Enterprise Data Lake Market Size to Grow at a CAGR of 11.2% During 2021-2026

(IT-NEWSWIRE.COM, November 25, 2021 ) Enterprise Data Lake market size was valued at $4.3 billion in 2020, and it is estimated to grow at a CAGR of 11.2% during 2021-2026. The growth is mainly attributed to the adoption of advanced technologies such as IoT, artificial, intelligence, big data analytics for enterprise resource planning applications and is poised to drive the enterprise data lake industry. Increasing investments on the development of advanced data lake solutions further boost the demand for enterprise data lake market. The market will be driven by new channel programs such as E-commerce and social media programs. Big Data is defined as the capture, storage and analysis of large and complex data sets which are generally difficult to be processed or handled traditionally. Data analytics and information flow has dominated enterprise management practices for several decades in which traditional analytic methods has been applied to support decision making. As the evolution of technology took place they have increasingly enabled enterprises to capture, manage and analyze the data. The advancement of technology and rapid increase in the consumer demand for immediate deliveries, the importance of enterprise data lakes will tend to grow in coming years

Enterprise Data Lake Market Segment Analysis- By Product Type

Software held the major share of 42.3% in 2020 owing to the introduction of various data software platforms by players such as Microsoft, Oracle, IBM and others. Vendors are focusing on introduction of software platforms for self-service data ingest and data preparation with integrated metadata management, governance, and security. Adoption of some of the major software platforms such as Azure Data Factory, Azure Stream, Amazon Kinesis, Google Cloud Data Flow and others is poised to drive the market.

Enterprise Data Lake Market Segment Analysis- By Application

Cloud sector is the fastest growing segment in Enterprise Data Lake market and estimated to grow at a CAGR of 12.1% during forecast period 2021-2026. Most of the vendors focus on offering cloud based data lake solutions in order to maximize profits and automate the equipment maintenance process effectively. The adoption of cloud based has become feasible for all companies owing to its benefits such as cost effectiveness, easy maintenance of the generated data, capacity, data security and auto scaling. This provides opportunities for cloud based enterprise data lakes during forecast period.

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Enterprise Data Lake Market Segment Analysis- By Geography

North America dominated the Enterprise Data Lake market in 2020 with a market share of 36.5%, followed by Europe and APAC owing to the early adoption of advanced technologies. Additionally, the presence of majority of Enterprise Data Lake vendors such as Microsoft Corporation, Oracle Corporation, and IBM Corporation are headquartered at U.S. and this increases the market growth. This is attributed to increasing volumes and importance of data in an organization. High investments in adoption of data lakes set to drive the market in this region.

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Enterprise Data Lake Market Drivers

Increasing adoption of data lakes in medium and large enterprises

As medium and large enterprises involve in high investments in adoption of technologies and security, there has been growing demand date lakes which set to increase the market growth. In enterprises, data lakes eliminate the need for data modeling at the time of ingestion. Data lakes has strong versatility as it can store multi structured data from diverse sources. For instance, it can store logs, XML, sensor data, binary, social data, multimedia and others. This poised to drive the market.

Advancements in Technology

Adoption of Internet of Things in large enterprises has been fueling the market growth. As IoT deals with connected objects which generate huge volumes of data, there is high demand for data lakes in enterprises. Enterprises are deploying solutions such as Hadoop-based big data platforms and stream processing to build and maintain data lakes. Usually, data obtained from IoT devices has to be transformed, standardized and blended before it is ready for analysis. This process is slow and expensive and can translate into missed business opportunities. This has led to the simplification of the process by building a data lake that is flexible, fast, secure and cost-efficient. This set to drive the market.

Enterprise Data Lake Market Challenges

Installing a Data Lake on-Premises

Installing a data lake solution on premises is much more complex when compared to cloud as spinning of data in the cloud is easy. As data lake often comes with a new set of tools and services that need to be understood. Additionally, this requires additional investment, either for recruiting to get the right team members or doing internal professional development to understand those new tools. Lack of skilled professionals hampers the growth of the enterprise Data Lake market.

Enterprise Data Lake Market Landscape

Acquisitions, and R&D activities are key strategies adopted by players in the Enterprise Data Lake market. Enterprise Data Lake top 10 companies include Microsoft Corporation, SAP SE, Oracle Corporation, SAS Institute Inc, Informatica Corporation, Cloudwick Inc, Snowflake Computing Inc, Zaloni Inc, Podium Data Inc, IBM Corporation and others.

Acquisitions/Technology Launches

In October 2019, SAP has planned to launch Data Lake for end user analytics. It can be used by enterprises in order to support decision making and analytical workloads. This is poised to increase the Company’s Data Lake market share.

Key Takeaways

North America dominated the Enterprise Data Lake market in terms of revenue in 2020 owing to the early adoption of advanced technologies and presence of major number of players.

Adoption of IoT technology has been pushing the Enterprise Data Lake industry with as connected sensors generate huge data which requires data lakes.

Deployment of cloud based data lake solution owing to its increased data security and cost efficiency enhancing the market growth.

High initial investment and deployment of on premise enterprise data-lake is a major challenge for data security which hampers the market growth.

Related Reports

A. Data Lakes Market

https://www.industryarc.com/Research/Data-Lakes-Market-Research-500779

B. Big Data Enterprise Market

https://www.industryarc.com/Report/17941/big-data-enterprise-market.html

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Enterprise Data Lake Market Size to Grow at a CAGR of 11.2% During 2021-2026