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.
Author Credits: Abhishek Verma
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