Data lake is a platform that useful for storage and management of the vast amounts raw data in its native format until is needed. Unlike other data storage, Data Lake uses flat architecture to store data. In the data lake each data element is assigned as a unique identifier and it is assigned with a set of metadata tags. Moreover, data lakes enables organizations to combine the data sources, generate meaning and derive value. Growing penetration of cloud platform market and increasing demand for more efficient data storage system are the factors behind growing demand for data lake market and its related software solutions. The data lakes market is predicted to observe growth at a high rate during the predicted period from 2016 to 2024. Popular use of data lakes include achieving 360-degree views of customers, and analyzing social media.
The growth in data lakes market is fueled by the growing need of organizations to simplify their workload associated to security and their growing reliability on data gathered from various IT systems used for financial proceedings. Life science & healthcare segments are expected to grow at a significantly higher rate during the forecast period due to the increasing need to manage and store data derived from various connected health record systems and healthcare devices used throughout the organization. The growth in data lakes market for operations is anticipated to increase in the years to come because of the need for streamline operations across services and the increasing need for solving operations related issues quickly.
Other business functions for which the data lake is being adopted are operations, finance, human resources, marketing, and sales. Data lakes solutions can either be deployed on premises or on-demand, depending upon the requirements of the organization. The demand for cloud-based or on-demand data lakes market solutions is increasing as they are user-friendly and cost-effective, the growth is significantly high in the smaller and medium size organizations where low cost solutions are much needed. The major restraints faced by data lakes market are meta data management, data governance, data preparation, data security and lack of appropriate analytical skills. Furthermore, there are not many tools available on the market that can assist in meta data management or data governance. When data governance is not taken care off while starting with a data lake, issues related to data quality or security could arise, causing the data lake to fail dramatically.
The data lakes market is segmented by structure, services and application. Segmentation by structure includes data sources, hadoop distribution, data ingestion, data query and data stores. While the services segment is expected to grow at the highest CAGR during the forecast period. The services segment is further classified into data engineering, managed services, support and maintenance and data discovery & visualization. Data lakes services in the services segment is projected to witness the highest demand due to the growing need of data lake software solutions across organizations.
On the basis of application the data lake market is segmented into healthcare & life science, industrial, banking & finance, government and media. Regional segmentation for the global data lakes market include North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America accounted for the largest share of the data lakes market, followed by Europe Both these regions are expected to retain their positions in the next five years due to high focus on innovations obtained from research and development and technology. The Asia-Pacific region is about to witness major growth in this market mainly due to increasing adoption of smart technologies and developing IT infrastructure.
Major vendors that offer data lakes software and services globally are Microsoft Corporation, Informatica Corporation, Teradata, Capgemini, EMC Corporation, SAP SE, Hitachi, Atos, Oracle Corporation and SAS Institute. These leading companies have primarily focused on collaboration, new product launches, and expansion for growth in the data lakes market.
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