A data lake takes a different approach to building out long-term storage from a data warehouse. In modern data processing, a data lake stores more raw data for future modeling and analysis, while a data warehouse typically applies a relational schema to the information before it’s stored.

The increasing demand for repositories for storage of structured and unstructured data along with the need for data processing and analytics are expected to aid the growth of the market. The growth of the market can be attributed to the growing adoption of the Internet of Things (IoT) which will proliferate data further. As per IBM, 2.5 Quintillion bytes of data are generated each day.

In addition, owing to the increase in the usage of smart meters, a huge amount of data is being generated which needs the use of Data Lakes. In the United States, a total of 70,823,466 smart meters have been installed according to U.S Energy Information Administration.