Data Lakes Market Estimated to Expand at a Robust CAGR By 2023Posted by Akshay Solanki on February 12th, 2021 Data lakes refer to a storage repository which holds a vast amount of raw data. Each data element in a data lake is assigned a unique identifier and is tagged with extended metadata tags. In a data lake, data is loaded from all source systems and no data is turned away. Data Lake, the term is increasingly being used to describe any large data pool in which the data requirements are not defined until the data is queried.
Data lakes, unlike data warehouses, can retain all the data, can support all data types and can easily adapt to changes. Owing to these features, data lakes can also provide faster data insights. Data lakes provide various benefits like scalability and can accommodate high speed data. It also offers advanced analytics by utilizing the availability of large quantities of coherent data along with deep learning algorithms which further helps in real-time decision analytics. Data lakes is gaining popularity among enterprises for their increasing data storage needs. In order to meet the growing needs, enterprises have deployed different solutions like Hadoop based big data platforms which can help in building successful data lakes and can retain the entire enterprise data.
According to a recent study report published by Market Research Future, The global market of data lakes is showing high growth and expected to gain prominence over the forecast period 2017-2023. Growing need for business agility and accessibility is one major factor fuelling the growth of data lakes market. Data lakes solutions are used across various business functions such as marketing, finance, sales, operations, and human resource. Operations business function is expected to drive the growth of data lakes market. This is owing to the increasing demand for IoT enabled technologies. These technologies are increasingly implemented in business operations in order to resolve real time issues and streamline the workflow.
On the other hand, data security and privacy concerns are major factors hindering the growth of global data lakes market. Other factors such as lack of transformation from traditional techniques and lack of long term data governance could hamper the market growth.
Data Lakes Global Market – Competitive Analysis
The market of data lakes appears to be competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Data Lakes Global Market – Segmentation
The data lakes market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
Browse Full Report @ https://www.marketresearchfuture.com/reports/data-lakes-market-1601
Key Players: Microsoft Corporation (U.S.), Informatica (U.S.), Teradata Corporation (U.S.), Capgemini (France), EMC Corporation (U.S.), Oracle Corporation (U.S.), Zaloni (U.S.), Cloudera Inc. (U.S.), SAS institute (U.S.), SAP SE (Germany), Hitachi (Japan) and ATOS SE (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Data Lakes Market.
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