Data Lake Market size was valued at USD 7.16 billion in 2023 and is projected to cross USD 132.97 billion by the end of 2036, registering more than 25.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of data lake is estimated at USD 8.6 billion.
The increasing demand for repositories for storage of structured and unstructured data along with the need for data processing and analytics are expected to aid the growth of the market. The growth of the market can be attributed to the growing adoption of Internet of Things (IoT) which will proliferate data further. As per IBM, 2.5 Quintillion bytes of data are generated each day. In addition, owing to increase in the usage of smart meters, huge amount of data is being generated which needs the use of Data Lakes. In the United States, a total of 70,823,466 smart meters have been installed according to U.S Energy Information Administration.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
25.2% |
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Base Year Market Size (2023) |
USD 7.16 billion |
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Forecast Year Market Size (2036) |
USD 132.97 billion |
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Regional Scope |
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The market is segmented based on type into software, and services, out of which, the services segment is anticipated to grab the larger share by the end of 2021 on account of increasing adoption of data lake solutions in the BFSI & IT industry verticals. Moreover, the need for data processing and analytics of big data for IT operation is also projected to contribute to the growth of the segment during the forecast period. The market is further segmented into data discovery, data integration & management, data lake analytics, and data visualization for software and into managed and professional services for the services segment.
On the basis of industry vertical, the Telecommunications & IT segment in the global data lake market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that data lakes aid in the storage as well as the analysis of data which can aid in developing data insights, identify trends, optimize performance and manage organizational data architecture.
Our in-depth analysis of the global market includes the following segments
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By Type |
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By Industry Vertical |
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APAC Market Statistics
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific industry is predicted to hold largest revenue share by 2036, owing to increasing amount of data and need to develop solutions to store and analyse the same by major technology companies in the region.
North America Market Analysis
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the presence of major companies in the region and their rising data volumes across industry verticals. Along with this, the North America also leads in terms of investments and adoption of big data technologies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the data lake market on account of new regulations for data privacy that require enterprises to remove customer data upon request.
Author Credits: Abhishek Verma
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