The IT vertical is expected to witness the highest CAGR over the forecast period as data lake implementation helps the IT companies in achieving a balance between speed, costs of operations, and quality of information. Vertical Insightsīased on vertical, the data lakes market is segmented into IT, BFSI, retail, healthcare, media and entertainment, manufacturing, and others (government, hospitality, education, and others). (AWS) announced the general availability of its fully managed service ‘AWS Lake Formation.’ The cited service assists in quickly setting up a secure data lake. For instance, in August 2019, Amazon Web Services, Inc. This is due to the increasing focus of key players to launch data lake services with general availability. The services segment is expected to cater to the highest CAGR over the forecast period.
This solution provides a central repository for all types of information, wherein business users can easily access the stored information, generate analytics, and gain insights. For instance, in January 2019, Tata Consultancy Services (TCS), an IT consulting and business solution service provider, launched Connected Intelligence Data Lake for Business (CIDL) on the AWS platform. Also, various companies are implementing data solutions to enhance and evaluate their internal processes. The data lake solutions assist the IT operation in analyzing unstructured and structured information and capturing relevant insights. This is owing to the increased application of data lakes in the IT, BFSI, and retail sectors. The solution segment caters to the highest share in the market. The data lake market is segmented into solutions and services based on type. Thus, data lakes allow banks to aggregate transactional information from all the data ponds across the domains into a central database that can be accessed by any individual in real-time. Banks, including Australia and New Zealand Banking Group and State Bank of India, have already started developing data lakes to integrate transactional information across domains and create a central database. Several banks are investing in developing data lakes for improving its analytical abilities to provide on the go solutions to its customers. The rise in the number of digital payments is increasing the number of transactional information in banks across the globe. For instance, Singapore, Tokyo, New York, and London are anticipated to be amongst the top investors in smart city initiatives for the year 2020. Also, various government initiatives such as the development of smart cities and the implementation of intelligent utility meters would impact the market positively. The proliferation of data with the increasing adoption of IoT is expected to drive market growth.
Thus, it is expected to gain adoption over the forecast period.Ī rise in the adoption of IoT devices is expected to impact the growth of the market positively. Further, the cost incurred for the implementation of data lakes is less than that of implementing a data warehouse. Data lakes provide enterprises with dynamic and advanced data analytics capabilities. Also, enterprises gain a competitive advantage by extracting more value from the stored information as quickly as possible. The data lakes assist businesses in enhancing their capabilities by providing benefits, including coverage for all information sources, linear scalability, accommodation of information at high speeds, high flexibility, and elimination of information silos. The information stored in a data lake can be unstructured data that is used by data analysts and data scientists or structured data prominently used by the airline and automotive sector. It is a central repository of easily accessible large volumes of information. Data lakes are systems that are used to store information in raw forms. Such a huge amount of information requires efficient storage systems. An enormous amount of information is generated daily on the digital information platforms. The global data lake market size was valued at USD 7.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 20.6% from 2020 to 2027.
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