Data Lakes Market Research Report - Global Forecast to 2030

Global Data Lakes Market Research Report: by Component (Data Discovery, Data Integration & Management, Data Lakes Analytics, Data Visualization), Business Function (Sales, Finance, HR), Organization Size, Deployment, Vertical - Forecast till 2030

ID: MRFR/ICT/1070-HCR | November 2022 | Region: Global | 100 pages

Impact of COVID-19 on the Global Data Lakes Market

Data lakes are centralized repositories that enable the storage of all forms of data, i.e., unstructured and structured data at any scale. The data is stored without the need to structure the data first. Also, various types of analytics, such as dashboards, visualizations, real-time analytics, big data processing, and machine learning, are used to guide better decisions. The benefits provided by data lakes include scalability and accommodation of high-speed data. Technology giants such as Microsoft Corporation and Dell EMC, are focused on the development and delivery of products. However, most companies are facing tremendous revenue losses. To expedite the development of effective treatments, medical experts and scientists across the globe are using innovative approaches to expedite drug discoveries and their approvals. Scientists need patient data from across the world to investigate the efficacy of these drugs rapidly and effectively. Semi-structured and unstructured data is quickly processed and refined into an analytics-ready state, to be consumed by machine learning and artificial intelligence tools for quick evaluation and exploration. Data lakes are a scalable and efficient platform to connect all the relevant data and allow analysis. Managed data lake creation is helping organizations hasten the delivery of continuously updated, analytics-ready data for machine learning, artificial intelligence, and other data science initiatives for fast-tracking the insights.

The outbreak of COVID-19 has not only posed a threat to the health of millions but has also impacted the global economic stability. It has disrupted the supply chains and has also changed consumer behavior. Organizations need considerable analytic insights to handle this unprecedented situation. The increasing implementation of cloud-based technologies across various industry verticals is also responsible for the growth of the market. The use of cloud-based technologies has ensured the continuity of the businesses during the COVID-19 crisis. It has also allowed employees to use collaborative tools while maintaining data security and safeguarding organizations from cyberattacks and malware. These benefits of cloud-based technologies are expected to drive the growth of the market.

Amazon Web Services has designed an AWS COVID-19 data lake, which is a centralized repository of curated and up-to-date datasets on or related to the characteristics and spread of the COVID-19 pandemic as well as its associated illnesses. The AWS COVID-19 data lake enables researchers to rapidly run analyses on the data in place without wrangling and extracting data from all the available data sources. According to the MRF analysis, North America dominated the market and is expected to continue its domination of the global market over the forecast period owing to the proliferation of intelligent connected devices and rising technological advancements in the region.