According to IMARC Group’s latest report, titled “Data Lakes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 7.4 Billion in 2021. Data lakes refer to a centralized repository system that enables users to store, process, and source excessive structured, semi-structured, and unstructured data at any scale. It includes dashboard, structured query language (SQL), profiling, data discovery, predictive analytics, and machine learning (ML). At present, it is differentiated based on its varying solutions and services.
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The integration of technologies in various verticals for managing excessive data from different sources instantly, along with the rapid growth in businesses, represents the key factor driving the market toward growth. Additionally, the increasing utilization of data lakes for retaining customers, proactively maintaining devices, effective decision-making and fueling productivity is contributing to the market growth. Apart from this, the escalating investments and fundings in research and development (R&D) activities for innovating upgraded data lakes solutions and the rising inclination of consumers toward data-driven decisions are creating a positive outlook for the market. Looking forward, IMARC Group expects the global data lakes market to reach US$ 30.2 Billion by 2027, exhibiting at a CAGR of 26.4% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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