“Data Lakes Market by Software (Data Discovery, Data Integration, Data Lakes Analytics, Data Visualization), Business Functions (Marketing, Sales, Operations, Finance, HR), Service, Deployment, Organization Size, Vertical & Region – Global Forecast to 2021”
[151 Pages Report] The data lakes market size is estimated to grow from USD 2.53 Billion in 2016 to USD 8.81 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.3%. The year 2015 is considered to be the base year while the forecast period is 2016 to 2021.Data lakes is a data storage and management platform used to store and manage large volumes of structured and unstructured data in their native format and restore it faster whenever needed.
The objective of the report is to define, describe, and forecast the data lakes market on the basis of software, services, business functions, deployment models, organization size, industry verticals, and regions and also to provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
The research methodology used to estimate and forecast the data lakes market begins with capturing data on key vendor’s revenues through secondary research sources such as companies’ websites, Factiva, and Hoovers, among others. Other secondary sources include annual reports, press releases, and investor presentations of companies; white papers and certified publications; and articles from recognized authors, directories, and databases. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments.
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The data lakes ecosystem comprises vendors, such as Microsoft Corporation (U.S.), Informatica Corporation (U.S.), Teradata (U.S.), Capgemini (France), EMC Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Hitachi (Japan), Atos (France), and SAS Institute (U.S.). Other stakeholders of the data lakes market include analytics service providers, consulting service providers, IT service providers, resellers, enterprise users, and technology providers.
The Target Audiences of the data lakes market report are
• Solution vendors
• System integrators
• Advisory firms
• National regulatory authorities
• Venture capitalists
• Private equity groups
• Investment houses
• Equity research firms
“The study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing the efforts and investments”.
Major business functions for which the data lake is deployed are marketing, sales, operations, finance, and human resources. The adoption of data lakes market for operations is expected to increase significantly in the coming years because of the increasing need for resolving operations related issues in real-time and the need for streamline operations across industries.
Organizations are fast deploying data lakes solutions either on their premises or on-demand. The demand for on-demand or cloud-based data lakes market solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in SME’s where low cost solutions are much required.
The global market has been segmented on the basis of regions into North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to continue being the largest revenue generating region for data lakes vendors for the next five years. This is mainly because in the developed economies of the U.S. and Canada, there is a high focus on innovations obtained from research and development and technology. The APAC region is expected to be the fastest-growing region in the data lakes market because of the increasing adoption of IoT and smart technologies and various government initiatives such as smart cities across APAC countries including China and India.
The data lakes market faces challenges such as data security & privacy concerns, and lack of appropriate analytical skills. Factors such as lack of transformation from traditional data storage and analytics techniques, and lack of long-term data governance are expected to limit the market growth.
Major vendors that offer data lakes software and services globally are Microsoft Corporation (U.S.), Informatica Corporation (U.S.), Teradata (U.S.), Capgemini (France), EMC Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Hitachi (Japan), Atos (France), and SAS Institute (U.S.). These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the data lakes market.
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