by The data lake market involves collecting and storing large volumes of structured, semistructured, and unstructured data in its native format until it is needed. Using big data technologies, organizations can easily store, query, and analyze huge amounts of data from various sources and systems to gain valuable insights.
The Global Data Lake Market is estimated to be valued at US$ 19.04 Billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period from 2024 to 2031.
Key Takeaways
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, and Huawei. The key players are focused on partnerships and new product launches to expand their presence and gain a competitive edge over other vendors. For instance, in 2023, Cloudera partnered with IBM to strengthen data and AI offerings on both companies’ platforms.
Data Lakes Market demand is fueled by the growing need for deriving useful business insights from large volumes of data across various industries. Organizations are increasingly leveraging data lakes to turn data into valuable business assets.Moreover, increasing popularity of hybrid and multi-cloud environments is also providing a fillip to the market. Organizations can adopt a hybrid data lake strategy for consolidated data storage and analytics.
Key trends in the data lake market include increased adoption of AI and machine learning technologies. Vendors are integrating AI/ML capabilities with data lake platforms to enable advanced analytics use cases such as predictive analytics. Use of data virtualization technologies is another key trend, which helps organizations to create agile virtual data environments without having to move or copy data. It allows for federated querying of data across distributed data sources.
Porter’s Analysis
Threat of new entrants: Low level of threat as large capital investment is required for R&D and technological superiority.
Bargaining power of buyers: Moderate bargaining power as buyers have many options available to choose from.
Bargaining power of suppliers: Suppliers have moderate power due to diversified global supply chain.
Threat of new substitutes: Low threat of substitutes as Data Lake is continuing to evolve with new functionalities.
Competitive rivalry: Data Lakes Market Challenges and Opportunities include high competition, as the market is growing and attracting new players with varied offerings.
Geographical Regions
North America region accounts for the largest share of the data lake market in terms of value owing to early adoption and huge investments from leading technology giants for development of advanced solutions. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rapid digital transformation initiatives across industries in major countries like China, Japan and India.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
