Enterprise Data Lakes Creates a Whole New World of Opportunity, says Market.us

A data lake is a centralized repository that allows for the storage of all structured and unstructured data at any scale. These are used to store data in its raw form. It serves as a central repository for large amounts of information that are easily accessible. Data lakes assist businesses in improving their capabilities by providing a number of advantages such as coverage for all data sources, linear flexibility, the capability to process data at rapid speeds, ease of application, and the elimination of data units. 

Data lakes entail the use of advanced technologies for data interpretation, such as artificial intelligence, machine learning, big data processing, real-time analytics, and visualization tools. A data lake is a repository for all of the data that businesses want to collect, store, evaluate, and transform into perspectives and activities, which include organized, semi-structured, and unstructured data.

According to the latest report by Market.us,” The Enterprise Data Lakes Market was worth USD 6.5 billion in 2022 and is expected to be worth USD 45.57 billion by 2032, growing at a CAGR of 21.5% between 2022 and 2032.”

Data lakes are becoming a more cost-effective option for many businesses than data warehousing. Data lakes enable companies to enhance their capabilities by providing a variety of advantages.

The report highlights the key trends shaping the Enterprise Data Lake Market in the upcoming years. It provides information on the size of this rapidly expanding market as well as a thorough examination of which areas and market segments are major impact players.

Anurag Sharma, a senior research analyst at Market.us, said “The increase in digital payments is increasing the amount of transactional information in banks around the world. So many banking institutions are investing in the establishment of data lakes in order to enhance their analytical capabilities and provide on-the-fly solutions to their clients. Many banks have already begun to build data lakes to integrate transactions. As a result, the data lake market is expected to grow over the projected timeframe. Additionally, the increased adoption of IoT devices is expected to positively influence market growth.”

In recent years, the Enterprise Data Lake Market has experienced consistent growth. Because of the massive amounts of data generated by connected devices in the system, IoT device adoption is speeding up, pushing up demand for data lakes.

Because of the early adoption of advanced technologies and the presence of a significant number of players, North America dominated the Enterprise Data Lake market in terms of revenue in 2020. The majority of Enterprise Data Lake vendors are based in North America, including Microsoft Corporation, Oracle Corporation, and IBM Corporation. Furthermore, the region has a well-established infrastructure, which has accelerated the adoption of advanced technologies.

C3 ai, Inc., a U.S.-based AI company, created a COVID-19 data lake in 2020. This centralized repository is a unified and open dataset that is freely accessible to all researchers worldwide.

The implementation of cloud-based data lake solutions is increasing market growth due to increased data security and cost efficiency. Multiple rows of data archives with emails, spreadsheets, and other contents can be found in Enterprise Data Lake. The complete data reservoir is a set where data analysis is run. Following that, the output data is analyzed and evaluated. All data can be easily made accessible in order to gain insights. 

Product and manufacturing process advancements, product launches, and strategic partnerships are some of the trends observed in the global enterprise data lake market. Data lakes are intended to be used for big data analytics. Data lakes are well-suited to leveraging large amounts of data in a consistent manner with algorithms to drive analytics with fast data.