The Latin America, Middle East and Africa Data Lake Market would witness market growth of 24.4% CAGR during the forecast period (2023-2030).
Market expansion is expected to be fueled by the rising demand for extracting deeper insights from vast data and facilitating the organization's access to data from legacy systems and departmental silos. Several companies are utilizing storage to obtain a competitive advantage in the market. In addition, businesses that still need to implement data warehousing are transitioning to this innovative method of information storage. The rising trend toward developing cloud-based platforms for protecting and handling data will likely contribute to increased technology adoption over the forecast period.
Several prominent companies are concentrating on developing services that support both information that is structured and unstructured in response to the rise of big data applications. Government initiatives, such as developing smart cities, also support their deployment. Businesses also deploy ample information and stream processing solutions to establish and maintain data lakes. The proliferation of data due to IoT adoption propels the market growth.
According to the government of UAE, in 2022, the assistance of the tourism and travel sector to the UAE's GDP was nearly AED 167 billion, which is equivalent to 9% of the total GDP. In 2022, the total spending of international tourists amounted to AED 117.6 billion. The UAE's hospitality industry is highly competitive, and data lakes play an essential role in helping businesses stay ahead by leveraging data for strategic decision-making, personalized services, and cost optimization. As the industry continues to expand and innovate, the demand is expected to grow as they enable hospitality providers in the UAE to harness the power of data to meet guest expectations and drive business success. The factors mentioned above will lead the market growth in this region.
The Brazil market dominated the LAMEA Data Lake Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,125.6 million by 2030. The Argentina market is showcasing a CAGR of 25.1% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 24.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Data Lake Market is Projected to reach USD 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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