Enterprise Data Lake Market - Forecast(2024 - 2030)

Enterprise Data Lake Market size was valued at $4.3 billion in 2020, and it is estimated to grow at a CAGR of 11.2% during 2021-2026. The growth is mainly attributed to the adoption of advanced technologies such as IoT, artificial, intelligence, big data analytics for enterprise resource planning applications and is poised to drive the enterprise data lake industry. Increasing investments on the development of advanced data lake solutions further boost the demand for Enterprise Data Lake Market.  The market will be driven by new channel programs such as E-commerce and social media programs. Big Data is defined as the capture, storage and analysis of large and complex data sets which are generally difficult to be processed or handled traditionally. Data analytics and information flow has dominated enterprise management practices for several decades in which traditional analytic methods has been applied to support decision making. As the evolution of technology took place they have increasingly enabled enterprises to capture, manage and analyze the data. The advancement of technology and rapid increase in the consumer demand for immediate deliveries, the importance of enterprise data lakes will tend to grow in coming years

The report: “Enterprise Data Lake Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Enterprise Data Lake Market.

By Type: Software (Data Discovery, Data Integration & Management, Data Lakes Analytics, Data Visualization), Services (Managed Services, Professional Services); System Deployment and Integration (Support and Maintenance, Data Lake Services)

By Business Function: Marketing, Sales, Operations, Finance, Human Resources

By Deployment: On-Premises, Cloud

By Orgnization Size: Large Enterprises, Small and Medium Sized Enterprises.

By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Rest of Europe); APAC (China, Japan, South Korea, India, Rest of Europe); South America 9Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa)

Software held the major share of 42.3% in 2020 owing to the introduction of various data software platforms by players such as Microsoft, Oracle, IBM and others. Vendors are focusing on introduction of software platforms for self-service data ingest and data preparation with integrated metadata management, governance, and security. Adoption of some of the major software platforms such as Azure Data Factory, Azure Stream, Amazon Kinesis, Google Cloud Data Flow and others is poised to drive the market.

Cloud sector is the fastest growing segment in Enterprise Data Lake Market and estimated to grow at a CAGR of 12.1% during forecast period 2021-2026. Most of the vendors focus on offering cloud based data lake solutions in order to maximize profits and automate the equipment maintenance process effectively. The adoption of cloud based has become feasible for all companies owing to its benefits such as cost effectiveness, easy maintenance of the generated data, capacity, data security and auto scaling. This provides opportunities for cloud based enterprise data lakes during forecast period.

North America dominated the Enterprise Data Lake Market in 2020 with a market share of 36.5%, followed by Europe and APAC owing to the early adoption of advanced technologies. Additionally, the presence of majority of Enterprise Data Lake vendors such as Microsoft Corporation, Oracle Corporation, and IBM Corporation are headquartered at U.S. and this increases the market growth. This is attributed to increasing volumes and importance of data in an organization. High investments in adoption of data lakes set to drive the market in this region.

As medium and large enterprises involve in high investments in adoption of technologies and security, there has been growing demand date lakes which set to increase the market growth. In enterprises, data lakes eliminate the need for data modeling at the time of ingestion. Data lakes has strong versatility as it can store multi structured data from diverse sources. For instance, it can store logs, XML, sensor data, binary, social data, multimedia and others. This poised to drive the market.

Adoption of Internet of Things in large enterprises has been fueling the market growth. As IoT deals with connected objects which generate huge volumes of data, there is high demand for data lakes in enterprises. Enterprises are deploying solutions such as Hadoop-based big data platforms and stream processing to build and maintain data lakes. Usually, data obtained from IoT devices has to be transformed, standardized and blended before it is ready for analysis. This process is slow and expensive and can translate into missed business opportunities. This has led to the simplification of the process by building a data lake that is flexible, fast, secure and cost-efficient. This set to drive the market.

Installing a data lake solution on premises is much more complex when compared to cloud as spinning of data in the cloud is easy. As data lake often comes with a new set of tools and services that need to be understood. Additionally, this requires additional investment, either for recruiting to get the right team members or doing internal professional development to understand those new tools. Lack of skilled professionals hampers the growth of the Enterprise Data Lake Market.

Acquisitions, and R&D activities are key strategies adopted by players in the Enterprise Data Lake Market. Enterprise Data Lake top 10 companies include Microsoft Corporation, SAP SE, Oracle Corporation, SAS Institute Inc, Informatica Corporation, Cloudwick Inc, Snowflake Computing Inc, Zaloni Inc, Podium Data Inc, IBM Corporation and others.