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Data Lake Market projected to reach USD 20.1 billion by 2024, with an impressive CAGR of 20.6%

Feb 13, 2020 (MENAFN via COMTEX) --
(MENAFN - iCrowdNewsWire) Feb 13, 2020

According to a new market research report " Data Lake Market by Component, Deployment Mode, Organization Size, Business Function (Marketing, Operations, and Human Resources), Industry Vertical (BFSI, Healthcare and Life Sciences, Manufacturing), and Region - Global Forecast to 2024″ published by MarketsandMarkets, The global data lake market size is expected to grow from USD 7.9 billion in 2019 to USD 20.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.6% during the forecast period.

The rising trend of extracting comprehensive insights from consumer data to undertake strategies for gaining a competitive advantage, as well as simplify access of organizational data from departmental silos, mainframe, and legacy systems to drive the growth of the market. A shift toward cloud-based data platforms to manage and mitigate data issues is further expected to offer opportunities for the increased adoption of data lake solutions.

Browse and in-depth TOC on ' Data Lake Market

105 - Tables

54 - Figures

192 - Pages   

 

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=213787749

The large enterprises segment to hold a larger market size during the forecast period

By organization size, large enterprises and Small and Medium-Sized Enterprises (SMEs) are the 2 main segments where data lake solutions are used. Of these, the large enterprises segment is the larger user within the data lake market due to the large volumes of data being generated by enterprises and the increasing need for software/technology to store, manage, and analyze this data.

Typically, large enterprises have a huge corporate network and organize a large number of events. Data lake solutions enable these enterprises to gain cheap storage solutions along with fast and reliable access to processed data, which can help them organize data and generate useful insights. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period as they are keen to adopt cloud-based data lake solutions due to their cost-effectiveness, scalability, and agility.

By vertical, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period

The data lake market by vertical is segmented into 9 categories, namely, Banking, Financial Services and Insurance (BFSI), telecommunication and Information Technology (IT), retail and eCommerce, healthcare and life sciences, manufacturing, energy and utilities, media and entertainment, government, and others (travel and hospitality, transportation and logistics, and education). Of these, the healthcare and life sciences segment is expected to grow at a rapid pace during the forecast period due to the existence of a large patient pool, especially in large-sized hospitals specializing in various streams of medicine. These organizations implement data lake solutions to understand and enhance the overall patient experience, and enable data-driven, actionable analytics. These solutions further offer healthcare and life sciences organizations with cost-effective and scalable architecture for the collection and processing of large volumes of disparate data types.

Speak to Our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=213787749

North America to hold the largest market size during the forecast period

North America is the most significant revenue generator in the global data lake market. High adoption rate of advancing technologies across industry verticals, especially BFSI, has resulted in the large market size in the region. Data lake solutions offer more flexible, scalable, and cheaper data storage solutions than traditional data warehousing solutions, along with offering improved analytics capacity. Many data lake solution providers in North America are experimenting by integrating advanced big data and analytics technologies with their existing data lake solutions. They are adopting various growth strategies to strengthen their positions in the overall market. Major North American vendors in the data lake market are Microsoft (US), Teradata (US), Oracle (US), Cloudera (US), AWS (US), IBM (US), Informatica (US), SAS Institute (US), Zaloni (US), Koverse (US), HPE (US), Cazena (US), Google (US), Infoworks.io (US), Snowflake (US), and Dremio (US).

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.        

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Email: [email protected]

MnM Blog: https://mnmblog.org/

Visit Our Website: https://www.marketsandmarkets.com

Content Source: https://www.marketsandmarkets.com/PressReleases/data-lakes.asp

 

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Contact Information: Mr. Shelly Singh
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441

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