Global Data Lake Market Is Estimated To Witness High Growth Owing To Increasing Volume of Big Data and Growing Adoption of Advanced Analytics
The Data Lake market is estimated to be valued at US$ 4.2 Billion in 2023 and is expected to exhibit a CAGR of 24.8% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights. Market Overview: The Data Lake market refers to a storage and processing repository that holds a vast amount of raw data in its native format. It offers businesses a scalable solution to store and analyze structured, unstructured, and semi-structured data. Key use cases of data lake products include predictive analytics, real-time data processing, fraud detection, customer segmentation, and risk analysis. With the increasing volume of big data generated by organizations, the adoption of data lake solutions is on the rise to efficiently store, manage, and extract insights from this data. Market Dynamics: The high growth of the Data Lake market can be attributed to two major drivers. Firstly, the exponential growth in the volume of big data generated by vario...