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The data lake market reached a valuation of $20.3 billion in 2020. Growing demand for solutions to store unstructured data including consumer tracks, machine data in the form of images and rising interest in data analytics remain prominent drivers of growth. Thanks to growing demand for data analytics, the data lake market is expected to grow at 21.7% CAGR during the 2022-2030 period.
Data Lake Market: Key Drivers
Data lake is a data repository which stores data in its raw format. This is becoming key, as data optimization has reached extraordinary levels, which relies on large and raw original data sources. An example of this is the new pixel mobile launched by Google. This new cellphone optimizes images far better than most of its competitors, and even optimizes them with unbelievable features like blur, and eraser, which changes the image output completely. Furthermore, this new AI-chip driven system combines output from different camera modes such as telephoto, micro imaging, and combines it to deliver a near perfect shoot, capable of matching quality of low-end DSLR cameras.
In order for computing systems to achieve this output, it is essential for them to get raw input, which is often large. For instance, Samsung flagships like S22 Ultra, running on the Android operating system save images in a raw format for AI processing. With the introduction of AI optimization, these images on average are somewhere between 4MB and 15 MB in size. Hence, with the growth of data analytics for storing consumer information, and gauging key business fundamentals; the demand for data lake is expected to drive tremendous growth for the data lake market.
Data lake also promises far more advancements for data analytics as compared to conventional data storage platforms. On one hand, major players like Amazon, Google, Microsoft have made new forays into the technology. Furthermore, data lakes promise more flexibility, and agility to end-consumers. It allows end-consumers to store data from a wide range of sources, into a single centralized repository. Furthermore, even SMEs with their limited resources can store multiple data types, regardless of whether the data is structured or unstructured.
As mentioned earlier, the structure of the data remains key to AI optimization, and data analytics. Furthermore, unstructured data offers major advantages to even SMEs. For example, currently, most businesses deploy the conventional tools to understand website traffic with the help of numbers like total visitors, clicks, rebound rates, among others on their websites. However, new tools promise far more in-depth insights to businesses. These include visual maps to understand which features user engage with the most, which parts of the website they find most ordinary, and which parts do they dislike the most. Such visual tools promise to open up new opportunities of growth for businesses globally. However, traditional storage does not allow for integration of such unstructured data. Furthermore, this data can be crucial for AI optimization. The growing flexibility and agility offered by data lake remain key to growth of the data lake market.
Data Lake Market: Notable Developments
In October 2022, Google Cloud announced major support extensions for data lake. This new announcement adds support for apache iceberg, apache hudi, delta lake, among others via Google’s signature BigLake storage engine. According to Google’s vice president for data analytics, the new announcement will remove barriers for organizations to utilize their data for full value.
Upsolver, a key solution provider for data lake needs, announced its competitive priced solution for organizations in November, 2022. The company announced that all organizations can avail its solutions for the price of $99/ per tb. The competitive pricing remains the primary driver of data solutions in general, and will likely present many new opportunities for small and large players alike in the data lake market.
Data Lake Market: Segmentation
The data lake market report is segmented by type into solution and services. Among these, the solution segment is anticipated to achieve highest revenue during the forecast period. As data lakes represent a new frontier in the advancement of technology, the relatively higher costs of data lake acquisitions, and numerous solutions available in the market remain the promising drivers of growth in the market. The market will slowly move into services, as major players remain committed to data analytics, and data storage. This is visible in large investments made by the likes of Google, Amazon, IBM, Microsoft, among others into data storage solutions globally.
The data lake market is divided by deployment into cloud and on-premise versions. Among these, the cloud deployment is expected to hold highest share of revenues during the forecast period. The cloud segment remains a cost-effective option for SMEs. The segment also remains popular among large businesses as hosting on-premise soloutions necessitate the need for large in-house IT departments, which is not a feasible solution for many. The growing demand for high-tech skilled labor remains a challenge in growth of the on-premise segment.
Data Lake Market: Regional Outlook
The data lake market report is divided based on regions into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among these, the North America region is expected to hold the highest share of the total revenues during the forecast period. The region held a significant share in 2020, thanks to presence of key players, and growing investments in data analytics. However, Asia Pacific region is expected to witness the fastest growth during the forecast period. The aid of key technologies like supercomputers in the region, increased investments for technology startups in the region, and large IT industry are expected to drive growth for the data lake market in Asia Pacific region.
Data Lake Market: Key Players
Key players in the global data lake market invest in strategic initiatives to expand their footprint. This includes collaboration, acquisitions, and mergers to increase their market share. The data lake market remains a concentrated market as large players occupy a significant share of the total revenues. Some key players in the global data lake market are Amazon Web Services, Inc, Cloudera, Inc., Dremio Corporation, Informatica Corporation, Microsoft Corporation, and Oracle Corporation.
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