Scaling up your business with Data Lake
In the modern era, organizations are running on data. Quality and relevant data are keys to success in all domains. Every organization is leveraging data, Analytics along with AI in order to drive their decisions based on facts. With the exponential growth of data, it is challenging to get valuable insights. The solution is a Data lake. A Data Lake with the cloud gives you unlimited storage with high availability. The latest tools can utilize data lake and harness true value out of the raw data.
What is Data Lake?
A data lake is a centralized repository for hosting raw, unprocessed enterprise data. Data lakes can encompass hundreds of terabytes or even petabytes, storing replicated data from operational sources, including databases and SaaS platforms.
Journey to Data Lakes
The rise in internet and mobile usage has only generated enormous amounts of data. Legacy databases with their traditional storage are challenged for scale. Data warehouses are too expensive when it comes to storage, processing of unstructured data, and its support. This is when a paradigm shift to Data Lakes became the norm.
A distributed file system like Hadoop’s HDFS was a turning point for providing cheap storage on commodity hardware.
Data Lake Market 2020-2025
Demand forecasts for Data Lake in the coming years vary, yet they all show a minimal double-digit compounded annual growth rate.
✓ With a shift to cloud-based data platforms to manage and mitigate data issues, Data Lake will gain more prominence and its adoption globally is expected to grow at a CAGR of 20.6% by 2024.
✓ According to a research report published in early 2020, the market size for Data Lake is forecasted to reach $20.1 billion by 2024, up from $7.9 billion in 2019.
✓ Another report, by Mordor Intelligence, values the data lake market in 2019 at $3.74 billion, with a forecast of $17.6 billion by 2025, or a CAGR of 29.9 percent from 2020 to 2025.
Why is Data Lake widely used?
✓ It is an open format, so users can avoid lock-in to a proprietary system like a data warehouse, which has become increasingly important in modern data architectures.
✓ It is highly durable and low cost because of its ability to scale and leverage object storage.
✓ It allows advanced analytics and machine learning on unstructured data, which are the most strategic priorities for enterprises today.
✓ It has a unique ability to ingest raw data in a variety of formats (structured, unstructured, semi-structured), making it a clear choice for data storage.
Data Lake Advantages
Data Lake Challenges
✓ Decision on the appropriate platform-specific to the organization’s need.
✓ Governance of Data Lake and related products.
✓ Enablement of the organization to adapt to the Data Lake platforms.
How does Cuelebre help in establishing Data Lake?
Industries widely used
According to an Aberdeen survey, organizations that implement data lakes outperform their peers by 9% in revenue growth simply by identifying and acting upon new growth opportunities using new data sources and analytics.
RETAIL
In the retail sector, technology has changed the user experience completely. To stay competitive, retailers need to be proactive. Driven by an uncompromising customer obsession, Data Lakes serves retailers to accelerate digital transformations across the entire enterprise—from digital commerce and stores to supply chain, merchandising, and customer support. Data lake serves as a building block for enabling you to build a next-generation intelligence and insight engine that helps differentiate your brand, influence customer actions, and increase revenue.
TELECOMMUNICATION
Telco industries are disruptive to technological changes. With the rapid progression of technology, the smartphone, and 5G, telecommunications companies will need to process, store, and derive insights faster from the diverse volume of data that runs through their networks. Data lake along with ML & AI enable organizations to solve complex challenges like optimizing network services & usage, enhancing the customer experience, customer-specific marketing tailored to customer behavior, understanding the impact of new product offerings, predicting times of heaviest network usage, and finding solutions to relieve congestion. Identifying the highest value clients, implementing solutions to prevent churn, and many more.
LOGISTICS
Data Lakes enables transportation and logistics companies to break data silos and create a centralized solution for their data needs. Data lakes remove the complexity and cost of managing and synchronizing multiple databases, It provides a trusted data endpoint for the business. Data lake enables advanced analytics to solve problems like resource planning, improving delivery quality, volume forecasting, and more.
HEALTH CARE
Medical data is highly contextual and heavily multi-dimensional, in which each data silo is treated separately. Data lakes provide an architecture that can help providers store, share, and use electronic health records and other patient data. The organization’s move to data lakes has helped to effectively shift its culture, creating a data-driven approach to problem-solving. It has also delivered several practical solutions, in the field of drug trial analysis, and lifestyle correlations on diseases, supporting accurate dosing.
FINANCIAL SERVICES
The financial services sector, by nature, is considered one of the most data-intensive sectors, representing a unique opportunity to process, analyze, and leverage the data in useful ways. A data lake helps financial institutions store all their data in one central repository, making it easy to support compliance priorities, realize cost efficiencies, perform forecasts, execute risk assessments, better understand customer behavior, and drive innovations.
OIL AND GAS
Being one of the early adopters of multiple disruptive technologies, from cloud computing to IoT, it is no surprise that oil and gas are fully aligned with this new trend. It is estimated that, on average, an oil and gas company generates 1.5 terabytes of IoT data daily. Historical data stored in Data Lakes is vital for exploration, and thus, can be used to optimize directional drilling, minimize unexpected downtime, lower operating expenses, improve safety, and stay compliant with regulatory requirements. Data science (combined with GPS) can enable oil and gas companies to increase production more than 20 times. According to the World Economic Forum, the oil and gas industry can unlock $1.6 trillion of value by 2025 by leveraging Data Lakes.
Technologies that support Data Lake
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