Data Lakes Market Size

Data Lakes Market Overview

The Data Lakes Market is projected to grow from USD 6.14 billion in 2024 to USD 21.36 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.87% during the forecast period (2024 - 2032). Additionally, the market size for data lakes was valued at USD 5.13 billion in 2023.

As medium and massive ventures include high interests in the selection of innovations and security, there have been developing interest date lakes set to build the market development. In undertakings, information lakes kill the requirement for information demonstrating at the hour of ingestion are the key market drivers enhancing the market growth.

Figure 1: Data Lakes Market Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Data Lakes Market Trends

Banking Sectoris driving the market growth

Banks have added more data lakes to combine data from different areas into one central database. Australia and New Zealand Banking Group (ANZ) have been implementing a project to aggregate all the data ponds across domains to create a main data lake for the banking operations, allowing the bank to shift from the typically used data warehouse architecture. Banks are investing in data engineers to provide more responsive data lakes to tackle consumer requirements and have also been trying to increase the utility of data for on-the-go solutions. State Bank of India (SBI) has provided data lakes to bank executives, deputy managing directors, and chief information officers to deliver on-the-go analytics from the typically used data warehouse. Many companies are launching and developing banking and finance solutions to stay on the market. For instance, in February last year, based in San Francisco, Databricks, a business that integrates the abilities of a data warehouse with a data lake in a single "lakehouse" design, launched a new industry-specific service known as Lakehouse for Financial Services. Databricks' Lakehouse for Financial Services is intended to provide customers with solutions that fit their specific technological and commercial needs. Thus, data lakes allow banks to aggregate transactional information from all the data ponds across the domains into a central database that anyone can access in real-time. This trend drives theMarket CAGR.

Additionally, the growing prevalence of acute and chronic diseases, health agencies across the globe are increasingly investing in research and development (R&D) to meet global health needs. This positively influences the application of data lakes in the healthcare industry worldwide as they help design products and perform genomic research, resulting in faster performance and effective medication development. Moreover, data lakes can combine customer data from a customer relationship management (CRM) platform with social media analytics, improving customer interactions and loyalty. As a result, it is gaining traction in the manufacturing units to reduce operational costs and increase product quality, which is anticipated to create a positive outlook for the data lakes market revenue.

Data Lakes Market Segment Insights

Data Lakes Component Insights

Based on components, the Data Lakes Market segmentation includes Data Discovery, Data Integration & Management, Data Lakes Analytics, and Data Visualization. The data integration & management segment dominated the market; this expansion is due to the demand for effective data management and storage solutions and data analytics solutions.The data visualization segment is the fastest-growing segment. This is due to the increasing need for businesses to gain actionable insights from their data and the ease of use and accessibility of modern data visualization tools.

Data Lakes Business Function Insights

Based on business function, the Data Lakes Market segmentation includes Sales, Finance,and HR. The finance segment dominated the market due to the several financial institutions currently investing in creating data lakes to enhance their analytical capabilities and give on–the–go solution to their respective consumers. At the same time, the HR segment is the fastest-growing segment in the forecast period. This is due to the increasing need for organizations to develop their workforce in an increasingly competitive labor market.

November 2020 Tally Solutions Pvt. Ltd. launched an enterprise software, Tally Prime, to help small and medium-sized enterprises manage various finance-related services such as payrolls, banking, taxation, and accounting.

Figure 2: Data Lakes Market, by Business Function, 2022 & 2032(USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Data Lakes Business Application Insights

Based on application, the Data Lakes Market segmentation includes Healthcare and life science, Industrial, Banking and money, Government, and Media. The healthcare and life sciencesegment dominated the market. Owing to the rising use of big data for gaining actionable insights in the healthcare segment, increasing demand for telemedicine services, and rising adoption of Electronic Health Records (EHRs) and Electronic Medical Records (EMRs). The improvements in IT infrastructure coupled with the high adoption of cloud computing services in Healthcare are expected to boost industry growth. Furthermore, various medical research centers have increased the use of IT infrastructure for enhancement in Chronic Disease Management (CDM). Industry players such as Allscripts Healthcare, LLC, EPIC Systems Corporation, and Cerner Corporation are launching emerging technologies with healthcare enterprise software to increase brand representation.

