Data Lake Market Facts, Figures And Analytical Insights 2027
Global Data Lake Market: Introduction
Data lake is a centralized repository that helps to store all the structured and unstructured data at any scale. It offers the storage of data without having to first structure the data, and run different types of analytics. The analytics used within the data lake includes Machine Learning, Predictive Analytics, data discovery, and profiling.
Data scientists, data developers, and business analysts (using curated data) are the major end-users of data lake.
Global Data Lake Market – Dynamics
Increasing Focus on Enhancing Customer Interactions within an Enterprise
The need for a platform which can store and manage the large volume of data with respect to customer information and behavior has increased due to the increase in competition across industries. A data lake can combine customer data from a CRM platform with social media analytics, a marketing platform that includes buying history, and incident tickets which can be used to improve the customer loyalty toward the company.
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Improves Operational Efficiency
Internet of Things (IoT) introduces more ways to collect data related to processes such as manufacturing, with real-time data coming from internet connected devices. The need for operational efficiency with respect to cost and the data analytics has increased across the globe. A data lake makes it easy to store and run analytics on machine-generated IoT data to discover ways to reduce operational costs and increase quality.
Lack of Skilled Professional is Restricting Growth of the Market
Lack of Professional Expertise with Regards to Data Science
The number of professional experts in data science and with the skill set to manage the data lake is comparatively less. The level of HDI is low majorly in Asia Pacific and South America compared to other regions. Therefore, the number of skilled and professional workers is low in these regions. Lack of awareness and low HDI is restricting the growth of the data lake market.
North America Expected to Dominate the Global Data Lake Market
In terms of region, the global data lake market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global data lake market during the forecast period, as the adoption of AI and machine learning technologies within this region is very high compared to other regions.
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Global Data Lake Market – Competition Landscape
- In October 2019, SAP SE announced the launch of data lake for end-user analytics. It will provide an elastic data lake and data connectivity for analytics.
- In February 2018, TCS launched enterprise data lake for advanced analytics on the Amazon Web Services platform which transforms end-user customer experience through cloud-based real-time Big Data analytics.
Amazon Web Services, Inc.
Established in 2006, Amazon Web Services, Inc. is headquartered Seattle, Washington, the United States. AWS offers a data lake solution that automatically configures the core AWS services necessary to easily tag, search, share, transform, analyze, and govern specific subsets of data across a company or with other external users.
