As the volume and variety of data continued to increase over the years, organizations realized that they could extract fresh insights out of it. Data Lakes rose because of the need to store this voluminous data in its raw format at the same repository.
Current Uses of Data Lakes
While other data storage solutions turn data into structured information, data lakes do not need to do this. It stores data in both structured and unstructured formats. By storing unstructured data, the data lake can be used in different ways and it is not limited to providing set data, data groups, or formatted information. In fact, a data lake is open to anyone and each individual user can simply take the data they need.
Data lakes are a popular option as they provide impressive benefits to the users that are not available with other data storage solutions. For example:
- Data lakes support all type of data and the data can be stored forever. This means that years into the future past data can still be accessed just as easily as it would be today.
- Data lakes are extremely flexible. More data can be added and it can be accessed by anyone. There is no set use and they adapt on an individual basis.
- Data lakes are relatively cheap to create. They are built on scalable, cloud-platforms which reduces hardware cost. Also, there is no cost related to structuring or processing the raw data.
The Future of Data Lakes
The drawback with early data lakes was their limited capabilities. They were batch-oriented, and only offered a single means for user interaction with the data. Advanced technology frameworks (like Hadoop 2) paved way for capabilities that enabled a more flexible data lake. However, they are still likely to develop and evolve over time. The demand for on-demand or cloud-based data lake solutions will continue to increase due to its cost-effective and time-efficient features.
BFSI held the largest share of data lakes market in 2016. The other major business functions who’ve deployed data lakes are – Marketing, Sales, Operations, Finance, and Human Resources. The adoption of data lakes in Operations, Healthcare & Life Sciences is expected to increase significantly in the coming years.
By looking at the current usage of data lakes, the advantages they create and the visible trends, it is easy to see that data lake is going to be the first choice for many, well into the future.
What do you think? Do you think data lakes have reached their peak or will they continue to improve over time? At Agilisium we help to make your business more efficient by using big data solutions. Contact us today for more.