Data Lakes Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific data lakes market area will dominate this market; The growth can be ascribed to increasing investments.Also, the rising penetration of advanced big data analytics technology is anticipated to drive the market in the Region. China’s data lakes market held the largest market share, and the Indian data lakes market was the fastest-growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:DATA LAKES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's data lakes market accounts for the second-largest market share due to growing digitization and rising penetration of advanced big data analytics technology. Further, the German data lakes marketheld the largest market share, and the UK data lakes market was the fastest-growing market in the European Region.

The North American data lakes marketis expected to grow at the fastest CAGR from 2023 to 2032.This is due to rising volumes of information across industries, increasing investments in the data lakes, and rising adoption of big data technologies will boost the market growth in this Region.

Data Lakes Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the data lakes market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The data lakes industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global data lakes industry to benefit clients and increase the market sector. In recent years, the data lakes industry has offered some of the most significant advantages to the IT industry. Major players in the data lakes market, including Microsoft Corporation (U.S.), Informatica (U.S.), Teradata Corporation (U.S.), Capgemini (France), EMC Corporation (U.S.), Oracle Corporation (U.S.), Zaloni (U.S.), Cloudera Inc. (U.S.), SAS Institute (U.S.), SAP SE (Germany), Hitachi (Japan) and ATOS SE (France) and others, are attempting to increase market demand by investing in research and development operations.

Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided daily by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of 360,000 team members in more than 50 countries. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast-evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported 2022 global revenues of €22 billion. Capgemini announced that long-time client Panasonic Automotive Systems would get a data ecosystem. The new platform can help an organization improve at making decisions based on data and developing new ideas. This can lead to more efficient and reliable extraction.

Tally Solutions Pvt. Ltd. is an Indian multinational technology company providing enterprise resource planning software. It is headquartered in Bangalore, Karnataka. The company reports that more than 7 million customers use its software. Tally Solutions Pvt. Ltd. launched enterprise software, Tally Prime, to help small and medium-sized enterprises manage various finance-related services such as payrolls, banking, taxation, and accounting.

Key Companies in the data lakes market include

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  Microsoft Corporation (U.S.)

  
  


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  Informatica (U.S.)

  
  


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  Teradata Corporation (U.S.)

  
  


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  Capgemini (France)

  
  


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  EMC Corporation (U.S.)

  
  


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  Oracle Corporation (U.S.)

  
  


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  Zaloni (U.S.)

  
  


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  Cloudera Inc. (U.S.)

  
  


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  SAS Institute (U.S.)

  
  


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  SAP SE (Germany)

  
  

Data Lakes Industry Developments

December 2022 Atos announced the development of a new solution in collaboration with AWS that allows clients to expedite and properly monitor company key performance indicators (KPIs) by offering simple access to non-SAP and SAP data silos. "Atos' AWS Data Lake Accelerator for SAP" is an innovative solution that delivers enterprise-wide and self-service reporting for significant insights into daily changes that rapidly impact decisions to drive the bottom line.

November 2022 Amazon Web Services (AWS) announced the launch of Amazon Security Lake. This new cybersecurity solution automatically centralizes safety data from on-premises and cloud sources into a purpose-built data lake in a user's AWS account.

April 2022 Google introduced the preview launch of BigLake. This new data lake storage system allows organizations to analyze data in their data lakes and warehouses at its Cloud Data Summit.

Data Lakes Market Segmentation

Data Lakes Component Outlook

• Data Discovery


• Data Integration & Management


• Data Lakes Analytics


• Data Visualization

Data Lakes Business Function Outlook

• Sales


• Finance


• HR

Data Lakes Business ApplicationOutlook

• Healthcare and life science


• Industrial


• Banking and money


• Government


• Media

Data Lakes Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America