February 28, 2024

The Global Data Lake Market driven by increasing need for centralized data storage

 

Data lakes have emerged as critical destinations for storing large volumes of raw data originating from various sources in its native format. Data lakes allow organizations to consolidate and store data in one place from disparate sources like log files, machine data, social media feeds, websites and more. By centralizing data, organizations can capitalize on the value locked within the data by leveraging various advanced analytics and artificial intelligence techniques. The global data lake market comprises solutions that enable organizations to store large amounts of raw data in their native format until it is needed. Data lakes also allow business users and analysts to access desired data for analysis and retrieve insights. With a data lake in place, organizations can transform raw data into reliable, actionable insights to drive critical business decisions.

The global Data Lake Market is estimated to be valued at US$ 4.2 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:
One of the major trends driving the adoption of data lakes is the increasing need for real-time insights from data to gain a competitive advantage. Organizations understand that data holds immense value and potential to disrupt traditional business models. With the amount of data growing exponentially across industries, organizations require advanced technologies and platforms to derive insights from data in real-time. Data lakes are emerging as a preferred choice for enabling real-time analytics capabilities as they allow storing huge amounts of data in native formats. This enables organizations to perform analytics and build applications for gaining insights almost instantly without having to migrate or transform the data first. Data lakes empower businesses with real-time decision-making capabilities, helping gain an edge over competitors.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the data lake market is moderate as it requires high initial investments and established distribution channels. However, the possibility of existing big players integrating data lake solutions increases threat.
Bargaining power of buyers: The bargaining power of buyers is high as data lake solutions are available from various vendors at competitive prices. Buyers can leverage this competition to negotiate for better prices and customized solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as a few large vendors dominate the supplier market. However, the availability of open-source options reduces suppliers’ control over pricing.
Threat of new substitutes: The threat of substitutes is moderate as data lake complements existing data warehouse and analytics solutions. However, AI, ML, and other advanced technologies may replace some functionalities of data lakes over time.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players catering to the increasing demand for data lakes. Players compete based on product features, pricing, integration capabilities, and customer support.

Key Takeaways

The global data lake market is expected to witness high growth over the forecast period owing to the rising demand for centralized data management from various industries. The global Data Lake Market is estimated to be valued at US$ 4.2 in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030.

Regional analysis: North America dominated the global data lake market in 2023 due to high adoption across sectors like BFSI, healthcare, and retail in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by significant investments in big data and increasing digitization in major countries like China and India.

Key players: Key players operating in the data lake market are Microsoft Azure, Amazon Web Services, Google Cloud, Cloudera, Databricks, IBM, SAP, Informatica, Dremio, etc. Microsoft Azure leads the cloud-based data lake offerings while Cloudera and Hortonworks dominate in on-premise data lake solutions

The global data lake market is highly competitive with established global players focusing on portfolio expansion and acquisitions to gain market share. For example, in 2022, Cloudera acquired Anthropic to strengthen its AI capabilities on data lakes. Adoption across large enterprises and SMEs is expected to support the healthy growth of the data lake market over the next few years.

*Note:

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