Data Fabric Market Research Report: Forecast (2023-2028)
A data fabric is a method of designing data architecture that aims to connect different data sources, whether they come from on-premises, hybrid, or cloud environments, using tools and technologies to provide businesses with a comprehensive, integrated picture of their data.
Market Insights & Analysis: Global Data Fabric Market (2023-28)
The Global Data Fabric Market is projected to grow at a CAGR of around 25.5% during the forecast period, i.e., 2023-28. Over the past few years, data generation has surged due to the increasing penetration of the internet and the revolution in the digital world. Companies are compelled to retain information and expertise from diverse distant sources. Therefore, providing quick access to the data over vast terrains creates several challenges for data management providers.
Given the difficulty of data management and data integration stemming from the dispersion and variety of their corporate data assets, businesses are more likely to embrace innovative methods to streamline their data in the future. As such, a million dollars have been invested globally in big data analytics from both public and private sources.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA|
|Key Companies Profiled||Denodo Technologies, Global IDS, IBM Corporation, Informatics, NetApp Inc, Oracle Corporation, SAP SE Software AG, Splunk, Inc., HP Enterprise Company, Others|
|Unit Denominations||USD Million/Billion|
Further, the rapid rise in data volume and complexity brought on by growing cloud computing and mobile data traffic fuels the demand for big data analytics technology. Thus, the increasing digitalization across various industries, an expanding volume of business data, and mounting demand for real-time streaming analytics are projected to contribute to the market's growth in the coming years.
Moreover, the industry is already expanding with extensive use cases of data fabric in ML applications, security, and ensuring data governance. Also, the ongoing IoT, AI, and ML technology adoption resulting in a large volume of data are paving the way for market enlargement in the coming years. Besides, the escalating need for data visibility, accessibility, management, and real-time data analytics will likely augment the market size in the forecast period. For instance,
But conversely, the lack of awareness about such advanced solutions among end-users is an obstacle to industry growth.
Key Driver: The Ever-Increasing Need to Realize Machine-Enabled Data Integration Owing to Proliferating Business Data
Increased internet usage and the number of connected devices, including smartphones, laptops, tablets, and PCs, directly impact the volume and variety of corporate data. In addition, social media and blogs also generate massive amounts of data, while sensors and cameras continuously collect location information for surveillance. As such, data is gathered from the data fabric for analytics purposes, and businesses utilize these data due to the rising demand for sophisticated analysis.
Data fabric employs human and machine capabilities to access existing data or promote consolidation when necessary. It continuously recognizes and links data from many applications to find distinctive, commercially significant relationships among the data points available. Compared to conventional data management techniques, the insight promotes reengineered decision-making and offers additional value through quick access and comprehension.
For instance, a supply chain manager utilizing a data fabric can more quickly connect newly discovered data assets to links between known supplier delays and production delays. These aspects might positively influence data management and improve the decisions of consumers and suppliers.
Growth Opportunity: Augmenting Demand for High Organizational Agility
Data fabric is gaining popularity as a result of its holistic approach to data handling in a secure, effective, and future-proof manner. Thus, high organizational agility and data accessibility are made possible, rapidly opening up new avenues for companies. Big data solutions are being used by businesses to organize data and give easy access to it. The market demand for data accessibility will have shifted from the installation of big data solutions to fast data accessibility designs, including data fabric, owing to the functionality of big data platforms, which is propelling the revenue growth of the market.
Possible Restraints: Limited Integration with Existing Tools
The inability of Data Fabric to integrate with existing data management tools and platforms is projected to limit overall effectiveness and make it challenging for organizations to implement it and realize real commercial benefits. Moreover, implementing a data fabric might be demanding for organizations with limited IT and data skill sets to set up and administer since it requires high competence and appropriate resources. Also, organizations must possess a high level of data security competence to use data fabric.
In addition, they must also ensure data protection against unauthorized access and other security lapses. Furthermore, the protection and control of the stored data are expected to suffer from the lack of visibility because the incapacity to control data stored in the cloud directly limits the visibility of such data, thereby restricting market expansion.
Key Trend: Growing Appetite for Bringing Multi-Cloud Environments Together
Organizations using a hybrid or multi-cloud system may rely upon the platform, environment, and multi-cloud agnostic characteristics of data fabrics. Because, they work with practically all technological stack building blocks, moving data back and forth between platforms is simple and frictionless. As a result, businesses using multi-cloud platforms like AWS, Azure, and Google Cloud Platform (GCP) may easily and quickly design their architecture. Thus, with outstanding potential to integrate multi-cloud environments, they have gained traction in recent years.
Based on Business Application,
Among all, Fraud Detection and Security Management acquired a significant market share in the historical period owing to the rising inflow and outflow of business data. Moreover, the increasing digitalization across industries such as banking and financial services, healthcare, education, retail, and e-commerce results in an extensive volume of data, which is highly confidential to an organization for analytics purposes. Backed by the escalating digitalization, the need for robust fraud detection and security management has arisen, thereby driving the segment’s growth in the forecast period.
Based on Industry Verticals,
The Banking, Financial Services, And Insurance (BFSI) Sector captured the major market share owing to the surging e-banking services in the historical years. By using data fabric technologies for ongoing innovation and improvements, banks can use machine learning (ML) and artificial intelligence (AI) to create new business models and improve the customer experience.
In addition, this technology can be used by businesses to comply with open banking standards and regulations. Being a solution to open banking, data fabric makes it simpler for companies to manage, keep and access data securely and consistently. Furthermore, increasing focus on customer services, risk, and compliance management by the banking and financial sector would further augment the industry in the coming years.
Geographically, the Global Data Fabric Market expands across:
North America has been the focal point of the Global Data Fabric market, with many businesses providing data management solutions in the USA, for the past few years. It owes principally to the increased collection of unstructured data and the prevalence of data centers in the region, allowing North America to be at the forefront of adopting state-of-the-art technologies. Moreover, the growth of medium and large enterprises and the proliferation of digital technologies in the United States and Canada has increased the demand for data fabrics. The region's strong presence of local and foreign solution providers has also stimulated market expansion. Additionally, the rising number of smart homes and innovative city projects in the area will further boost market growth across the region.
Recent Developments in the Market
Do You Require Further Assistance?
Frequently Asked Questions
A. The Data Fabric Market is projected to grow at a CAGR of around 25.5% during 2023-28.
A. The ever-increasing need to realize machine-enabled data integration owing to proliferating business data is likely to drive the market further during the projected time frame.
A. The prominent players anticipated to stiffen the competition globally are Denodo Technologies, IDS, IBM Corporation, Informatics, NetApp Inc, Oracle Corporation, SAP SE, Software AG, Splunk, Inc., Syncsort, Talend S.A, VMware Inc, HP Enterprise Company, Teradata Corporation, K2View, Others.
A. Fraud detection and security management is anticipated to emerge as an area of remunerative opportunities for the leading players in the Data Fabric Market during the forecast period.
A. Globally, North America would provide lucrative prospects for the Data Fabric Market in the years ahead.
A. Bringing multi-cloud environments together is the significant trend projected to shape the Data Fabric Market.
A. Augmenting demand for high organizational agility is expected to present remunerative opportunities for the leading players in the Data Fabric Market during the forecast period.