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Data Lakes is About Understanding and Reacting to Storage and Analytics of Data Based on the Current Business Situation
Data Lakes is the act of storing, collecting, integrating, analyzing, and visualizing real-time or traditional business data and high volume of dynamic data, which could be structured or unstructured from various live sources such as sensors, clickstreams, Radio-Frequency Identification (RFID), Global Positioning System (GPS), social networking sites, and mobile devices in any data format to detect and react automatically on urgent business situations. Data lakes is about understanding and reacting to storage and analytics of data based on the current business situation. It helps companies cut inevitable losses, gain operational insights, and grab new opportunities.
This business sector includes an expansive number of vendors providing software and services, for example, Microsoft Corporation (U.S.), Informatica Corporation (U.S.), Teradata (U.S.), Capgemini (France), EMC Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Hitachi Ltd. (Japan), Atos (France), and SAS Institute (U.S.). Players in this business sector have embraced different strategies to extend their worldwide presence and market share. New product launches, collaborations, and partnerships were the key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers & acquisitions, joint ventures, and expansions are some of the other significant strategies embraced by the market players in the data lakes market.
Microsoft Corporation is one of the eminent leaders in the data lakes market. The organization primarily serves the regions of the North America, APAC, Latin America, MEA, and Europe. Microsoft’s long term strategy lean more towards organic growth strategy, where they look forward to introduce more products and services in the market. Microsoft announced new Microsoft Azure Media Services and Data Platform, which could be used with data lakes. This has provided an added advantage to data to get actionable insights from stored data, which in turn can help reduce storage and analysis cost of the companies.
The fundamental objective of Teradata Corporation is to meet every industry client requirement and in addition provide new advancements to data stored in data lakes. The organization serves clients across different industries, for example, BFSI, media & entertainment, communications, energy, government, healthcare, manufacturing, oil & gas, retail, travel, transportation &logistics, and utilities environment. Teradata operates mainly from U.S. having subsidiaries in other countries. Teradata is considered as one of the strongest suppliers for data lake solutions and services. The organization follows both organic as well as inorganic strategies to deal with the expansion of its market share. The software and hardware products offered by Teradata basically include Teradata Database Software, Teradata Workload-Specific Platforms, Teradata Aster Analytics Discovery Platform, Teradata Portfolio for Hadoop, Teradata QueryGrid, and Teradata Marketing Applications.
The global data lakes market is expected to grow from USD 2.53 Billion in 2016 to USD 8.81 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.3%.
Data Lakes Market by Software (Data Discovery, Data Integration, Data Lakes Analytics, Data Visualization), Business Functions (Marketing, Sales, Operations, Finance, HR), Service, Deployment, Organization Size, Vertical & Region - Global Forecast to 2021
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