Chicago, July 13, 2023 (GLOBE NEWSWIRE) -- The global Data Fabric Market size to grow from USD 1.6 billion in 2022 to USD 6.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 30.9% during the forecast period, according to a new report by MarketsandMarkets™. The Data Fabric market is expected to grow at a significant rate during the forecast period. Some factors driving the growth of the data fabric market are increasing volume and variety of business data, the emerging need for business agility and accessibility, and the growing demand for real-time streaming analytics.
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294 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 1.6 billion |
| Market size value in 2027 | USD 6.2 billion |
| Growth rate | CAGR of 30.9 % |
| Market size available for years | 2018–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Value (USD) Million/Billion |
| Segments Covered | Component, Type, Organization Size, Deployment Mode, Application, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Companies Covered | Some of the significant Data Fabric Market vendors are IBM (US), SAP (Germany), Oracle (US), Informatica (US), Talend (US), Denodo (US), HPE (US), Dell Technologies (US), NetApp (US), Teradata (US), Splunk (US), TIBCO Software (US) and many more. |
The concept of data fabric is emerging as a new way to incorporate techniques and master new data technologies for storage and data management. This market incorporates various business applications, such as fraud detection and security management; governance, risk and compliance management; customer intelligence; sales and marketing management; preventive maintenance analysis; and business process management. It is a highly competitive market, with the existing data fabric service providers having greater regional reach, along with the niche players.
The data fabric component market is segmented based on solutions and services. Vendors offer data fabric solutions in the form of software tools or platforms. The services segmentation included managed services and professional services. Further segmenting the professional services, data fabric includes consulting, education & training, and support & maintenance.
The data fabric market by type comprises of disk-based and in-memory. Data fabric came into the picture due to the explosion of a large amount of data generated and stored in data lakes. However, business organizations use data fabric to manage and move data between two repositories. The adoption of disk-based data fabric is driven by various features it provides, such as secured, controlled, and governed data. Additionally, it gives access to data whenever it is required by applications; it also gives the flexibility to migrate data and applications and lessens the cost of ownership and data compliance.
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The growing use of the latest technologies, such as mobile, cloud, and social media, has changed every organization’s working style. Companies require technologies that can improve their profit margins and operational efficiency. The data fabric market, by organization size, is segmented into large enterprises and SMEs. Large enterprises are expected to rapidly adopt data fabric solutions and services due to their complex network of channel partners present across the globe. The market share of large enterprises is currently higher; however, the market for SMEs is expected to increase at a higher growth rate in the coming years. Small enterprises embrace data fabric solutions to complement their core data management solutions and enhance their overall data management competencies. Therefore, they are anticipated to observe faster growth during the forecast period.
The data fabric market has been segmented by deployment mode into on-premises and cloud. Depending on their requirements, organizations can opt for one of these or a mix of the deployment modes. Currently, the market share of on-premises deployment is higher; however, the market for cloud deployment mode is expected to increase at a higher CAGR in the coming years. Over the past few years, cloud-based technologies have emerged quickly, so vendors in the data fabric market have started offering cloud solutions. Thus, the market is expected to witness a high growth potential in the coming future.
The demand for data fabric is increasing as technology promises faster delivery of business insights as per the requirements of end users. Data fabric capabilities are being integrated with diverse applications scattered across verticals of industries, designed to replenish the unique demand for business segments. The data fabric market, by application, comprises fraud detection & security management; governance, risk &compliance management; customer intelligence; sales & marketing management; business process management; preventive maintenance analysis, and other applications, including supply chain management, asset management, customer retention, and workforce management.
The market is segmented into BFSI, telecom, retail & eCommerce, healthcare & life sciences, manufacturing, government, defense, & public agencies, energy & mining, media & entertainment, and other verticals. The other verticals comprise transportation & logistics, travel & hospitality, and education. The BFSI vertical is the major revenue contributor to the data fabric market, whereas the healthcare & life sciences sector will gain traction in the coming years.
The data fabric market has been segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these regions, North America is expected to hold the largest market size during the forecast period. The key factor supporting the growth of the data fabric market in North America is the growing need for data fabric technology. Additionally, the rising number of data fabric software providers across regions is expected to drive the growth of the data fabric market. Asia Pacific is expected to grow at the highest CAGR during the forecast period. The data fabric market is expected to witness considerable developments and significant adoption of data fabric solutions across Asia Pacific during the forecast period.
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Top Trends in Global Data Fabric Market
The growth of Data Fabric Market is being driven by a number of factors, including the increasing demand for real-time data analytics, the growing adoption of cloud computing, and the need to improve data security and governance:
- Organisations are facing challenging data integration issues as hybrid and multi-cloud architectures are adopted more frequently. Solutions for managing and integrating data across various cloud and on-premises systems are offered by data fabric.
- Data fabric platforms are being developed to facilitate rapid data input, processing, and analysis as businesses attempt to derive real-time insights from their data. Organisations can make quicker and more informed decisions based on current information thanks to real-time capabilities.
- For organisations working with enormous volumes of data, data governance and security are crucial issues. Data fabric solutions assist organisations maintain compliance, secure sensitive data, and manage data risks by providing capabilities like data lineage, metadata management, data privacy, and access controls.
- Machine learning and AI capabilities are being rapidly included into data fabric platforms to automate operations for data management, data quality, and integration. Organisations may now more effectively and broadly extract useful insights from their data thanks to these technologies.
- At the network edge, a massive amount of data has been produced by the emergence of edge computing and the Internet of Things (IoT). By integrating and managing data from edge devices, data fabric solutions can enable real-time analysis, lower latency, and optimise data processing in remote contexts.
- Business customers want to be able to access and prepare data on their own without heavily depending on IT staff. Users may now find, comprehend, and prepare data for analysis with the help of self-service data preparation capabilities offered by emerging data fabric solutions.
Key Industry Development
The data fabric market is growing rapidly, and there are a number of key industry developments that are driving this growth. These include:
- To improve their capacities in data integration, management, and analytics, major players in the IT industry have been actively developing strategic partnerships and purchasing companies related to data fabrics. These partnerships seek to increase market reach and provide customers with comprehensive data fabric solutions.
- Cloud service providers are aware of the rising need for cloud-based data management and integration solutions. As a result, they have begun to include data fabric services in their menu of cloud services. Utilising the infrastructure and services offered by cloud providers while utilising this trend enables organisations to take use of data fabric capabilities.
- By offering a unified view of data from diverse sources, data virtualization technology plays a significant part in data fabric solutions. To satisfy the changing needs of organisations, industry advances have concentrated on expanding data virtualization capabilities, such as better performance, scalability, and support for varied data formats.
- Data fabric solutions now include artificial intelligence (AI) and machine learning (ML) technology to simplify data integration, improve data quality, and enable sophisticated analytics. Utilising AI and ML to enhance data fabric capabilities like intelligent data discovery, predictive data integration, and automated data governance has been the focus of industry initiatives.
- Industry innovations in the data fabric market have placed an emphasis on improving security features in response to the growing concerns about data security and privacy. To safeguard sensitive data and guarantee adherence to data protection laws, this includes encryption, access controls, and anonymization methods.
- Solutions for data fabric have been used in a variety of industries and use cases. Data lakes and data warehouses, real-time analytics, IoT data integration, consumer 360-degree views, and regulatory compliance are a few frequent use cases. The implementation of data fabric in new sectors and meeting particular industry requirements have been the key focuses of industry advances.
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