured and unstructured data at any scale. Data lakes allow organizations to collect and store huge amounts of raw data for analytical purposes like big data analytics. Organizations use data lakes to gain insights from large volumes of structured, unstructured and semi-structured data originating from various sources like IoT, logs, sensors, web etc. Data lakes provide advantages such as faster data processing, easy availability of data for diverse analytical purposes, and reduced operational costs by eliminating data movement between separate data storage silos.

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 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The expanding adoption of cloud technologies is expected to drive the growth of data lake market over the forecast period. Cloud technologies allow organizations to access and manage huge amounts of data stored in data lakes with ease. They enable easy scalability for data lakes without huge capital investments. Additionally, factors such as increasing data volumes, growing need for predictive analysis and data-driven decision making across industries are also expected to support the market growth. Regulatory compliances and data security challenges remain key limitations for the data lake market.

Porter’s Analysis
Threat of new entrants: The data lake market requires high initial investments in infrastructure and skills which poses significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous solution providers in the market offering substitutable products.
Bargaining power of suppliers: A few technology giants like Microsoft and Amazon Web Services control a major share of the market giving them stronger bargaining power over other players.
Threat of new substitutes: Alternatives like data warehouses offer similar functionality but data lakes provide a more scalable and cost-effective solution.
Competitive rivalry: The market has the presence of established as well as emerging players leading to high competitive rivalry.

Key Takeaways
The global data lake market is expected to witness high growth, exhibiting CAGR of 24.% over the forecast period, due to increasing demand for centralized data management with agility, automation and advanced analytics.

Regional analysis: North America dominates the market currently due to rapid technological adoption. Asia Pacific is expected to grow at the fastest pace owing to growing digital transformation initiatives across industries in countries like China and India.

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 focused on product innovation and enhancements to gain a competitive edge in the market. For instance, AWS introduced new capabilities like AWS Glue DataBrew for data preparation and AWS Lake Formation for governed data sharing.