The Asia Pacific Data Lake Market would witness market growth of 20.9% CAGR during the forecast period (2023-2030).
The increase in digital payments is increasing banks' transactional data volume. Many banks invest in developing data lakes to enhance their analytical abilities and provide consumers with on-the-go solutions. New Zealand and Australia Banking Group and State Bank of India, among others, have already begun developing data lakes to integrate transactional data across domains and establish a centralized database. Thus, it enables banks to aggregate transactional data from all data pools across domains into a central database that anyone can access in real time.
A data lake is an affordable alternative to data warehousing for several businesses' information accumulation and storage applications. In addition, data warehousing necessitates additional information processing in the initial phases, unlike the data lake. In addition, the technology has lower maintenance costs than data warehousing due to the cost of creating a database and the number of operations in data warehousing. Similarly, the technology improves the analytical capabilities of businesses.
Japan's Ministry of Economy, Trade, and Industry (METI) published its annual eCommerce Market Survey in August 2022, revealing that business-to-consumer (B2C) eCommerce sales of merchandise increased by 8.6% in 2021 compared to the previous year, with the total B2C eCommerce sector estimated to be $188.1 billion. The survey also revealed that Japanese consumers engaged in $3.1 billion of cross-border online shopping from U.S. retailers in 2021, a 9.3% increase from the last year, indicating that Japanese consumers purchase from American and Japanese online stores. The growing e-commerce sector in Japan has indeed contributed to the growth of various technology and data-related industries, including data lakes. Thus, the region’s e-commerce and BFSI industries have experienced significant expansion, driven by multiple factors, which has directly impacted data lake adoption.
The China market dominated the Asia Pacific Data Lake Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,001.7 million by 2030. The Japan market is registering a CAGR of 20.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 21.6% during (2023 - 2030).
Based on Component, the market is segmented into Solution, and Services. Based on Enterprise Size, the market is segmented into Large Enterprises, Small & Medium Enterprises. Based on Deployment Type, the market is segmented into On-premise, and Cloud. Based on Vertical, the market is segmented into IT, Media & Entertainment, Healthcare, BFSI, Manufacturing, Retail & Ecommerce, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Data Lake Market is Predict to reach $51.3 Billion by 2030, at a CAGR of 19.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc., Cloudera, Inc., Dremio Corporation, Informatica Inc., Microsoft Corporation, Oracle Corporation, SAS Institute Inc., Snowflake Inc., Teradata Corporation and Zaloni, Inc.
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By Enterprise Size
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