The global Data Integration market is anticipated to increase at a 12.8 % CAGR to reach value USD 24.3 Billion in 2028

The data lakes help businesses improve their capabilities by delivering a number of benefits. These benefits include coverage for all information sources, linear scalability, the ability to accommodate information at high speeds, high flexibility, and the elimination of information silos. Another way for businesses to acquire a competitive advantage is to derive as much additional value as they can from the information they store as rapidly as they can. Enterprises gain access to dynamic and advanced data analytics capabilities when they implement data lakes. In addition, the costs associated with adopting data lakes are far lower than those associated with implementing a data warehouse. As a result, its widespread use is anticipated to increase during the time under consideration.

Covid-19 Impact

Immediately following the appearance of the COVID-19 epidemic, a number of businesses started working on the development of data-driven transformative solutions that would facilitate improved decision-making. A COVID-19 data lake was constructed by C3 ai, Inc., an AI startup based in the United States, in March 2020. This consolidated repository is a uniform and open dataset that would be available to the general public and researchers all around the world beginning in the middle of April 2020.

North America will dominate the Data Lake Solution Market

The increase in popularity in North America can be ascribed to increased volumes of information across all industries, increasing investments in data lakes, and expanding usage of big data technology. Additionally, it is anticipated that data lakes will play a significant role in the development of healthcare analytics. For instance, in response to the breakout of the COVID-19 pandemic, a number of businesses started working on the development of transformative data-driven solutions that would help with improved decision-making. A COVID-19 data lake was constructed by C3 ai, Inc., an AI startup based in the United States, in March of 2020. This consolidated repository is a uniform and open dataset that would be available to the general public and researchers all around the world beginning in the middle of April 2020.

Asia Pacific will see a stable growth rate in the period of interest

Large technological businesses in China, India, Indonesia, and Japan have been boosting their investments recently, which can be credited with the increase. Additionally, the market in the region is predicted to be driven by a number of other factors, such as the increasing digitalization of business processes and the expanding usage of advanced big data analytics technology. In addition, government programs and regulations are among the most critical factors contributing to the expansion of markets in the region.

The retail segment will dominate the Data Lake Solution Market

During the period under consideration, it is anticipated that the retail sector will demonstrate significant expansion. Data lakes have the potential to play a significant part in the field of retail marketing as they would make the fast classification of potential customers possible. Because data lakes would help provide an in-depth understanding of buyers, their buying motivations, and their needs by analyzing information collected from various sources, including call logs, surveys, and social media platforms, such an understanding could be achieved through the use of these resources. Additionally, during the course of the forecast period, it is anticipated that the healthcare sector will have a considerable CAGR. This is because of the increased adoption of data lake solutions in the healthcare industry to gain actionable insights and improve the patient experience.

It is anticipated that an increase in the use of Internet of Things devices will benefit the expansion of the market. It is anticipated that the proliferation of data and the rising usage of IoT will drive market expansion. Additionally, a variety of government efforts, such as the construction of smart cities and the installation of intelligent utility meters, would favor the industry. For example, it is projected that Singapore, Tokyo, New York City, and London will be among the top investors in smart city efforts for the year 2020.

The proliferation of online payment methods has resulted in an increase in the number of financial transactions recorded by banks around the world. Several financial institutions are currently making investments in the creation of data lakes in order to enhance their analytical capabilities and give on-the-go solutions to their respective consumers. Australia and New Zealand Banking Group and the State Bank of India are the only two financial institutions that have already begun constructing data lakes to combine transactional information across domains and develop a centralized database.

The demand for data lakes on the market has increased significantly due to the growing data volume in numerous enterprises. Data lakes provide an excellent opportunity to pull in-depth insights from a massive data volume, which in turn raises the need for the said volume of data. In addition, data lakes offer an advantage over data warehouses due to the fact that data may be retrieved from data lakes at a much quicker speed than from data warehouses.

As a result of the expansion of competition across all industries, there has been a rise in the demand for a system that is able to store and alter a vast quantity of records while also paying attention to the records of customers and their behavior. Around the world, there has been a surge in demand for enhanced operational efficiency with regard to both cost and data analytics. The data created by machines connected to the internet of things can be easily stored in a data lake and analyzed to help businesses find new ways to cut costs while simultaneously improving product quality.

Cazena, Cloudera, IBM, Amazon Web Services, SAS Institute, Atos, Oracle, and Information Corporation are some of the most notable companies operating in the data lake sector today.

Recent Developments

• Cazena and Clairvoyant came to an agreement in March 2019 to work together to accelerate project development and deploy hybrid data architectures.
• A partnership between the multinational technology consulting and digital solutions provider Larsen & Toubro Infotech and the cloud computing provider Amazon Web Services was announced in June of 2021. (AWS).
• In the month of November 2020, Orange Business Services and Amazon Web Services came to an agreement about a global strategic alliance.
• Zaloni, Inc., a corporation with headquarters in the United States, made the announcement in January 2020 that the Zaloni data platform would soon be available in the Microsoft Azure Marketplace.
• The Cloudera Data Platform was officially released in November of 2019, as was announced by Cloudera (CDP).
• In August 2019, Amazon Web Services (AWS) announced that the AWS Lake Formation would soon be available to the general public.

Data Lake Market Scopebb

Key segments in ‘Global Data Lake Market’

By Type, 2019-2029 (USD Million)

• Data Integration
• Data Management
• Data Discovery
• Data Lake Analytics
• Data Visualization

By End-User, 2019-2029 (USD Million)

• Retail
• IT
• BFSI
• Manufacturing
• Healthcare
• Others

By Application, 2019-2029 (USD Million)

• Sales
• Marketing
• Operations
• Finance
• HR

By region, 2019-2029 (USD Million)

• North America
  • United States of America
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • the Netherlands
  • Poland
  • Russia
  • The United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Indonesia
  • South Korea
  • Rest of Asia-Pacific
• South America
  • Argentina
  • Brazil
  • Peru
  • Uruguay