Jun 25, 2019   SOURCE: PR NewsWire

Global Data Lakes Market Forecast to 2024 - The Need for Advanced Analytic Capabilities Drives Demand

DUBLIN, June 25, 2019 /PRNewswire/ -- The "Data Lakes: Worldwide Market Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.

https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

The data lakes market is expected to witness growth at a CAGR of 27.4% over the forecast period 2019-2024.

Data lakes have become an economical option for many companies rather than an option for data warehousing. Data warehousing involves additional computing of data before entering the warehouse, unlike data lakes. The cost of maintaining a data lake is lower than a data lake owing to the number of operations and space involved in building the database for warehouses.

Key Highlights

    --  The speed of data retrieval is better for data lakes compared to data
        warehouses. According to O'Reilly Data Scientist Salary Survey,
        one-third of the data scientists spend time for doing basic operations
        such as necessary extraction/transformation/load (ETL), data cleaning,
        and basic data exploration rather than real analytics or data modeling
        which reduces the efficiency of the process. The growing use of IoT in
        many offices and informal spaces has further emphasized in need for data
        lakes for quicker and efficient manipulation of data.
    --  The adoption of IoT device is taking place at a rapid pace. Government
        initiatives across the globe like building smart cities are also
        supporting their deployment. The proliferation of Data due to the
        Adoption of IoT is driving the market growth for data lakes market.
    --  The businesses today are inclined to data-driven decisions. The rise in
        digitalization is generating an enormous amount of data with the
        organizations Data lakes have emerged as a practical solution to
        exponentially increasing data as companies need efficient and advanced
        data analytical capabilities. The features of data lakes of processing
        data on the cloud are fueling its market growth.
    --  Whereas, the slow onboarding and data integration on data lakes is
        restricting market growth to an extent.

Key Market Trends

Banking Sector is Expected to Grow Significantly

    --  Banks have been increasing the use of data lakes to integrate data
        across various domains to create a central database. Australia and New
        Zealand Banking Group (ANZ) has been implementing a project to aggregate
        all the data ponds across its domains to create a central data lake for
        the banking operations which will allow the bank to shift from the
        typically used data warehouse architecture.
    --  Banks are investing in data engineers to provide more responsive data
        lakes to tackle consumer requirements and also been trying to increase
        the utility of data for on the go solutions. State Bank of India (SBI)
        has been providing data lakes, apart from the typically used data
        warehouse, to bank executives, deputy managing director, and chief
        information to deliver on the go analytics.
    --  The rise in digital payments by the consumers globally is boosting the
        amount of data stored with banks with each transaction. Hence,
        opportunities for big-data analytics is growing.
    --  The deployment of data lakes in banking sector breaks down the number of
        silos. Storing data in a centrally managed infrastructure like Apache
        Hadoop-based data lake infrastructure helps cut down the number of
        information silos in an organization making data accessible to users
        across the enterprise.

North America is Expected to have High Adoption for Data Lakes

    --  According to Capgemini, more than 60% of the financial institutions in
        the United States believe that big data analytics offers a substantial
        competitive advantage over the competitors and more than 90% of the
        companies believe that the big data initiatives determine the chance for
        success in the future.
    --  Data Lakes are needed for the use of Smart Meter applications. In
        Canada, BC Hydro uses an EMC data lake for analyzing data aggregated by
        various smart meters. The data then enables detecting discrepancies in
        the system. This has aided in achieving savings of 75% of the
        electricity due to theft.
    --  The number of Smart Meters in the region have also been growing in
        usage. Owing to an increase in the usage of smart meters, huge amount of
        data is being generated, which needs the use of Data Lakes. According to
        U.S Energy Information Administration, a total of over 90 million smart
        meters is expected to be installed in the country by the year 2020.

Competitive Landscape

The market landscape is defined by established technologies and software providers who have a strong brand image, geographic footprint, and customer base. Companies, such as Amazon and Microsoft, which hold a significant share of the cloud space, have a competitive edge over the existing market players, due to the consumer preference for cloud-delivered solutions and services.

Recent Developments

    --  April 2019 - Temenos, the banking software company launched Temenos Data
        Lake and is first to market with a robust, productized data lake that
        integrates big data analytics into its banking software. Temenos Data
        Lake claims to deliver out-of-the-box data integration, preparation, and
        optimization to power AI-driven banking applications.
    --  January 2019 - Tata Consultancy Services, a global IT service,
        consulting, and business solutions organization, entered the market with
        its data lakes solutions for Business on AWS Marketplace. The newly
        launched software captures and manages all types of data in a central
        Hadoop repository.

Key Topics Covered

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Proliferation of Data due to the Adoption of IoT
4.3.2 Need for Advanced Analytic Capabilities
4.4 Market Restraints
4.4.1 Slow Onboarding and Data Integration on Data Lakes
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis

5 MARKET SEGMENTATION
5.1 By Offering
5.1.1 Solution
5.1.2 Service
5.2 By Deployment
5.2.1 Cloud-based
5.2.2 On-premise
5.3 By End-user Vertical
5.3.1 IT and Telecom
5.3.2 BFSI
5.3.3 Healthcare
5.3.4 Retail
5.3.5 Manufacturing
5.3.6 Other End-user Verticals
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Microsoft Corporation
6.1.2 Amazon.com Inc.
6.1.3 Capgemini SE
6.1.4 Oracle Corporation
6.1.5 Teradata Corporation
6.1.6 SAP SE
6.1.7 IBM Corporation
6.1.8 Solix Technologies Inc.
6.1.9 Informatica Corporation
6.1.10 Dell EMC
6.1.11 Snowflake Computing Inc.
6.1.12 Hitachi Data Systems

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/tyt1ia

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/global-data-lakes-market-forecast-to-2024---the-need-for-advanced-analytic-capabilities-drives-demand-300873448.html

SOURCE Research and Markets