Data Lake Market Projected to Exhibit 15.5% Revenue Growth Between 2021 and 2026: Fairfield Market Research

April 2022

Fairfield Market Research predicts a steady rise in the global data lake market worth, scaling up from US$8.3 Bn in 2021 to US$18.6 Bn by 2026. As organizations worldwide are moving towards digitalization, data lakes sit at the heart of data storage for these organizations. Data lakes are highly capable of storing massive volumes of data, completely transforming the data storage capacities. It facilitates the storage of structured and unstructured data with great precision. Moreover, embedding data lakes facilitates data visualizations and big data processing, enabling organizations to derive a multitude of analytics. Real-time processing, and machine learning further fuel efficient and apt decision-making.

Leveraging these data lakes, end users are poised to run analytics on a broad scale of social media inputs and data collated from clickstreams and various connected devices. Going forward, end users are anticipated to bank on data lakes to boost their revenues, in turn unlocking multiple growth prospects for the data lake market. During the projection timeframe of 2021-2026, the market is poised to undergo some major developments, maturing at a whopping CAGR of 15.5%.

Major Trends Across Global Data Lake Market

  • North America held the largest share of the data lake market in 2021 and is likely to maintain the status quo, growing at an annual rate of 14.4% in terms of value between 2021 and 2022

  • Projections point toward robust uptake of cloud-enabled big data processing platforms, specifically in the healthcare and retail & e-commerce domains, by 2026

  • The incorporation of data lakes in healthcare is creating headways for intelligent patient care and electronic health record maintenance, empowering healthcare professionals to take preventive actions based on patient medical history

Cost-effective Data Accessibility, and Need for Agile Solutions Boost Data Lake Market Expansion

Data lakes provide access to essential information in a cost-effective manner. The coming years will witness a steep rise in demand for data lakes across data scientists, analysts, product managers, data engineers, and executives. It assists in deriving meaningful insights and drawing patterns to optimise business courses and generate better ROIs. This ability has paved the way for data lake market growth.

Deeper insight into the data lake enables users to look at business operations through more accurate, differentiated, and adept lenses. Thus, this helps in synchronising value systems in the best possible way to drive organic growth. With more emphasis on agile solutions and sustained demand among end users, the data lake market is likely to prosper in the coming years.

North America's Data Lake Market to Spearhead

During the forecast period, the global data lake market is set to witness robust growth in North America. With the rising number of connected devices, the penetration of IoT-based solutions across industries has also mounted. In this context, sectors including home, healthcare systems and vehicle automation are channelling significant funds in data lakes for better and large-scale analysis.  Moreover, the concentrated pool of major market players and speedy adoption of big data analytics within financial institutions is set to advance the growth of the market.

Notable Market Players

The few prominent entities operating in the global data lake market include Apple Inc., Amazon, Google LLC, IBM Corporation, Microsoft Corporation, Cisco Systems, Dell, Cazena, Infoworks, and Dremio.