The explosive growth of big data, coupled with advancements in data lakes analytics, is expected to drive growth of the data lakes market in the coming years, according to a recent report by Market Research Future.

The global data lakes market is projected to grow at a compound annual growth rate of 28 percent from 2017 to 2023, the consulting and research firm estimates.

In addition to massive growth of data in industries such as healthcare, other drivers contributing to the rise in demand for data lakes include the need for data backup because of government regulations to store and maintain data; and the growing volume of larger file types, such as media files, developing social networking and media Web sites, Internet connectivity, bandwidth and others.

The development of high-volume storage technology such as Blu-ray disk with improved network connectivity features is driving down the cost of big data lakes storage, MRFR said.

Data lakes provide attractive benefits such as scalability, high speed, advanced data lakes analytics, centralization and integration of data under one system, the report said.

“Enormous market enthusiasm” has been generated by investments by technology giants including Microsoft, Informatica, Teradata, Capgemini, EMC and Oracle, the report said.

Market barriers include concerns for data security and privacy; integration of multi-point and multi-sectorial cross-channel data, resulting in growing complexity of data lakes management; and issues of data lakes governance and standardization.

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